Mumbai, May 29 : Stock Exchanges have allowed clearing corporations another month to have their necessary systems and processes in place to ensure seamless and non-disruptive transition to interoperability.
Clearing members have now been mandatorily asked move to interoperable framework by July 1, 2019.In November last year, the Securities and Exchange Board of India had laid down the broad guidelines for operationalizing the interoperable framework among Clearing Corporations, which were required to be adhered to and operationalized by Stock Exchanges and Clearing Corporations by June 01, 2019.
"While a large number of the clearing organisations have put in place the required infrastructure for operationalising interoperability, a few market participants are still in the process of developing and testing their systems and processes and need more time to move to the interoperable framework," stock exchanges NSE, BSE and MSE said in a joint statement.
Keeping this in view and to ensure that the transition to interoperability is seamless and non-disruptive, it has been jointly decided by all Stock Exchanges and Clearing Corporations to provide a further period of one month to such Clearing members so that the requisite development of systems and process, and testing thereof, could be completed.
Accordingly, clearing members have been asked to move to interoperable framework by July 01, 2019. UNI