The process involves the reporting of deals to the Clearing Corporation of India (CCIL) Ltd. which generates the settlement - gross for the securities and net for the funds leg. At the end of the day, the settlement information is transmitted to the RBI for effecting the same in its books.
The CCIL also acts as the central counterparty for the trades by guaranteeing the delivery of securities as well as funds. We are in the process of fully integrating the NDS settlements with the RTGS.