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Nsdl clearing corp

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Anish Rastogi
Anish Rastogi

This document discusses the role of clearing corporations/houses in facilitating the settlement of trades done on stock exchanges for dematerialized shares. It lists the major stock exchanges in India and their linkages to NSDL. It then outlines the requirements for a clearing corporation/house to be admitted as a user on the depository, including ensuring payment against delivery, having the operational capability to provide clearing and settlement services, and cooperating to resolve client grievances. Finally, it provides details on the services provided by NSCCL, such as clearing and settlement, inter-region clearing, risk management, and securities lending/borrowing.

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BUSINESS PARTNER OF NSDL CLEARING CORPORATION MADE BY:- ANISH RASTOGI 02916659311
The clearing corporations/houses of stock exchanges also have to be electronically linked to the depository in order to facilitate the settlement of the trades done on the stock exchanges for dematerialised shares. At present, all the major clearing corporations/houses of stock exchanges are electronically connected to NSDL.
STOCK EXCHANGES Madras Stock Exchange Ltd. (MSE) National Stock Exchange of India Ltd. (NSE) Inter-connected Stock Exchange of India Ltd. (ISE) OTC Exchange of India (OTCEI)
The Calcutta Stock Exchange Association Ltd. (CSE) The Delhi Stock Exchange Association Ltd. (DSE) The Stock Exchange, Mumbai (BSE) The Stock Exchange, Ahmedabad (ASE)
A clearing corporation or a clearing house of stock exchange shall be admitted as a User on the Depository only if The Depository is satisfied that the clearing corporation or a clearing house of a stock exchange operates in such a manner that it ensures payment against delivery or guarantees settlement; In the opinion of the Depository, the clearing corporation or a clearing house of a stock exchange has the operational capability to provide the services relating to clearing and settlement of transactions relating to the securities admitted to the Depository to the held in dematerialised form;
The clearing corporation or a clearing house of a stock exchange undertakes to co-operate at all times to redress the grievances of Clients and the Participant in respect of its operation in relation to the Depository; The clearing corporation or a clearing house of a stock exchange has adequate hardware and software systems to interact with the Depository as specified in the Business Rules.
Clearing and Settlement The NSCCL (National Securities Clearing Corporation Limited) carries out the clearing and settlement of the trades executed in the CM segment of NSE (National Stock Exchange) and operates constituent SGL for settlement trades in government securities. Inter-region Clearing The NSCCL (National Securities Clearing Corporation Limited) facilitates inter-region clearing. It has Regional Clearing Centres at Delhi, Kolkata and Chennai and a Central Clearing Centre at Mumbai. Members have theoption of delivering or receiving the securities at a clearing centre chosen by them.
Certificates Handled To provide a level playing field to members irrespective of their location, the NSCCL (National Securities Clearing Corporation Limited) moves securities in the normal pay-in and pay-out on behalf of the Clearing Members from and to Regional Clearing Centres (RCC) and the Central Clearing Centre (CCC) at Mumbai. Pre-delivery Verification The NSCCL (National Securities Clearing Corporation Limited) was the first to start pre-delivery verification to detect bad papers such as fake and forged certificates or lost and stolen share certificates.
Dematerialised Settlement The only effective solution to the problem of fake/forged and stolen shares was dematerialised trading and settlement. As SEBI made demat settlements mandatory in an ever- increasing number of securities in a phased manner, the proportion of shares delivered in the dematerialised form by the NSCCL (National Securities Clearing Corporation Limited) has increased.
Risk Management The NSCCL has also incorporated risk containment measures. A risk group, constituted by the NSCCL (National Securities Clearing Corporation Limited) identified additional areas of perceived risk and intensifiedthe monitoring of members' position having concentration in certain high-risk securities that attract high volumes and volatility. Also a structured exercise of requiring unusually high pay-in liability members to make advance pay-in of funds has been put in place, in addition to offering facility of early pay-in of securities in demat mode.
Securities Lending/Borrowing The automated lending and borrowing mechanism of the NSCCL (National Securities Clearing Corporation Limited) provides a facility to lend/borrow securities/funds at market-determined rates. This facilitates timely delivery of securities and thereby improves the efficiency of the system. Professional Clearing Membership The NSCCL (National Securities Clearing Corporation Limited) started the Professional Clearing Membership and the Stock Holding Clearing Corporation Ltd. has been admitted as the first professional clearing member on CM Segment.

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Nsdl clearing corp

  • 1. BUSINESS PARTNER OF NSDL CLEARING CORPORATION MADE BY:- ANISH RASTOGI 02916659311
  • 2. The clearing corporations/houses of stock exchanges also have to be electronically linked to the depository in order to facilitate the settlement of the trades done on the stock exchanges for dematerialised shares. At present, all the major clearing corporations/houses of stock exchanges are electronically connected to NSDL.
  • 3. STOCK EXCHANGES Madras Stock Exchange Ltd. (MSE) National Stock Exchange of India Ltd. (NSE) Inter-connected Stock Exchange of India Ltd. (ISE) OTC Exchange of India (OTCEI)
  • 4. The Calcutta Stock Exchange Association Ltd. (CSE) The Delhi Stock Exchange Association Ltd. (DSE) The Stock Exchange, Mumbai (BSE) The Stock Exchange, Ahmedabad (ASE)
  • 5. A clearing corporation or a clearing house of stock exchange shall be admitted as a User on the Depository only if The Depository is satisfied that the clearing corporation or a clearing house of a stock exchange operates in such a manner that it ensures payment against delivery or guarantees settlement; In the opinion of the Depository, the clearing corporation or a clearing house of a stock exchange has the operational capability to provide the services relating to clearing and settlement of transactions relating to the securities admitted to the Depository to the held in dematerialised form;
  • 6. The clearing corporation or a clearing house of a stock exchange undertakes to co-operate at all times to redress the grievances of Clients and the Participant in respect of its operation in relation to the Depository; The clearing corporation or a clearing house of a stock exchange has adequate hardware and software systems to interact with the Depository as specified in the Business Rules.
  • 7. Clearing and Settlement The NSCCL (National Securities Clearing Corporation Limited) carries out the clearing and settlement of the trades executed in the CM segment of NSE (National Stock Exchange) and operates constituent SGL for settlement trades in government securities. Inter-region Clearing The NSCCL (National Securities Clearing Corporation Limited) facilitates inter-region clearing. It has Regional Clearing Centres at Delhi, Kolkata and Chennai and a Central Clearing Centre at Mumbai. Members have theoption of delivering or receiving the securities at a clearing centre chosen by them.
  • 8. Certificates Handled To provide a level playing field to members irrespective of their location, the NSCCL (National Securities Clearing Corporation Limited) moves securities in the normal pay-in and pay-out on behalf of the Clearing Members from and to Regional Clearing Centres (RCC) and the Central Clearing Centre (CCC) at Mumbai. Pre-delivery Verification The NSCCL (National Securities Clearing Corporation Limited) was the first to start pre-delivery verification to detect bad papers such as fake and forged certificates or lost and stolen share certificates.
  • 9. Dematerialised Settlement The only effective solution to the problem of fake/forged and stolen shares was dematerialised trading and settlement. As SEBI made demat settlements mandatory in an ever- increasing number of securities in a phased manner, the proportion of shares delivered in the dematerialised form by the NSCCL (National Securities Clearing Corporation Limited) has increased.
  • 10. Risk Management The NSCCL has also incorporated risk containment measures. A risk group, constituted by the NSCCL (National Securities Clearing Corporation Limited) identified additional areas of perceived risk and intensifiedthe monitoring of members' position having concentration in certain high-risk securities that attract high volumes and volatility. Also a structured exercise of requiring unusually high pay-in liability members to make advance pay-in of funds has been put in place, in addition to offering facility of early pay-in of securities in demat mode.
  • 11. Securities Lending/Borrowing The automated lending and borrowing mechanism of the NSCCL (National Securities Clearing Corporation Limited) provides a facility to lend/borrow securities/funds at market-determined rates. This facilitates timely delivery of securities and thereby improves the efficiency of the system. Professional Clearing Membership The NSCCL (National Securities Clearing Corporation Limited) started the Professional Clearing Membership and the Stock Holding Clearing Corporation Ltd. has been admitted as the first professional clearing member on CM Segment.