In a significant ruling on the regulatory architecture of derivative markets, a Supreme Court bench comprising Justice J. B. Pardiwala and Justice K. Vinod Chandran held that the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of the NSE Clearing Corporation (NCL) has no statutory authority to order restitution of liquidated collateral securities against Professional
Clearing Corporation Cannot Order Restitution of Collaterals; PCMs Not Obligated to Verify End-Client Balances: Supreme Court
