Description

ICCL issues updated Master Circular for Member Inspection effective April 29, 2026, consolidating all prior notices and rescinding earlier circulars on the subject.

Summary

The Indian Clearing Corporation Limited (ICCL) has issued an updated Master Circular for Member Inspection, effective April 29, 2026. The circular consolidates all applicable guidelines updated through March 31, 2026 and rescinds prior notices and the existing master circular related to member inspection. It is issued in accordance with SEBI Circular No. SEBI/HO/MRD/POD 3/CIR/P/2023/58 dated April 20, 2023, which mandated Stock Exchanges, Clearing Corporations, and Depositories to issue Master Circulars.

Key Points

  • ICCL has issued the updated Master Circular for Member Inspection, incorporating all changes up to March 31, 2026.
  • The circular is issued under SEBI’s directive (Circular No. SEBI/HO/MRD/POD 3/CIR/P/2023/58 dated April 20, 2023) on master circular issuance.
  • All prior notices and the existing master circular relevant to member inspection stand rescinded from the date of this circular.
  • In case of any inconsistency between this master circular and an applicable notice, the relevant notice shall prevail.
  • Actions taken or rights/obligations accrued under the rescinded guidelines remain valid and unaffected.
  • The detailed Master Circular is attached as Annexure 1 and is also available on ICCL’s website under Home > Downloads > Master Circulars.

Regulatory Changes

All previously issued notices and the existing master circular pertaining to Member Inspection are rescinded and replaced by this consolidated Master Circular. However, the rescission does not affect:

  • Anything done or action taken under the rescinded guidelines prior to this circular.
  • Rights, privileges, obligations, or liabilities acquired or incurred under the rescinded guidelines.
  • Penalties incurred for violations under the rescinded guidelines.
  • Any ongoing investigation, legal proceeding, or remedy related to the above.

Compliance Requirements

  • Members (clearing members of ICCL) must refer to and comply with the updated Master Circular for Member Inspection.
  • In the event of inconsistency between the master circular and a specific notice, members should refer to the relevant notice.
  • Members should access the full master circular (Annexure 1) from ICCL’s website or the attached document.

Important Dates

  • Circular Date: April 29, 2026
  • Effective Date: April 29, 2026 (date of issue)
  • Content Updated Through: March 31, 2026

Impact Assessment

This circular is primarily administrative in nature, consolidating existing member inspection guidelines into a single master document. It does not introduce new obligations but ensures that clearing members are operating under a single, up-to-date reference document. Members should review the Annexure 1 to confirm no material changes have been introduced relative to the previous version. Contact for clarifications: 022-22725825 / 22725671 or iccl.membership@icclindia.com.

Impact Justification

Routine consolidation of member inspection guidelines into a master circular; no new substantive regulatory changes introduced, but rescinds all prior notices on the topic, making compliance with the updated document mandatory for clearing members.