SEBI vide circular dated December 16, 2022 has issued a Framework for Orderly Winding Down of Critical Operations and Services of a Clearing Corporation. The CCs shall have a policy framework for orderly winding down of their critical operations and services, which shall at least contain the following provisions:
- Identification of Potential Scenarios.
- Identification of Critical Operations and Services of CCs
- Standard Operating Procedure (SOP)
- Return of Assets
- Financial Resources
The CCs shall have the policy framework containing the SOP duly approved by their governing boards and make it available on their websites within 90 days from the date of issuance of this circular.