Comments
The National Commodity and Derivatives Exchange (NCDEX) started clearing and settlement activities through its wholly-owned subsidiary National Commodity Clearing Limited (NCCL) on Thursday.
The move was part of a SEBI mandate to transfer the functions of clearing and settlement of commodity trade to a separate clearing corporation by September 28.
The NCCL will provide secure counter-party risk management and guarantee settlement of trades executed on the NCDEX trading platform. Rajiv Relhan will be the Managing Director and CEO of NCCL with effect from Thursday. Relhan has 29 years of experience in the Banking and Financial Services industry.
NCCL has a net worth of over ₹100 crore. The average monthly delivery volume since the beginning of this financial year is ₹284 crore for trades executed on the NCDEX platform.
NCCL has a settlement guarantee fund of ₹120 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.