Description

ICCL updates the list of 32 banks eligible for acceptable collaterals and exposure as per SEBI norms for clearing corporations.

Summary

Indian Clearing Corporation Ltd (ICCL) has updated the list of eligible banks for acceptable collaterals and exposure of clearing corporations, following SEBI circular dated May 29, 2024. The revised list contains 32 banks that meet the criteria as per Section 3.2 of the SEBI circular.

Key Points

  • Updated list of 32 eligible banks for clearing corporation collaterals
  • Follows SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 dated May 29, 2024
  • Continuation of previous ICCL circular 20250320-1 dated March 20, 2025
  • Applies to all members, custodians, PCM, and banks
  • Banks include major public, private, and foreign banks operating in India

Regulatory Changes

Revised eligibility criteria for banks that can be used as acceptable collaterals by clearing corporations, based on SEBI’s updated norms for risk management and settlement operations.

Compliance Requirements

  • All members, custodians, PCMs, and banks must take note of the revised bank list
  • Only banks listed in the circular are eligible for collateral purposes
  • Compliance with SEBI circular requirements mandatory

Important Dates

  • Notice Date: August 26, 2025
  • Effective immediately upon issuance
  • Reference to previous circular: March 20, 2025

Impact Assessment

Medium impact on clearing and settlement operations. Members and clearing participants need to ensure their collateral arrangements comply with the updated bank list. Any existing arrangements with non-eligible banks may need to be restructured.

Impact Justification

Updates list of eligible banks for collateral purposes affecting clearing operations but no immediate operational disruption