The Clearing Corporation of India Ltd (CCIL) on October 17, 2024, issued a notification regarding the amendment to the Clearing Corporation’s Service for Analysis of Risk, Valuation and Margining Solution (SARVAM) Rules, 2023 (“CCIL-SARVAM Rules”).
The following has been stated: -
•The SARVAM Rules are amended to align with RBI's 2024 directions on margining for non-centrally cleared OTC derivatives.
•The updates provide a consistent operational and legal framework for Initial Margin (IM) services.
•Key changes include IM calculation and collateral management under the SARVAM solution. Revised rules are available on CCIL's website. The effective date will be announced soon.
[Notification No. CCIL/Legal/24/15]
