Indian Clearing Corporation Limited (ICCL)

Sat, 16 May 2026 00:00:00 +0000

Indian Clearing Corporation Limited (ICCL) is the principal central counterparty (CCP) and clearing corporation for transactions executed on the Bombay Stock Exchange . ICCL performs the multilateral netting of buy and sell transactions, interposes itself as the legal counterparty to every trade (the novation function), administers the margin and risk-management framework, manages the Core Settlement Guarantee Fund, and ensures the delivery-versus-payment settlement of cash-market, derivative-market, and securities-lending-and-borrowing transactions for BSE.

ICCL was incorporated on 17 December 2007 as a wholly-owned subsidiary of the Bombay Stock Exchange , and commenced clearing operations on 3 June 2008. The entity replaced the earlier in-house clearing function at BSE with a structurally separate central-counterparty entity, consistent with the SEBI regulatory framework that requires clearing corporations to be operationally independent from the parent exchange.

NSE Clearing Limited

Sat, 16 May 2026 00:00:00 +0000

NSE Clearing Limited, formerly the National Securities Clearing Corporation Limited (NSCCL), is the principal central counterparty (CCP) and clearing corporation for transactions executed on the National Stock Exchange of India. NSE Clearing performs the multilateral netting of buy and sell transactions, interposes itself as the legal counterparty to every trade (the novation function), administers the margin and risk-management framework, manages the Settlement Guarantee Fund, and ensures the delivery-versus-payment settlement of cash-market, derivative-market, and securities-lending-and-borrowing transactions.

Clearing Corporations on WebNotes

Indian Clearing Corporation Limited (ICCL)

NSE Clearing Limited