Chapter IIID — Derivatives and Money Markets

Section 45X: Duty to comply with directions and furnish information

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45X makes directors/managers or the body managing agencies covered by Section 45W responsible for complying with RBI directions and furnishing information/statements called for under that section.

Operative provisionOfficial sources mappedProvision-specific decode

Finin2min - Section 45X in 2 minutes

Legal effectSection 45X makes directors/managers or the body managing agencies covered by Section 45W responsible for complying with RBI directions and furnishing information/statements called for under that section.

Operative ruleThe provision places an express statutory duty behind the operational requirements of the financial-market Directions.

Connected lawThe legal obligation is on the managed agency; internal delegation does not remove responsibility for ensuring accurate/timely compliance.

File evidenceKeep governance approval, desk procedures, reporting files, exception escalation and evidence of responses to RBI information calls.

Statutory structure and clause / subsection decode

This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.

Scope

Operative limb

The provision places an express statutory duty behind the operational requirements of the financial-market Directions.

Legal boundary

The legal obligation is on the managed agency; internal delegation does not remove responsibility for ensuring accurate/timely compliance.

Worked practical example

Facts. If a reporting vendor misses an RBI transaction report, the regulated agency cannot treat outsourcing as a defence; Section 45X keeps the statutory compliance duty with the agency's management.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45X and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. The legal obligation is on the managed agency; internal delegation does not remove responsibility for ensuring accurate/timely compliance.
Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

RBI Financial Markets Directions IndexCurrent RBI directions for derivatives, money markets and related financial-market products; read each product direction with sections 45U–45X.

Questions and answers

What is the purpose of Section 45X?

Duty to comply with directions and furnish information: Section 45X makes directors/managers or the body managing agencies covered by Section 45W responsible for complying with RBI directions and furnishing information/statements called for under that section.

Which statutory limb should be checked first?

Scope - Section 45X makes directors/managers or the body managing agencies covered by Section 45W responsible for complying with RBI directions and furnishing information/statements called for under that section.

What is the next legal boundary?

Operative limb - The provision places an express statutory duty behind the operational requirements of the financial-market Directions.

What record should support the conclusion?

Section 45X file evidence: Keep governance approval, desk procedures, reporting files, exception escalation and evidence of responses to RBI information calls.

Primary sources

Source control for Section 45X: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.