Ongoing uncertainty around regulatory decisions on the ownership and economic structure of clearing corporations—following SEBI’s consultation paper from November 2024—has sparked concerns regarding the National Stock Exchange of India’s planned Initial Public Offering. Given the Payment and Settlement Systems Act overseen by the Reserve Bank of India, a regulatory synchronisation to future ownership structures is needed.Amid the rising profile of the Indian securities markets, the improved structural capabilities and agile resiliency posture of clearing corporations require critical attention to ensure market stability. Having grown at an accelerated pace in recent years, some of the fundamental issues relating to clearing corporations' operational capabilities and risk resilience reveal underlying structural constraints and demand for a forward-looking regulatory strategy.
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