Addressing questions over past regulatory expectations regarding Condition. When asked if this requirement no longer applies to nse, he said, “it was not a health.
“There was a consultation paper which was trying to push the debate on where this is possible. And you probally linked it – not this is a condation.
Incidentally, The Securities and Exchange Board of India (Sebi) Flagged Potential Conflicts of Interest Arising from the National Stock Exchange’s Dominant Ownership of Itaring Arm, NSE Clearing Ltd (NCL) in a letter on 28 February.
SEBI HAD Emphahsized that “ccs need to be, and need to be seen to be, truly independent of exchanges, particularly in such in such interopeble segments, so that there is a level-Playing field Infrastructure Institutions (Miis) with no perception of any conflict of interest. “
Yet, it may be recalled that pandey had linked this very issue to delays in nse’s much-investment public listing. “Before it goes public, it (nse) will need to be cleared from different angles, which we must carefully examine. Corporation issue, “He Had said at the Mint India Investment Summit and Awards 2025 in Mumbai.
Separation not feasible
Speaking on the sidelines of the press conference on wedding on wedding, pandey said that the proposed plan to separate clearing corporations from exchanges is no longer on the table. “But now, we do not find it feasible or practicable to go ahead with any separation of the clearing corporation,” He said.
INTEAD, the regulatory and policy machinery is Pivoting towards a more immediati issue: the bundling of charges that make it unclear how clearing corporates –key entites –key entites that handle tride “A Working Group is being created to look into this issue of unbundling of charges. But there is no structural change that we are looking at,” Pandey Added.
Sebi proposed sweping changes in a consultation paper in November 2024. The paper called for Reducing Exchange Ownership in Clearing Corporations to Below 15% in an efforts of an effect to address potent and igns of igns Governance. Currently, clearing corporations are illusion-outs by exchanges, with regulations requires that at least 51% of their paid-up equity be hand by one or more exchanges.
However, theSE Ideas Now Seem Shelved. “It was basically a consultation paper. “Many exchanges have the clearing corporation. The Crux of the matter is that the clearing corporation should be indecent Guarantee that Kind of Money Would Always be Flowing in Order for the clearing to always be clear. “
Unbundling costs
The focus now is on unbundling transaction charges to brings green transparency in how clearing corporations are funded.
To be clear, currently, charges are bundled, meaning the fees charged by exchanges include both trading and clearing with
Unbundling is not expected to impact transaction costs. Sebi Whole-Time Member Ananth Narayan explained that charges are being taken at a bundled level at the exchange. “The charges which are being taken at the top level are perfectly enough to fund both or to keep both the clearing corporation and the exchange healthy.”
So, Unbundling only determines how much belongs to which particular entity. Narayan added that it should not theoretically increase the cost at all.
The unbundling process is now under experience. “That is why we have got a bunch of experts, very respected experts, to go into this matter. They are completely objective. Including the exchanges and the clearing corporations, “He said, stating that the process may take a couple of months.
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