Markets regulator Sebi is in the process of putting in place a framework for interoperability among clearing corporations - a move that will reduce trading cost.
At present, different bourses have their own clearing corporations, which handle settlement of trades on the respective stock exchanges.
The interoperability would permit trading members to clear trades through a firm of their choice instead of going through the clearing corporation owned by the bourse on which the trade was executed.
"The regulator is in the process of developing a framework to enable interoperability among clearing corporations to ensure cost advantages for members in the form of enhanced margin utilisation, opportunities of best execution across trading platforms as well as savings on cost associated with membership," Sebi said in its annual report for 2017-18.
The move assumes significance in the wake of the disruptions in the functioning of a stock exchange and the respective clearing corporations in recent past.
In August 2015, the Securities and Exchange Board of India (Sebi) had decided to hold public consultations on a new set of norms to enable interoperability of clearing corporations.
An expert committee chaired by eminent banker K V Kamath had suggested about interoperability among clearing corporations.
Major exchanges in the country include BSE and National Stock Exchange, both of which have their own clearing corporation arms.