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of <h1>SEBI Circular Mandates Core Settlement Guarantee Fund for Trade Settlements; Emphasizes Stress Testing and Risk Management.</h1> The circular issued by SEBI outlines the establishment and management of the Core Settlement Guarantee Fund (Core SGF) for clearing corporations and stock exchanges. It mandates the creation of a fund to guarantee trade settlements and specifies contributions from clearing corporations, stock exchanges, and clearing members. The circular emphasizes stress testing and risk management to ensure the fund's adequacy, aligning practices with international standards. It details the default waterfall process, stress testing methodologies, and management of financial resources to mitigate risks. The circular also requires transparency and compliance with the guidelines by December 1, 2014, to enhance market stability and investor protection.
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