Reporting of Trades in Securitised Debt Instruments in Trade Reporting Platforms and Clearing and Settlement of trades in Securitised Debt Instruments through Clearing Corporations
Summary
This SEBI circular mandates the reporting of all trades in Securitised Debt Instruments by specified institutional investors on designated stock exchange platforms within fifteen minutes. It requires that such trades be cleared and settled exclusively through NSCCL, ICCL, or MCX-SX Clearing Corporation Limited to ensure market transparency. The document further directs exchanges and clearing corporations to amend their regulations for implementation effective April 1, 2014.
Text
all trades in Securitised Debt Instruments (listed or unlisted) by Mutual Funds, Foreign Institutional Investors/sub-accounts/Qualified Foreign Investors/ Foreign Portfolio Investors, Alternative Investment Funds, Foreign Venture Capital Investors and Portfolio Managers shall be reported on the trade reporting platform of either NSE, BSE or MCX-SX within fifteen minutes of the trade.
the reporting platforms shall provide continuous data pertaining to Securitised Debt Instruments, comprising of issuer name, ISIN number, face value, maturity date, current coupon, last price reported, last amount reported, last yield (annualized) reported, weighted average yield/ price, total amount reported and rating of SDI.
all trades in Securitised Debt Instruments (listed or unlisted) done between specified entities... and RBI regulated entities... shall necessarily be cleared and settled through the National Securities Clearing Corporation Limited (NSCCL) or the Indian Clearing Corporation Limited (ICCL) or MCX-SX Clearing Corporation Limited (MCX-SX CCL).
All transactions cleared and settled in terms of this circular will be subject to such norms as may be specified by NSCCL, ICCL and MCX-SX CCL.
make amendments to the bye- laws, rules and regulations for the implementation of the above decision with effect from April 01, 2014 as may be applicable and necessary.
Specified entities are advised to gear up their systems and processes for implementation of the provisions of this circular within the time specified above.
This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market
Source: SecMarx — Reporting of Trades in Securitised Debt Instruments in Trade Reporting Platforms and Clearing and Settlement of trades in Securitised Debt Instruments through Clearing Corporations. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.