Sebi proposes more diversified ownership of equity clearing corporations
markets regulator is proposing more diversified ownership of equity clearing corporations, which are currently fully owned by the country's exchanges.
A clearing corporation is responsible for the confirmation, settlement and delivery of trades.
Broad-basing and diversifying the ownership of clearing corporations would help strengthen their financial and operational independence and ensure they can operate primarily in the public interest, the Securities and Exchange Board of India (SEBI) said in a consultation paper on Friday.
To achieve diversification, the SEBI has proposed and sought public comments on two options.
The first option is to allow existing shareholders of exchanges to own 49% of the clearing corporation directly, leaving the parent exchange to hold 51% initially.
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