India ICC

Circulars | Media | Trading Holidays | Contact Us

> About India ICC

About India ICC

India International Clearing Corporation (IFSC) Limited (India ICC), 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. 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	First clearing & settlement operations conducted from disaster recovery (DR) site, for consecutive five trading days	December 27, 2021 to December 31, 2021
2	Introduction of Rupee based derivatives at India INX	May 08, 2020
4	State Bank of India empanelled as Clearing bank of India ICC	November 08, 2019
3	Grant of Qualifying Central Counterparty (QCCP) status by SEBI	January 25, 2019
4	Kotak Mahindra Bank-IBU activated as the first Professional Clearing Member	January 14, 2019
5	Commenced clearing of India 50 weekly contracts	November 23, 2018
6	Acceptance of AAA rated international sovereign securities towards collateral	June 27, 2018
7	Issued Operating Guidelines for Segregated Nominee Account Structure	June 11, 2018
8	Acceptance of Bank Guarantees towards additional collateral	February 21, 2018
9	Commenced clearing & settlement for debt securities	January 18, 2018
10	SWIFT messaging system implemented	December 10, 2017
11	HDFC Bank empanelled as the fifth Clearing bank of India ICC	November 17, 2017
12	Commenced clearing India INX Brent Crude Oil contracts	October 31, 2017
13	Engaged with Clearstream Banking S.A. for clearing & settlement of debt securities	October 02, 2017
14	Commenced clearing India INX Gold Options contracts	August 30, 2017
15	Commenced clearing of India INX Gold KG futures contracts	August 07, 2017
16	Introduced multi-banking facility for collateral deposit / withdrawal facility	July 03, 2017
17	Allotted Legal Entity Identifier (LEI) number	June 30, 2017
18	Introduced Bank Fixed Deposit Receipts issued by IFSC Banking Units (IBU) as eligible collateral	February 17, 2017
19	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