Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation

Last updated: 09 January 2021

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The Securities and Exchange Board of India (SEBI) has issued a circular allowing stock exchanges to transfer excess contributions from one clearing corporation's Core SGF to another. This change is intended to facilitate the interoperable framework among clearing corporations. Stock exchanges and clearing corporations must ensure the process is followed correctly, including direct transfers upon request and maintaining the Minimum Required Corpus for each Core SGF.

Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD2/DCAP/CIR/P/2021/03 January 08, 2021 All recognized Stock Exchanges and Clearing Corporations Sub: Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation 1. SEBI, videCircular No.CIR/MRD/DRMNP/25/2014 dated August 27, 2014, prescribed norms for contribution by a Stock Exchange to Core SGF of a Clearing Corporation. Further, SEBI,

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FAQ :

SEBI now allows stock exchanges to transfer their excess contributions from the Core SGF of one clearing corporation to the Core SGF of another clearing corporation, particularly in an interoperable scenario.

Stock exchanges can request the transfer of their excess contributions from a clearing corporation's Core SGF.

Upon receiving a request from a stock exchange, the clearing corporation holding the excess contribution will transfer it directly to the Core SGF of another clearing corporation, under intimation to the requesting exchange.

Clearing corporations must ensure compliance with the Minimum Required Corpus (MRC) requirements for their Core SGF as stipulated by SEBI.

The purpose is to facilitate the operationalisation of the interoperable framework among clearing corporations and to address representations received from stock exchanges.

Notification No : SEBI/HO/MRD2/DCAP/CIR/P/2021/03
Source : https://www.sebi.gov.in/legal/circulars/jan-2021/transfer-of-excess-contribution-made-by-stock-exchanges-from-core-sgf-of-one-clearing-corporation-to-the-core-sgf-of-another-clearing-corporation_48698.html

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