SEBI controls interoperability in equity and currency settlement.

Market participants can clear and settle all their equity, equity derivatives transaction with any clearing corporation, irrespective of the exchange on which the trade is executed. The objective of the regulator is to protect the investors and their collateral.

Currently, trades executed on the NSE are cleared and settled only through NSE clearing, transactions on the BSE are settled through Indian clearing corporation, and those on Metropolitan Stock exchange through metropolitan clearing Corporation of India.

The clearing house also manage client collateral and carry out risk management. Prior to the rollout, numerous agreements have to be signed by stock exchanges and clearing corporations. Beside legal parts, the entire physical communication architecture will need to be re-designed and care had to be taken in normal trading days.