As part of the process of ensuring a coordinated approach to supervision, a High Level Co-ordination Committee on Financial and Capital Markets (HLCCFCM) was constituted in 1999 with the Governor, RBI as Chairman, and the Chiefs of the securities market and insurance regulators, and the Secretary of the Finance Ministry as the members to iron out regulatory gaps and overlaps.
To minimise settlement risks in the money, government securities and forex markets, the Clearing Corporation of India Ltd (CCIL) was established in 2002. Acting as a central counterparty through novation, the CCIL provides guaranteed settlement, thereby limiting the problem of gridlock of settlements.