Brief Overview:
RBI has green‑lighted CCIL’s Application Programming Interface (API)‑based VFT on eKuber, streamlining security refunds through automatic credit to SGL/CSGL accounts.
This procedure shall be effective from 16th March 2026.
Technical Details:
Key Highlights:
1) Default Refund Mechanism (API‑Based)
(a) CCIL refunds confirmed security withdrawals via the VFT API by default.
(b) Members are deemed to have consented to direct credit through the API.
(c) Securities are credited directly to members’ SGL/CSGL accounts.
(d) CCIL will email the eKuber Service Reference Number upon successful credit.
(e) Credits can be verified via eKuber Security Transfers Report or Security Account Statement.
2) Fallback Mechanism (Manual VFT)
(a) If the API is unavailable, CCIL manually creates a VFT.
(b) Member acceptance on eKuber is required.
(c) Manual refunds follow the existing VFT acceptance process as per CCIL’s notification on collateral work flow procedure dated 28th March 2025.
Takeaways:
The shift to API‑based VFT by CCIL will significantly streamline operations by enabling faster, automatic credit of securities to members’ SGL/CSGL accounts without manual intervention, improving efficiency, accuracy, and liquidity management. It reduces operational risk and reconciliation workload while providing clearer audit trails through automated reference numbers.
For further details, please see:
VFT of Securities using API interface with eKuber
For any queries/clarifications, please feel free to ping us and we will be happy to chat:
