TMI BlogContribution by a non-defaulting member in the Default waterfall of Clearing CorporationsX X X X Extracts X X X X X X X X Extracts X X X X ..... International Financial Services Centre Dear Sir/ Madam Contribution by a non-defaulting member in the Default waterfall of Clearing Corporations SEBI vide its Circular no. CIR/MRD/DRMNP/25/2014 dated August 27, 2014 has, inter alia , specified guidelines pertaining to Core Settlement Guarantee Fund and Default Waterfall for Clearing Corporations. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stricted to only once during a period of 30 calendar days regardless of the number of defaults during the period. The period of 30 calendar days shall commence from the date of notice of default by Clearing Corporation to market participants. In case there is failure on part of some contributor(s) to replenish its (their) contribution, same shall be immediately met, on a temporary basi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alendar days, subject to member closing out/settling any outstanding positions, paying the capped additional contribution and any outstanding dues to SEBI. No further contribution shall be called from such resigned members. (iii) The maximum capped additional contribution by non-defaulting members shall be lower of 2 times of their primary contribution to Core SGF or 10% of the Core SG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision. (iii) bring the provisions of this circular to the notice of the trading members / clearing members / custodians and also to disseminate the same on the website. (iv) communicate to SEBI the status of implementation of the provisions of this circular through Monthly Development Report. 4. This circular is issued in exercise of the powers conferred unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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