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Two years on, limited-purpose clearing corp to see light of the day

AMC Repo Clearing set to begin ops later this month; move to boost debt market liquidity

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Earlier this year, the markets regulator had allowed alternative investment funds (AIFs) to participate in the credit default swaps (CDS) market as protection for buyers and sellers — a segment that would help AIFs hedge risks

4 min read Last Updated : Jun 05 2023 | 9:06 PM IST

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A limited-purpose clearing corporation (LPCC) backed by the Securities and Exchange Board of India (Sebi) and funded by asset management companies (AMCs) is set to become operational by the third week of June after over two years of its incorporation, said people in the know.

Known as AMC Repo Clearing (ARCL), the LPCC has onboarded over 125 issuers for the initial stage of operation. Since ARCL has now obtained the final approvals from the Reserve Bank of India (RBI), it will start offering clearing and settlement services for all tri-party repo in corporate debt securities to boost liquidity and participation.

“The ARCL has started mock-testing on the National Stock Exchange (NSE) platform from Monday and the plan is to make it operational by the second or the third week of June. All infrastructure for the initial stage is ready and there has been encouraging response from issuers,” said a source.