NSE launched the cross-margining facility from Friday (10 January), whereas BSE India will introduce it from Wednesday (15 January).
Firms providing investment advisory services in Gift City are required to have a net worth of at least $1.5mn.
Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.
Under the framework, the RBI will monitor UCBs' asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.
The move is aimed at improving the ability of market participants to hedge currency risk in the onshore rupee market to boost domestic trading volumes.
Stock exchanges, depositories and clearing corporations are required to include compliance with SEBI rules in the scope of their system audits, and to report any non-compliance to the regulator.
The Vajra Platform will enhance data security and transparency, facilitate real-time transactions and reduce reconciliation challenges and processing errors, the NPCI said.
If the core settlement guarantee fund is used up during a calendar month, non-defaulting members of clearing corporations shall immediately replenish the fund.
To date, the reporting framework only required banks to report currency derivatives transactions worth over $1mn. All transactions below this threshold now have to be reported.
Financial Benchmarks India Pvt Ltd has three months to make an application to the RBI for authorisation to continue administering the benchmarks.