Devika Shah has assumed office as the MD & CEO of Indian Clearing Corporation (ICC); a wholly owned subsidiary of BSE which carries out the functions of clearing, settlement, collateral management and risk management for various segments of the exchange. Shah, who holds a Bachelor's degree in Commerce from the University of Mumbai, is a fellow member of the Institute of Chartered Accountants of India. During her tenure spanning over three decades at the BSE, she headed various functions, in the areas of regulatory and business, including surveillance, investigation and inspection, trading operations, business development, accounts, clearing and settlement, listing membership, investor protection fund, legal and regulatory communications. ICCL settles trades reported on the Indian corporate debt segment and the mutual fund (StAR MF) segment of BSE and clears and settles trades executed on all the other segments of the exchange, including equity cash, equity derivatives, interest rate futures and currency derivatives segment. ICCL is the only clearing corporation in India to have been granted 'AAA' rating by two rating agencies -- India Ratings and Care Ratings.