>  About India ICC
About  India ICC

India International Clearing Corporation (IFSC) Limited (India ICC), an AAA rated clearing corporation, was the first international clearing corporation set up at GIFT IFSC. It acts as a central counterparty providing clearing & settlement and risk management services to India INX. India ICC clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities. India ICC follows the best practices of corporate governance which is reflected through its Board structure, management team, various policies, rules, regulations and bye-laws. India ICC has developed an integrated and comprehensive risk management framework to monitor, manage and report on all relevant risks and its risk management policies, procedures, systems and controls form a part of a coherent and consistent governance framework, which is reviewed and updated regularly. India ICC maintains a dedicated core settlement guarantee fund which is readily and unconditionally available to meet settlement obligations of India ICC in case of clearing / custodian member(s) failing to honour their settlement obligations. India ICC is a Qualified Central Counter Party (QCCP) and also recognized by the European Securities and Markets Authority (ESMA) and the Bank of England as a Third Country Central Counterparty (TC-CCP). The recognitions validate strong governance standards and risk management practices of the clearing corporation. India ICC complies with all the rules and regulations prescribed by its regulator, IFSCA. India ICC is additionally required to comply with the rules and regulations that are consistent with the Principles for Financial Market Infrastructures ("PFMI") issued by the Committee on Payment and Market Infrastructure ("CPMI") and International Organisation of Securities Commissions ("IOSCO"). These rules and regulations focus on limiting systemic risk and on enhancing transparency and stability in the financial market. India ICC also engages with Clearstream SA, an international central securities depository, for providing settlements in debt securities and acceptance of international sovereign securities as collaterals

Milestones :

No. Milestone Date
1 Live clearing & settlement operations have been conducted from disaster recovery (DR) site for consecutive five days April 11, 2022 to April 14, 2022
2 Live clearing & settlement operations have been conducted from disaster recovery (DR) site for consecutive five days December 27, 2021 to December 31, 2021
3 CARE Ratings Ltd. reaffirms CARE AAA (Is) rating to India ICC July 01, 2020
4 Introduction of Rupee based derivatives at India INX May 08, 2020
5 State Bank of India empanelled as Clearing bank of India ICC November 08 2019
6 CARE Ratings Ltd. reaffirms CARE AAA (Is) rating to India ICC October 03, 2019
7 Recognition by Bank of England as a TC-CCP May 29, 2019
8 Recognition by ESMA as a TC-CCP under EMIR May 06, 2019
9 Grant of Qualifying Central Counterparty (QCCP) status by SEBI January 25, 2019
10 Kotak Mahindra Bank-IBU activated as the first Professional Clearing Member January 14, 2019
11 CARE reaffirmed ‘AAA’ rating for India ICC December 20, 2018
12 Commenced clearing of India 50 weekly contracts November 23, 2018
13 Acceptance of AAA rated international sovereign securities towards collateral June 27, 2018
14 Issued Operating Guidelines for Segregated Nominee Account Structure  June 11, 2018
15 Assigned CARE AAA (Is) rating by CARE Ratings Ltd. April 05, 2018
16 Acceptance of Bank Guarantees towards additional collaterals February 21, 2018
17 Commenced clearing & settlement for debt securities  January 18, 2018 
18 SWIFT messaging system implemented December 10,2017
19 HDFC Bank empanelled as the fifth Clearing bank of India ICC  November 17, 2017 
20 Commenced clearing of Brent Crude Oil contracts October 31, 2017
21 Engaged with Clearstream Banking S.A. for clearing & settlement of debt securities October 02, 2017
22 Commenced clearing India INX Gold Options contracts  August 30, 2017
23 Commenced clearing of India INX Gold KG futures contracts  August 07, 2017
24 Introduced multi-banking facility (collateral deposit / withdrawal facility) July 03, 2017
25 Allotted Legal Entity Identifier (LEI) number  June 30, 2017
26 Introduced Bank Fixed Deposit Receipts issued by IFSC Banking Units (IBU) as eligible collateral  February 17, 2017
27 Commenced operations by clearing derivatives on India INX - Futures and Options on S&P BSE SENSEX Index and S&P BSE SENSEX 50 Index and international individual equities / single stocks  January 16, 2017