The secondary market trades in Government securities received by CCIL for clearing and settlement are from Negotiated Dealing System – Order Matching (NDS-OM), Clearcorp Repo Order Matching System (CROMS) and Negotiated Dealing System (NDS). The trades from NDS-OM and CROMS flow online whereas the trades from NDS are received in Batch mode. Batch I is received by CCIL from RBI after the closure of market hours for secondary market in Government securities transactions for T+0 settlements. Batch II is received by CCIL after the closure of market hours for T+1 settlement. The trades received by CCIL are processed immediately for adequacy of margins and trades for which adequate margins are available are accepted for guaranteed settlement. The trades received for settlement includes outright and repo transactions and instruments for which clearing and settlement is facilitated includes Treasury Bills, Central Government Securities, State Government Securities, STRIPS, When Issued instruments – both new issues and re-issues.