The Directions introduce a comprehensive regulatory regime governing Credit Default Swaps (CDS), Total Return Swaps (TRS), exchange-traded credit derivatives, and futures on credit indices. It prescribe eligibility criteria for market-makers and users, classify participants into retail and non-retail categories, specify permissible products, reference assets, settlement methods, reporting obligations, prudential norms, and customer protection measures. It also permits participation by eligible Foreign Portfolio Investors (FPIs) subject to prescribed limits and conditions, while establishing a Credit Derivatives Determinations Committee under FIMMDA to decide credit events and settlement matters.