Indian Clearing Corporation Limited recognized by Bank of England

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Mumbai, March 22, 2019: Indian Clearing Corporation Limited (“ICCL”), the clearing arm of the oldest stock exchange in India, BSE, has received temporary recognition pursuant to the UK Statutory Instrument The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (“the SI”). The Temporary Recognition Regime (“TRR”) will enable ICCL to provide clearing services and activities in the UK for up to three years from the commencement of the TRR, extendable by HM Treasury in increments of twelve months.

ICCL has also earlier received recognition as a Third Country Central Counterparty (“TC-CCP”) by the European Securities and Markets Authority (“ESMA”) in accordance with the European Market Infrastructure Regulation (“EMIR”) in September 27, 2017. A TC-CCP recognised under the EMIR process also receives the Qualified Central Counterparty (“QCCP”) status across the European Union.

In 2018, BSE, became the first stock exchange in India to receive Designated Offshore Securities Market (“DOSM”) recognition from the United States Securities and Exchange Commission (“SEC”) under Rule 902 (b) of Regulation S under the U.S. Securities Act of 1933, joining an elite list of foreign securities exchanges that have been recognized as DOSMs by the SEC.