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MCX-SX Clearing Corp to settle corporate debt trades: RBI

Primary dealers can undertake transactions in securities among themselves or with non-banks clients through members of the MCX Stock Exchange

June 27, 2013 3:01 IST | India Infoline News Service
The Reserve Bank of India (RBI) approved MCX-SX Clearing Corporation as an eligible entity for clearing and settlement of all 'over the counter' (OTC) trade in corporate bonds.

The other two eligible entities are NSCCL and ICCL, which are part of NSE and BSE groups, respectively.

"It has been decided that MCX-SX Clearing Corporation Ltd is also an eligible entity for clearing and settlement of all OTC trades in corporate bonds in addition to NSCCL or ICCL," the RBI said in a notification on Wednesday.

The RBI further said MCX-SX Clearing Corporation is also an eligible entity for clearing and settlement of all OTC trades certificates of deposits (CDs) and commercial papers (CPs).

Also, the primary dealers are permitted to undertake transactions in securities among themselves or with non-banks clients through members of the MCX Stock Exchange in addition to NSE, OTC Exchange of India and BSE, the RBI said in a separate notification.

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