Metropolitan Stock Exchange of India (MSE) is recognized by the Securities and Exchange Board of India (SEBI) under Section 4 of Securities Contracts (Regulation) Act, 1956. The Exchange was notified as a "Recognized Stock Exchange" under Section 2(39) of the Companies Act, 1956 by the Ministry of Corporate Affairs, Govt. of India, on December 21, 2012. In line with global best practices and regulatory requirements, clearing and settlement of trades done on the Exchange were initially conducted through its subsidiary clearing corporation - Metropolitan Clearing Corporation of India Ltd. Post implementation of the interoperability framework from June 03, 2019, the clearing and settlement of trades can be conducted through any of the National Clearing Corporations i.e. Metropolitan Clearing Corporation (MCCIL), Indian Clearing Corporation (ICCL) and National Securities Clearing Corporation (NSCCL)