It has been reported that the Reserve Bank of India has made the decision to take responsibility for regulating the Clearing Corporation of India Limited (CCIL) and to adopt the CPSS-Iosco principles for financial market infrastructures. This is hoped to increase the chances of the clearing house achieving qualified central counterparty (QCCP) status under Basel III rules.
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSC) require regulators to formally acknowledge their role as regulators of their respective local clearing houses. The RBI Notice outlining its responsibility in this regard is the first formal acknowledgement regarding its regulatory scope. They also require regulators to announce their intention to adopt the principles for financial market infrastructures (PFMI), which means the RBI has overcome two of the main hurdles to achieving QCCP status.
This information will be updated as soon as further details become available.