What is the full form of CCIL
CCIL stands for Clearing Corporation of India Limited. It is a reputed Indian organization which was set up in April 2001 to provide guaranteed clearing and settlement functions for transactions in money, foreign exchange and derivative markets. It was incorporated with the authorized Equity Share Capital of Rs. 50 Crores. As of March 2018 Mr. R Sridharan is the managing director of CCIL and its head office is in Mumbai, Maharashtra.
A core committee was appointed at the behest of Reserve Bank of India (RBI) to set up CCIL. This committee identified six core promoters for CCIL which are State Bank of India, IDBI Bank Ltd., ICICI Bank Ltd, Life Insurance Corporation of India (LIC), Bank of Baroda and HDFC Bank Ltd.
Its vision is to be a pivotal financial market infrastructure and its mission includes the following two points:
Since its inception, CCIL has evolved continuously over the years to perform various roles in the financial market. It has a fully owned subsidiary by the name of Clearcorp Dealing Systems Limited (CDSL), through this subsidiary it has introduced various platforms for electronic execution of deals in various market segments. CDSL has also developed, implemented and controls the NDS-OM, an anonymous electronic trading system for dealing in G-Secs, and for reporting of OTC deals. It also manages the NDS-CALL platform which supports electronic dealing in the Call, Notice and Term Money market.
Since its inception, CCIL has achieved several significant milestones. Some of which are as follows: