Sebi renews licences of NSE Clearing, Indian Clearing Corp

Capital market regulator Sebi has renewed the licences of NSE Clearing Ltd and Indian Clearing Corporation Ltd for three years.

The three-year licence will be valid till October 2, 2026, according to two separate gazette notifications issued on Wednesday. NSE Clearing Ltd is a wholly-owned subsidiary of the National Stock Exchange (NSE) and Indian Clearing Corporation Ltd (ICCL) is an arm of BSE. While considering the applications for renewal of recognition by NSE Clearing and ICCL, Sebi said it would be in the interest of the trade, in the interest of securities market and also in the public interest to do so. The watchdog has renewed their recognition to function as clearing corporations for three years commencing on October 3, 2023, and ending on October 2, 2026. NSE Clearing and ICCL are responsible for clearing and settlement of all trades executed on NSE and BSE, respectively, as well as carry out deposit and collateral management, and risk management functions.

..penalises YES Securities for wrong reporting of margin

Capital markets regulator Sebi has imposed a penalty of Rs5 lakh on YES Securities (India) Ltd for wrong reporting of margin and discrepancy in the computation of client's net worth.

It has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. The order came after Sebi, jointly with the Stock exchanges -- NSE, BSE and MCX -- conducted inspection of documents and other records of YES Securities (India) Ltd to verify the possible violation of stock brokers' rule. In its order, Sebi found several violations, including wrong reporting of margin and discrepancy in reporting of net worth of clients by YES Securities, during July 2021 to March 2022. The regulator said the brokerage house sent the retention statements after the prescribed time of five days and also mailed the statements of accounts to wrong email addresses.