Leading stock exchange BSE on Friday said market regulator Sebi has renewed the license of its clearing arm ICCL for a period of three years commencing on October 3.
The Indian Clearing Corporation (ICCL) carries out the functions of clearing, settlement, collateral management and risk management for various segments of BSE.
“ICCL has been granted renewal of recognition by the Securities and Exchange Board of India for a period of three years commencing on October 3, 2017,” BSE said in a statement.
The clearing corporation is regulated by Sebi and the Reserve Bank of India, for select products. ICCL was granted Qualified Central Counterparty (QCCP) status by Sebi on January 3, 2014.
A QCCP member is subjected to lower capital requirements/charges under the Basel III framework introduced by the Basel Committee on Banking Supervision.