The Clearing Corporation of India Limited (CCIL) on October 27, 2023, issued the Work-Flow Procedure for Default Funds
This shall come into effect from November 27, 2023
The following has been stated namely: -
• It states that the members shall deposit towards respective Default Fund such sum as notified by CCIL in the form of cash (INR) and/or eligible Securities.
• It states that the Members settling their Funds Obligations at DAD, RBI, all funds contributions/withdrawals to/from Default Fund shall be undertaken through CCIL’s RTGS Settlement Account and respective member’s RTGS Settlement / Current Account with DAD, RBI.
• The Members settling the Funds Obligations at DSBs, all funds contributions/withdrawals to/from Default Fund shall be undertaken through CCIL’s and respective member’s Current Account maintained with the DSB.
• All collateral notices for deposit/ withdrawal of funds, for members settling funds obligations at DSB shall be routed through the respective Settlement Bank. The DSB shall accord its confirmation to the Notice of Funds Deposit submitted by such members
• All security contributions towards default funds shall be received and held in CCIL’s Constituent Subsidiary General Ledger Account (CSGL) with the Public Debt Office of RBI.
• The Default Fund contribution/withdrawal shall be in multiples of Rs. 1,000/-and Rs. 1,00,000/- (Face Value) of Securities.
• It states that All the Notices of contribution/withdrawal of cash and securities shall be sent by members via the eNotice System. The notices may be faxed by Members to Collateral Management at 022- 49780154 or scanned images of the Notices can be mailed to [email protected] to be followed up with physical intimation as per the prescribed format
The detailed procedure has been attached to the document for reference.
[Notification No. CCIL/OPS/MCC-DF/2023-24/44]
