Devika Shah assumes office as Indian Clearing Corp MD, CEO

Leading exchange BSE today said Devika Shah has assumed office as the managing director and chief executive of Indian Clearing Corporation.

Indian Clearing Corporation Ltd (ICCL), a wholly owned subsidiary of BSE, carries out the functions of clearing, settlement, collateral management and risk management for various segments of the exchange.

"Devika Shah has assumed office as the MD (Managing Director) and CEO (Chief Executive Officer) of ICCL with effect from January 1, 2018," the BSE said in a release.

According to the release, during her tenure spanning over three decades at the BSE, Shah has headed various functions, in the areas of regulatory and business, including surveillance, investigation and inspection, trading operations, clearing and settlement, listing membership, investor protection fund, business development, accounts, legal and regulatory communications.

Shah, who holds a Bachelor's degree in Commerce from the University of Mumbai, is a fellow member of the Institute of Chartered Accountants of India.

ICCL settles trades reported on the Indian corporate debt segment and the mutual fund (StAR MF) segment of BSE and clears and settles trades executed on all the other segments of the exchange, including equity cash, equity derivatives, interest rate futures and currency derivatives segment.

ICCL is the only clearing corporation in India to have been granted 'AAA' rating by two rating agencies -- India Ratings and Care Ratings.

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