The Clearing Corporation of India Ltd. (CCIL) on August 22, 2023, issued a notification regarding the Work-Flow Procedure for Settlement Guarantee Fund (SGF) with effect from September 25, 2023.
The following has been stated namely: -
• The collaterals accepted as SGF contributions in this Segment shall be as provided in Forex Settlement Segment Regulations, 2009
• All SGF Transactions shall be undertaken through CCIL’s USD Nostro Account as provided in the notification and the respective member’s USD Nostro Account recorded with CCIL.
• All Notices of Deposits/Withdrawals shall be sent by members via eNotice System. The Notices may be faxed by Members to Collateral Management on Fax No.022-49780154 (marked to the attention – Collateral Management) or a scanned image may be emailed to [email protected] to be followed up with physical intimation as per the prescribed format, in case of non-availability/non-functioning of the eNotice System.
• The Procedure for SGF Deposit has been stated
• The Procedure for Withdrawal has been stated
• The SGF Interest Payment has been stated
• The Format of Notice of Deposit for physical submission has been attached to Annexure I
• The Format for Notice of Withdrawal for physical submission has been attached to Annexure II
[Notification No. CCIL/OPS/FX/2023-24/22]
