In our series of updates we look at the Bilateral Netting of Qualified Financial Contracts Bill, 2020 which seeks to provide a legal framework for bilateral netting of qualified financial contracts which are over the counter derivatives contracts.
Bilateral Netting refers to offsetting of all claims arising from dealings between two parties, to determine a net amount payable or receivable from one party to other. While
Qualified financial contracts entails any bilateral contract notified as a QFC by the relevant authority. The authority can be RBI, SEBI, IRDA to name a few.
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