The Indian Clearing Corporation Limited (ICCL) on April 29, 2026, issued the Master circular for the Debt segment.
The following has been stated:
• The Master Circular consolidates and updates all rules, procedures, and operational guidelines relating to clearing and settlement of transactions in the debt segment in line with Securities and Exchange Board of India directives. It provides a comprehensive framework covering trade clearing, settlement cycles, margin requirements, collateral management, risk management systems, default handling, and member obligations for debt market transactions.
• The circular standardizes processes for pay-in/pay-out of funds and securities, prescribes timelines and responsibilities of clearing members, and ensures adequate safeguards through margining and settlement guarantee mechanisms.
• It also clarifies that all earlier circulars and notices related to the debt segment stand superseded, while actions taken under previous guidelines remain valid, thereby ensuring continuity and regulatory consistency.
[Notification no. - 20260429-36]
