improve the functioning of the corporate bond market, a high level expert committee on corporate bonds and securitisation ( chairman : dr. r. h. patil ) has suggested various measures to revitalise the corporate bond market through setting up of trade reporting systems, trading platforms, auction platforms and clearing & settlement systems. the trade reporting systems suggested for corporate bonds is on the lines of trade reporting and compliance engine ( trace ) of national association of security dealers ( nasd ) in the us. such on - line real - time data dissemination will help the participants in making efficient trading decisions and at the same time, enable the regulators to obtain and monitor information on the market trends. these recommendations are under examination by the agencies concerned. concluding remarks the basic objective of deployment of technology in the financial sector should be to progressively move away from paper - based transactions, which include use of currency notes, cheques or challans, and to the extent possible, switch over to electronic means using rtgs or neft or any other electronic mode. it is opportune that we are today recognising the valuable contributions of the path breakers in the field of banking technology. the identification of technology leaders and their recognition in the form of technology awards is a pointer that we are capable of excelling in our respective fields. the awards of today are not a destination but only mark a good beginning - of a more exciting and challenging era ahead of us in our march towards a technologically advanced and efficient, effective, progressive and inclusive financial system. i wish you all success in your future endeavours. thank you.

a suitable market making scheme for illiquid and semi - liquid government securities. there is, however, work still to be done. iii. nds - om version 2 enhancements 31. nds - om, rbi ’ s anonymous order matching system for dealing in secondary market outright trades in g - sec was launched in august 2005 based on an internal assessment of the need for a screen based dealing system as recommended by the r. h. patil committee appointed by reserve bank of india. all trades concluded on nds - om flow within an stp framework to the ccil, which acts as the ccp for all these trades, within the provisions of its bye - laws, rules and regulations. 32. from a relatively simple system when initially launched in august 2005, over time various functionalities have been added to nds - om. the application facilitates trading in all kinds of central government / state government / treasury bill instrument in standard and non - standard ( odd ) market lots. it also facilitates trading in “ when issued ” ( both re - issues and new issues ). other important system capabilities include short - selling and limit monitoring, stock balance monitoring, ‘ when issued ’ limit monitoring, web - based module for client dealing, etc. the system has been widely accepted by market participants and its order matching segment now consistently accounts for 80 – 85 per cent of total g - sec market volumes. the average daily volumes on nds - om have increased from ₹ 50 billion in 2005 – 06 to over ₹ 400 billion in 2015 – 16. 33. as part of vision of the reserve bank of india for providing state - of - the - art infrastructure to market participants, reserve bank has initiated an upgradation of the ndsom platform. the new system is expected to have faster through - put, enhanced functionalities, rich user interface, internationally compatible message formats, etc. access of demat account holders to nds - om 34. one of the major factors said to be hampering trading interest in g - sec is the difficulty in access to nds - om by non - institutional investor class. there is the gilt - account route but a large number of investors holding demat accounts cannot directly access nds - om. bis central bankers ’ speeches as already announced in the first bi - monthly monetary policy statement, 2015 – 16, reserve bank is working, along with ccil and depositories, to give demat account holders direct access to nds - om