The Clearing Corporation of India Ltd. (CCIL) on January 03, 2025, issued Frequently Asked Questions on SARVAM Rules to provide clarifications.
The relevant laws and the SARVAM Rules may be referred from time to time for any update. In the event any doubt arises or further clarification is sought, the applicable laws and the SARVAM Rules shall be referred. The FAQs provided here shall in no manner be construed as overriding any applicable laws or the SARVAM Rules, or providing for clarification in the case of any dispute/conflict between the same.
The following FAQs have been stated:
• Is SARVAM an end-to-end solution?
Yes, SARVAM has been designed to provide an end-to-end solution. It offers trade capture, Counterparty wise Portfolio creation, CSA capture, MTM (mark-to-market), Sensitivities and Margin (both Variation Margin (VM) and Initial Margin (IM)) calculations and Collateral services for the fulfilment of the Margin obligations towards various Counterparties as provided in the CSAs on account of the NCCD trades.
• How to avail the membership of SARVAM?
Entities desirous of availing SARVAM’s membership will need to apply to CCIL. The entities shall be required to execute and submit the membership application form and an irrevocable power of attorney, and submit the required documents. Members are requested to take note of the notifications issued by CCIL, including the notifications issued in connection with the membership of SARVAM.
• How do I get access to SARVAM?
Upon approval of the application for SARVAM’s membership by CCIL, the Members shall be required to provide the user details to CCIL, which will be used to create user access in SARVAM. After the users are created in SARVAM, the individual users will receive an email containing the password separately. Upon the first login, the users will be asked to change the password.
• When does the trade get captured in SARVAM?
When the deals reported by both the Members are matched in CCIL-TR, the deals shall flow to SARVAM. In case there is a single side reporting of deals, such trades are auto-matched and the same flows to SARVAM.
For more details, Please find the FAQs attached to the document below.
