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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 ..... ontribution 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. 2. Pursuant to deliberations with Risk Management Review Committee (RMRC) of SEBI and various stakeholde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 basis during the month, in the following order: (i) By CC (ii) By SE" b. Layer VII of the default waterfall, as specified under clause 16 of the said Circular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aximum 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 SGF of the segment on the date of default in case of equity/ debt segments. (iv) The maximum capped additional contribution by non-defaulting members shall be lower of 2 times of their primary contribution to Core SGF or 20% of the Core SGF of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 5. This circular is available on SEBI website at www.sebi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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