CCIL has built the Service for Analysis of Risk, Valuation and Margining (SARVAM). The solution has been designed to provide ‘Valuation’, ‘Margining’ (both Variation Margin (VM) and Initial Margin (IM)), ‘Collateral Management and Margin Maintenance’ and Risk Analytics services for NCCDs under its different modules.
At present, based on regulatory approval, SARVAM offers the undernoted services:    

  1. Trade Reporting and creation of counterparty wise portfolio for various asset classes of NCCDs. If trades are already reported to CCIL’s Trade Repositry (TR), a consent would be obtained to take such reported trades for Valuation and Variation Margin (VM) calculation
  2. Trades reported and matched in CCIL TR till 9 p.m. on the reporting date ( T day) shall be taken up for creation of counterparty wise portfolio and calculation of VM
  3. Capture of bilateral CSAs and valuation and VM computation based on the terms of bilateral CSA
  4. Facility to reconcile the VM difference with the bilateral counterparty, if required.
  5. Provision of margin call reports and other Valuation/Risk Analytic reports on T + 1 basis (around 10.00 a.m.)
  6. Recording of Margin posted/received in Collateral Module
  7. Provision of various other reports as may be notified by CCIL from time to time.
Date Title View Download
02/05/2023 SARVAM Rule Book effective from May 02, 2023  

02/05/2023 SARVAM Notification