Clearing members have to move to interoperable framework of clearing corporations by July 1, according to a release.
In November 2018, Sebi laid down broad guidelines for operationalizing the interoperable framework among clearing corporations which were required to be adhered to and operationalized by stock exchanges and clearing corporations by June 1, 2019.
"Clearing members are...advised to note that they shall mandatorily move to interoperable framework by July 1, 2019," NSE said in a release.
All stock exchanges and clearing corporations have jointly decided to provide a further period of one month till July 1 to clearing members to ensure a seamless and non-disruptive transition to interoperability, it said.
The additional month is provided so that the requisite development of systems and process and their testing by clearing corporations could be completed.
The interoperability would permit trading members to clear trades through a firm of their choice instead of going through the clearing corporation owned by the bourse on which the trade was executed.
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