Primary Auctions, NDS-OM, SGL, CSGL and CCIL Settlement

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Primary Auctions, NDS-OM, SGL, CSGL and CCIL Settlement - Article

Government securities move through an integrated infrastructure covering **RBI primary auctions, NDS-OM secondary trading, SGL/CSGL holding accounts, and CCIL clearing and settlement**. This article explains the complete transaction flow, competitive and non-competitive bidding, e-Kuber, NDS-OM order matching, SGL versus CSGL, CCIL novation, multilateral netting, and DvP-III. It helps CAIIB BFM learners connect trading, holding, clearing, and settlement correctly.

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