THE SETTLEMENT MECHANISM : India   Who provides a central securities settlement system? For dematerialised instruments held in a depository, the depository carries out this function. In other cases, this function is performed by the clearing corporations/ clearing houses attached to the stock exchanges. Which of the Bank for International Settlements' models is the closest match to the mechanism for linking delivery and settlement in the securities settlement system?ÿ Specify whether all or some instruments settle in this way. Equities: BIS model 2 Key features which distinguish the settlement mechanism from the BIS model Central Depository Services (India) Limited has a facility to settle on a gross basis but with investor level netting. However funds transfer is on a net basis on a clearing member level at each clearing house and pay-in occurs prior to securities settlement. This page is sponsored by: More about Responsibility for accuracy of the above information rests solely with the named sponsor.  All information at globalcustody.net is written as a general guide, so it is recommended that specific professional advice is sought before any action is taken.   TOP