Metropolitan Clearing Corporation Of India

Metropolitan Clearing Corporation of India Limited (MCCIL, formerly MCX-SX Clearing Corporation of India Limited) is a subsidiary of the Metropolitan Stock Exchange of India Limited (MSEI, formerly as MCX Stock Exchange Limited). MCCIL was incorporated in November, 2008 with the main objective to act as central counterparty providing novation and clearing & settlement services for various asset classes. The Securities and Exchange Board of India (SEBI) granted recognition to MCCIL as a Clearing Corporation under the Regulation 4 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012. MCCIL is also designated as a Qualified Central Counter Party (QCCP) by the SEBI. MCCIL is registered with both the depositories (i.e. NSDL & CDSL) as a Clearing Corporation as well as a SEBI registered Depository Participant. MCCIL is authorized by the RBI and the SEBI, to settle OTC deals in Corporate Bonds, Structured Debt Instruments, CPs and CDs reported in RBI approved reporting platforms. MCCIL is also authorized by the RBI under section 10 of FEMA to carry out Trading and Clearing & Settlement activities respectively, for currency derivatives contracts. At present the MCCIL is providing the clearing and settlement services exclusively to the MSEI in respect of all the four segments namely; Currency Derivatives, Equity Derivatives, Equity Cash Market, and Debt Segment. MCCIL has adopted various best practices in the industry to make sure transactions are managed efficiently and completed seamlessly, which includes transparency in its functions, capital adequacy norms for membership, dedicated settlement guarantee fund, globally accepted systems for risk management, online monitoring of member positions based on prudential position limit norms, automatic trading restriction on breach of prudential limits, multilateral netting for obligation computation and periodic back testing of margins.