The Clearing Corporation of India Ltd (CCIL) on September 04, 2026, issued a notification regarding the Risk Management Processes and Margining Methodology.
The following has been stated:
• It has revised its Risk Management Processes and Margining Methodology for the Forex Settlement Segment (USD-INR), particularly the process for sourcing MTM rates. The EOD MTM Spot Rate will primarily be based on the last inter-bank USD-INR trade of at least USD 0.50 million concluded up to 3:30 PM on the Fx-Clear platform; if unavailable or considered an outlier, the rate from the specified Refinitiv “INR1F=” source or another appropriate market source may be used. The notification also sets out the existing framework for initial/additional initial margin, MTM margin, volatility margin, exposure limits and margin replenishment requirements.
• Further, on high-volatility days, intra-day MTM margin may be collected where portfolio losses exceed 30% of the initial margin, with assessments at 12:00 noon and 3:00 PM, and additional assessments possible where required. Any resulting margin shortfall shall generally be replenished within one hour, failing which penal charges may apply. The revised approach will be effective from October 06, 2026.
[Notification No. – RMD/FX/USD-INR/26/31]
