In its December 2024 quarterly results, NSE Clearing, the exchange’s unit responsible for clearing and settlement of its trades, reported a shortfall of ₹176.65 crore in its minimum liquid assets. The company informed Sebi in a letter dated January 9, that this deficit was primarily due to the non-receipt of ₹312.37 crore in dues from BSE.
BSE did not respond to a query.
An NSE Clearing spokesperson said its auditors flagged the outstanding payment issue in their review of the third quarter financials. The outstanding amount pertains to “interoperability arrangements”, the official said. “The company is yet to receive outstanding dues of over ₹300 crore from BSE Limited. NSE Clearing is in communication with BSE on this matter,” the spokesperson added.
Securities and Exchange Board of India has prescribed risk-based capital and net worth requirements for clearing corporations, which must maintain adequate liquid assets to ensure financial stability.
To reduce trading costs, SEBI introduced a framework for interoperability among clearing corporations on June 1, 2019. This allows trading members to clear trades through a clearing firm of their choice rather than being restricted to the clearing corporation affiliated with the exchange where the trade was executed.
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