All the secondary market transactions in Government Securities are settled through Clearing Corporation of India Limited (CCIL). The entire settlement is under DVP III mode. The netted funds settlement is through members' Current Account maintained at RBI and through Designated Settlement Bank for those members who do not maintain current account with RBI. The securities settlement is done in SGL/CSGL Accounts of members maintained at RBI. The securities settlement is done after netting securities ISIN wise for each member and for SGL and CSGL separately. Thus benefit of multilateral netting is provided to all members for whom CCIL is settling the trades. CCIL acts as Central Counter Party to all Government securities trade facilitating smooth settlement and also guarantees settlement thereby reducing gridlocks and mitigating cascading impact that default by one member would have on the other.