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The Reserve Bank has made the Clearing Corporation of India a qualified central counterparty.
Clearing Corporation of India has qualified as a QCCP in view of the fact that it is authorised and supervised by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007, said a statement from RBI.
It is also subjected, on an ongoing basis, to rules and regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems (CPSS) and International Organisation of Securities Commissions (IOSCO).
Alpana Killawala, RBI’s
principal chief general manager, acknowledged that the Clearing Corporation of India was authorised in 2009 to operate payment systems for securities segment covering government securities and collateralised borrowing and lending obligations.
In July 2013, the clearing corporation was designated as a critical Financial Market Infrastructure (FMI) for oversight considering its systemic importance in financial markets regulated by the Reserve Bank. As such, it was subjected to regulation and supervision using the PFMIs framework thus necessitating its adherence to the Principles for Financial Market Infrastructure requirements.
