Applicability of SEBI circular on Principles of Financial Market Infrastructures (PFMIs) to AMC Repo Clearing Limited
Summary
SEBI mandates that the Principles of Financial Market Infrastructures (PFMIs) apply to AMC Repo Clearing Limited. This applicability follows the recognition of AMC Repo Clearing Limited as a clearing corporation for repo transactions in debt securities. The circular was issued under Section 11(1) of the SEBI Act, 1992 and came into force immediately.
Text
SEBI circular bearing reference no. CIR/MRD/DRMNP/26/2013 dated September 04, 2013 captioned ‘Principles of Financial Market Infrastructures (PFMIs)’ mandates Clearing Corporations and Depositories to comply with the Principles of Financial Market Infrastructures (PFMIs) published by the Committee on Payments and Settlement Systems and the International Organization of Securities Commissions.
AMC Repo Clearing Limited was granted recognition as a Clearing Corporation for the purpose of clearing and settling transactions in repo and reverse repo in the debt securities that are dealt with or traded on a recognised stock exchange, which was notified vide Gazette notification dated January 24, 2022.
Accordingly, the provisions of the aforementioned circular shall be applicable to AMC Repo Clearing Limited.
This circular shall come in force with immediate effect. This circular is being issued in exercise of powers conferred under Section 11 (1) 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 — Applicability of SEBI circular on Principles of Financial Market Infrastructures (PFMIs) to AMC Repo Clearing Limited. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.