Contribution to Core Settlement Guarantee Fund and Default Waterfall for Limited Purpose Clearing Corporation (PLCC)

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....CC respectively. 2. Based on consultations with various stakeholders, SEBI notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023 (SECC Amendment Regulations, 2023) on July 24, 2023 to enable direct participation by participants in the LPCC for transacting in tri-party repo for corporate bonds. Accordingly, following Para (6.5.1.4) shall be included and Para 6.8.2 and 6.11.1 shall be revised and read as follows: 6.5. Contribution to Core SGF of Limited Purpose Clearing Corporation 6.5.1.4. Participants contribution: Contribution of Participants who desire direct participation and not through a clearing member to Core SGF shall be risk based and equivalent to defic....

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....only once during a period of 30 calendar days regardless of the number of defaults during the period. The period of 30 calendar days shall commence from the date of notice of default by CC to market participants. 6.11. Default waterfall of LPCC 6.11.1. The default waterfall of CC shall generally follow the following order: a. Monies of defaulting member / [Participants] (including defaulting member's/ [Participant's] primary contribution to Core SGF). b. Insurance, if any. c. Issuers contribution to Core SGF. d. LPCC resources (equal to 5% of MRC). e. Core SGF in the following order: i. Penalties ii. Previous financial years profit of LPCC transferred to Core SGF iii. Remaining Core SGF: LPCC contribution and non-defaulti....