The Securities Segment margin contributions of Members in cash and securities, are maintained in Settlement Guarantee Fund (SGF). The margin contributions of Members, shall be utilised as provided in Securities Segment Regulations and also as provided in the Regulations of Segments wherein CCIL provides guaranteed settlement.
The Forex Settlement Segment margin contributions in USD are also maintained in a separate SGF. Members shall contribute the margin requirement in US Dollars as notified by CCIL from time to time.
Members may contribute cash and eligible securities towards Securities Segment – SGF. However, members are requirement to maintain at least 10 % of their margin requirement towards Securities Segment in Cash (INR). The minimum cash requirement is at least 5% of members’ margin obligation in Forex Forward and Rupee Derivatives (Guaranteed Settlement) Segment.
Yes, a member can contribute its entire Securities Segment - SGF contribution by way of cash (INR).
Members of Securities Segment participating in Triparty Repo transactions, are required to contribute towards Triparty Repo Collateral in the form of Cash and eligible securities as notified by CCIL from time to time. Borrowing Limits shall be based on eligible securities contributions and cash contributed shall be considered as Initial Margin.
The lists of securities that are eligible for contributions by members towards Securities Segment SGF and Tri party Repo shall be separately notified by CCIL from time to time. The notification(s) in this regard can be downloaded from risk management section on the website.
Any member desirous of making deposits / withdrawals is required to notify CCIL suitably using the eNotice System within the specified cut off timings. The relevant work flow process for deposit and withdrawal of securities for SGL and Triparty Repo Collateral, is available under notifications – Securities Segment in CCIL website.
Transfer of securities from and/ to SGF / Triparty Repo Collateral is carried out on a “Value Free of Transfer” mode in ekuber system of RBI. Deposit of securities by members is carried out electronically using the relative functionality in RBI’s eKuber system. A securities transfer request is created by the Member/ CSGL Service provider for the Member, is confirmed by CCIL in ekuber . Upon confirmation by CCIL and successful execution on eKuber , securities are transferred from SGL / CSGL Account of member / CSGL Account Holder to CCIL’s CSGL Account(s) at RBI PDO.
Members are permitted to withdraw Securities in excess of margin / obligation requirement towards Securities Segment SGF and Tri Party Repo. . For permitted securities withdrawal the transfers are achieved electronically using relative functionality provided in RBI’s eKuber system. A securities transfer request is created and approved by CCIL. The same is confirmed by the member/ custodian for the Member. Upon confirmation by member / CSGL Account holder and successful execution on eKuber, securities are transferred from CCIL’s respective CSGL Account to member’s SGL / CSGL Account.
Cash contributions are received in CCIL’s RTGS Settlement Account with RBI from members settling their funds obligation at RBI. Other members need to credit the funds to CCIL’s specified Current Account(s) with Settlement bank. Such fund transfers can be made using the RTGS System of RBI or Net Banking System(s) of relative Settlement Bank. The cash collateral contributions and withdrawals are expected to be in multiples of Rs.100,000. Members seeking to withdraw of cash collateral from Securities Segment SGF or Triparty Repo Cash Collateral will receive payment by direct credit to their RTGS Settlement / Current Account maintained with RBI / Settlement Bank and recorded in CCIL systems, on relative Value Date of Payment.
Yes, all corporate actions on member’s securities contribution towards SGF/Triparty Repo are credited to the RTGS Settlement / Current Account of the concerned member with RBI/Settlement Bank under separate individual electronic advices to the concerned member. Interest payment on securities towards Tri party Repo shall be paid to the member contributing the securities to CCIL though the securities may be debited to gilt account of respective member on account of borrowing of funds.
The eligibility criteria for interest on cash contributed to SGF and Triparty Repo Collateral, shall be as provided in respective chapter of Securities Segment Regulations. Interest shall be paid at the rate notified by CCIL from time to time. Interest is also paid on cash collateral contribution utilized towards margin requirement in Forex Forward Segment and Rupee Derivatives (Guaranteed Settlement) Segment as per the eligibility criteria stipulated in the Regulations for those Segment and at the rate notified by CCIL.
Members of CCIL’s Forex Segment are required to contribute to their SGF for Forex segment in US Dollars only. Individual member contribution requirements towards SGF are advised by CCIL to the members. Members are required to give prior notice to CCIL in prescribed format and then remit USD fund contributions to the SGF to CCIL’s USD Nostro Account with correspondent bank as notified by CCIL from time to time.
SGF withdrawals sought by members of CCIL’s Forex Segment, once approved, are refunded by remittance of relative funds to concerned member’s USD Nostro Account with its Correspondent Bank under separate electronic advice to the concerned member.
Yes. Forex Segment - SGF contributions received are invested by CCIL in US Treasury Bills and the income earned is passed on to all members net of costs at half yearly rests. The income is distributed amongst members in proportion to the tenor and quantum of individual SGF balances. Interest is paid in US Dollars by credit to members’ US Dollars Nostro Accounts with their Correspondents.
All reports are electronically delivered by CCIL to its members through its Report Browser.
Tri Party Repo
Securities settlement for Triparty Repo trades shall take place in the books of Tri party Repo Agent i.e. CCIL. The securities shall be debited to respective members’ Gilt Account equivalent to the net funds borrowing outstanding for each tenor and such securities equivalent to net lending for respective tenor shall be credited to the Gilt Account of lender of funds.
The details of securities debit towards borrowing and securities credit on account of lending are provided in ‘Triparty Repo Collateral Holding Statement’, available in PDF and csv format.
Securities credit received by Lender of Funds shall not be available for withdrawal or substitution.
Yes, the borrower of Funds in Tri party Repo is permitted to withdraw / substitute a securities that is debited towards fund borrowing obligation only on the next working day of such debits. Members may carry out this activity in the time window permitted by CCIL for the purpose.
Coupon received on interest payment date, shall be passed to the member(s) contributing the securities. Lender of funds will not receive coupon on securities held by them on account of lending.
Operational FAQs
Please call on 61546482-89 or please send us an email at cfm@ccilindia.co.in
Please call on 61546482-89 or please send us an email at cfm@ccilindia.co.in
Members may contact Collateral and Funds Team at CCIL on 61546482/85/87/88
Please call Collateral Management Team on 61546485/88/87/91
Please click on https://www.ccilindia.com/Lists/lstNotificationSecurities/Attachments/1233/SGF%20and%20TPR%20Members%20Collateral%20Notification.pdf or call Collateral Management Team on 61546485/88/87/91
Please refer to the links below: https://www.ccilindia.com/Lists/lstNotificationSecurities/Attachments/1233/SGF%20and%20TPR%20Members%20Collateral%20Notification.pdf https://www.ccilindia.com/Lists/lstNotificationSecurities/Attachments/1229/Collateral%20Workflow%20Procedure%20TPR%20Internet%20members.pdf
Please call Collateral Management Team on 61546485/88/87/91
Please contact eKuber Help Desk on 022-27568555/ 27568596/27568507 or email eKuber Helpdesk on ekuberhelpdesk@rbi.org.in
Please contact Operations – FI & MM on 61546486/83/87.