State Bank of India (SBI) on Thursday said it will acquire about 10 percent stake in the India International Clearing Corporation (IICC). IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services.
It clears and settles index and single stock derivatives, currency derivatives and debt securities. SBI said it is expected to complete up to 9.95 percent stake, subject to a maximum investment of Rs 34.03 crore, by March 2022, in IICC.
The strategic investment in IICC is aimed at strengthening the financial markets infrastructure, SBI said in a regulatory filing on Thursday.