The Directions govern the conduct of Interest Rate Derivatives (IRD) transactions in both over-the-counter (OTC) markets and on recognized stock exchanges, including Forward Rate Agreements, Interest Rate Swaps, Interest Rate Futures, caps, floors, collars, and swaptions. They define eligible participants, classify users into retail and non-retail, and set parameters for non- resident participation, including back-to-back arrangements and PVBP limits for hedging and other purposes. The Directions mandate reporting of all IRD transactions to the Trade Repository (CCIL), adherence to prudential norms, accounting standards, and risk management practices.