Deadline for interoperability of stock exchanges extended

All stock exchange and clearing corporation have jointly decided to extend the deadline for the mandatory shift to an interoperable framework by July 1, 2019. SEBI had laid down the guideline for the interoperable framework in November 2018.

Market participants, who have failed to meet the June 1 deadline set by SEBI, had requested for an extension for the deadline to move over toward an interoperable system among clearing corporations. To help these clearing members catch up and develop the requisite systems and process and achieve a seamless transition all stock exchanges and all clearing corporations decided to extend the deadline to July 1.

The stock market regulator, the Securities and Exchange Board of India (SEBI) had through its circular dated November 27, 2018 had guided stock exchanges and all clearing corporations for operationalising an interoperable framework among clearing corporations by June 1, 2019. Adhering to this, most of the clearing members except a few, have updated their systems and processes and tested the same for interoperability.

NSE Clearing Limited, Indian Clearing Corporation Limited and Metropolitan Clearing Corporation of India Limited are the leading clearing corporations catering to their respective stock exchanges as of now.

Meanwhile, two companies operating stock exchanges, namely BSE Limited and Multi Commodity Exchange Of India Limited (MCX) and the depositories house Central Depository Services Limited (CDSL) are listed entities. On Wednesday, at 10:20 hours, the stock of BSE Limited was trading at Rs. 618.85 per share, down by 0.68 per cent and MCX was at Rs. 822.20 per share, down by 1.83 per cent, and CDSL was at Rs. 227.35 per share, down by 0.68 per cent.