Based on a periodic review of the Directions for CCPs, the updated directions governing the functioning of CCPs are below
Applicability
The provisions of these directions shall apply to a domestic central counterparty authorised to operate in India under Payment and Settlement Systems Act, 2007 and foreign CCPs recognised by the Reserve Bank of India (RBI) under Payment and Settlement Systems Act, 2007 for their operations including clearing and settlement in India.
Central Counterparty” (CCP) means a system provider, who by way of novation interposes between system participants in the transactions admitted for settlement, thereby becoming the buyer to every seller and the seller to every buyer, for the purpose of effecting settlement of their transactions.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12744&Mode=0
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