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SEBI ask bourses to report securitised debt trades within 15 minutes

All trades in securitised debt instruments or SDIs would be reported on the trade reporting platform of either NSE, BSE or MCX-SX, within fifteen minutes of the trade, SEBI said

Market regulator Securities and Exchange Board of India (SEBI) has directed participants to report within 15 minutes, trades in securitised debt instruments (SDIs) on the trade reporting platforms of exchanges from 1 April 2014. SEBI also said all clearing and settlement of SDI trades should be done through clearing corporations.

 

In a circular issued on 7th January, the market regulator, with a view to develop the SDIs market and to improve transparency in the dealings of these instruments, said, "all trades in SDIs (listed or unlisted) by mutual funds, foreign institutional investors (FIIs), sub-accounts, qualified foreign investors (QFIs), foreign portfolio investors (FPIs), alternative investment funds (AIFs), foreign venture capital investors (FVCIs) and portfolio managers shall be reported on the trade reporting platform of either NSE, BSE or MCX-SX, within fifteen minutes of the trade."

 

"To ensure that the data is not duplicated, it has also advised that the reporting for a trade must be done by the buyer and the seller on the same platform to ensure matching of both sides of the trades," SEBI said.

 

Securitised debt instruments (SDI) are created out of a pool of loans, such as home loans, commercial loans, auto loans and loans on credit cards. Investors of these instruments are paid using money collected from the loan instalments.

 

SEBI has also directed exchanges to provide data on issuer name, international security identification number, face value, maturity date, current coupon rate, last price reported, last amount reported, last yield (annualised) reported, weighted average yield/ price, total amount reported and rating of SDI.

 

While asking exchanges and clearing corporations to amend their by-laws, rules and regulations for compliance, SEBI said all SDI trades have to necessarily be cleared and settled through the National Securities Clearing Corp Ltd or the Indian Clearing Corp Ltd or MCX-SX Clearing Corp Ltd.

 

Earlier, SEBI had directed the intermediaries to report trades in corporate bonds (off market) on the trade reporting platform of exchanges and directed that trades shall be necessarily cleared and settled through the clearing corporation of the stock exchanges. According to the market regulator, this has helped in improving the transparency in trading of corporate bonds to a greater extent.

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