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:
- To promote safety, stability and efficiency using modern technology, risk management processes and practices matching or exceeding global standards
- To promote research and collaborative thinking to shape the future of financial markets through innovation
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:
- On 17 October 2002, a quarterly publication "Rakshitra" containing articles in operational areas and detailed statistics and analysis of settlement information was launched.
- On 20 January 2003, a new money market instrument called Collateralized Borrowing and Lending Obligation (CBLO) was launched for NDS members.
- On 27 August 2004, it started clearing and settlement of ATM transactions of National Financial Switch managed by Institute for Development and Research in Banking Technology (IDRBT).
- On 16 August 2005, the Internet trading system for Non-NDS members commenced operations.
- In August 2006, CCIL received the ISO/IEC 27001:2005 certification for securing its information assets.
- On 4 September 2006, CCIL released CCIl ALL SOVEREIGN BOND INDICES (CASBI) to reflect the movement of the market.
- On 3 July 2007, CCIL started providing the Daily Spot Reference Rates through its website.
- On 11 February 2009, it was granted authorization by the Reserve Bank of India under the "The Payment and Settlement Systems Act 2007".
- On 29 June 2012, the web-based NDS-OM module for online trading in the secondary market for Government Securities was launched.
- On 1 January 2014, it received the status of a qualified central counterparty (QCCP) from the Reserve Bank of India.
- On 6 April 2015, it launched the payment versus payment (PvP) mode of settlement in the Forex Settlement Segment to reduce the risk for members.
- On 29 March 2017, it was recognized as a "third-country CCP" under the European Market Infrastructure Regulation ("EMIR").