NSE Clearing asks BSE to pay Rs 104 crore as SGF dues
NSE Clearing, the clearing house of the National Stock Exchange, has issued a fresh demand of ₹104 crore on the BSE as a contribution to the Settlement Guarantee Fund (SGF), according to sources.
The demand is based on a recent stress test held on January 25, and BSE has been asked to provide the required contribution by February 28, one of the sources cited said.
In October last year, the market regulator Securities and Exchange Board of India (Sebi) increased the minimum corpus for the equity derivatives segment to ₹10,500 crore, requiring stock exchanges to contribute at least 25% of the minimum required corpus.
For these funds, the clearing corporation must contribute at least 50% of the minimum required corpus, while stock exchanges are required to contribute at least 25%. Clearing members can contribute up to 25% of the minimum corpus, but the clearing houses may fund this on their behalf.
According to sources, the required stock exchange contribution net of received contributions is ₹18.05 crore, while the optional contribution on behalf of clearing members is ₹104.22 crore. BSE did not respond to ET's queries.
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