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Frequently Asked Questions

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Bonds Offline Flow

What is ICCL?


ICCL, or Indian Clearing Corporation Limited, is BSE's clearing corporation and a SEBI-regulated Market Infrastructure Institution. It is responsible for clearing, settlement and risk management for trades executed on BSE.

Key things to know

For trades that are cleared through ICCL, the clearing corporation uses novation to place itself between the original buyer and seller, becoming the legal counterparty to both sides. This arrangement, together with margins, collateral and other risk-management mechanisms, helps ensure settlement and substantially reduces counterparty risk.

For bond transactions routed through ICCL, it handles the clearing and settlement of the resulting obligations in accordance with its applicable settlement framework.
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