SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/60 dated 26-04-2019 has specified the net worth requirements for Clearing Corporations operating in IFSC. The requirements are as follows –
Applicant seeking recognition as Clearing Corporation | Rs. 50 Crores |
Recognized Clearing Corporation on commencement of operations, at all times | Rs. 50 Crores (or) Capital as determined under regulation 14(3)(a) and 14(3)(b) of SEBI regulations, 2018 |
Recognized Clearing Corporation over a period of three yearsfrom commencement of operations at all times | Rs. 100 Crores (or) Capital as determined under regulation 14(3)(a) and 14(3)(b) of SEBI regulations, 2018 |
Further, the Clearing Corporations shall regularlyreview their net worth requirement and ensure that the net worth does not fall below the prescribed threshold.A certificate to this effect, as signed by the Managing Director of the Clearing Corporation, shall be submitted to SEBI within 15 days from the end of every quarter.