Description

ICCL updates the list of 32 eligible banks that can serve as acceptable collaterals for clearing corporation exposure as per SEBI norms.

Summary

Indian Clearing Corporation Ltd (ICCL) has issued a revised list of 32 banks eligible to serve as acceptable collaterals for clearing corporation exposure. This update follows SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 dated May 29, 2024, and continues from the previous ICCL circular dated March 20, 2025.

Key Points

  • Updated list contains 32 eligible banks as per Section 3.2 Criteria for selection of Banks
  • Includes major Indian banks like SBI, HDFC Bank, ICICI Bank, Axis Bank
  • Foreign banks included: Citibank, Deutsche Bank, HSBC, JP Morgan Chase, Barclays
  • Small finance banks represented by AU Small Finance Bank
  • List is effective as of the circular date (August 26, 2025)

Regulatory Changes

No new regulatory changes introduced. This is an operational update to the existing framework established by SEBI circular dated May 29, 2024, regarding norms for acceptable collaterals and exposure of clearing corporations.

Compliance Requirements

  • All members, custodians, PCM, and banks must take note of the revised eligible bank list
  • Clearing members should ensure their collateral arrangements align with the updated list
  • Risk monitoring and collateral management must be conducted only with listed eligible banks

Important Dates

  • Effective Date: August 26, 2025 (circular date)
  • Reference Date: Based on SEBI circular dated May 29, 2024
  • Previous Update: March 20, 2025 (ICCL Circular 20250320-1)

Impact Assessment

This update ensures clearing members have clarity on which banks qualify as acceptable collateral providers. The comprehensive list of 32 banks, including major domestic and international institutions, provides sufficient options for collateral management. Members need to review their current arrangements to ensure compliance with the updated list.

Impact Justification

Operational update affecting clearing members' collateral management but not directly impacting trading or specific securities