Payments · Clearing · Brokerage · Pune

Aman Rishi

Twenty years building the systems that make sure money and securities end up where they should.

I work on the technology behind India's financial markets: payment rails, clearing and settlement, and brokerage platforms. Here I write about how that plumbing works and what I've learned running it.

Read my writing Get in touch
  1. T+0 · 09:15Order & executionOrder management, exchange links, pre-trade risk
  2. T+0 · EODConfirmationContract notes, allocation, trade matching
  3. T+0 → T+1ClearingNetting, obligations, margin and collateral
  4. T+1SettlementFunds through banks, securities through depositories
  5. T+1 onwardReconciliationBreaks, fails, corporate actions, reporting

The life of an Indian equity trade. My career has touched every column.

What I work on

Payments

Real-time and batch rails, message standards, switching, and the reconciliation that keeps them honest.

Clearing & settlement

Netting, obligations, margin, collateral, and moving from T+2 to T+1 without breaking anything.

Brokerage technology

Order management, back office, depository and exchange interfaces, regulatory reporting.

Architecture & delivery

High-volume systems where a single break means real money is stuck.

Writing

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What T+1 settlement changed behind the scenesClearing · 6 min The visible change was one day. The real change was squeezing every downstream process into a single night.

When Indian equity settlement moved from T+2 to T+1, every job that used to have a full business day of slack had to finish overnight.

StepUnder T+2Under T+1
Confirmation & allocationT+1 morningT+0 evening
Obligation downloadT+1T+0 night
Funds & securities pay-inT+2T+1

What broke first

[Your experience: which batch jobs or manual steps could not survive the compression, and how your team fixed them.]

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Netting, explained with one worked exampleClearing · 5 min How a clearing corporation turns thousands of trades into a handful of payments.

Instead of settling every trade gross, the clearing house computes one net obligation per member.

MemberBuys (₹ cr)Sells (₹ cr)Net
Broker A12095Pay 25
Broker B80110Receive 30
Broker C6055Pay 5

Gross value traded: ₹260 cr. Money that actually moves: ₹30 cr. Less money moving means less settlement risk.

Where it gets harder

[Margin, defaults, and what happens when one member cannot pay in.]

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Real-time payments still need reconciliationPayments · 8 min A UPI payment completes in two seconds but can leave a mismatch for two days.

Each transaction leaves a record at the payer's bank, the switch, and the payee's bank. A timeout at any hop creates a "deemed" state that has to be resolved later.

Handling deemed and failed transactions

[Your approach: auto-reversal rules, dispute handling, matching logic.]

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Designing a reconciliation engine operations teams trustEngineering · 9 min Matching rules, tolerances, and an audit trail that explains every break.

[Your design: data ingestion, matching keys, one-to-many matches, tolerances, and the exception workflow.]

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Where AI actually helps in a brokerage back officeEngineering · 6 min Break investigation and document handling are good fits. Settlement decisions are not.

[Practical use cases: classifying reconciliation breaks, reading corporate action notices, drafting client replies, and where human sign-off must stay.]

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Talks & slides

  • [Year]
    [Talk title][Event name] · link to slides (PDF) and recording
  • [Year]
    [Talk title][Event name] · link to slides (PDF)

Experience

20+ years
  • 20XX–now
    [Current role][Company][What you own, team size, and one measurable result.]
  • 20XX–20XX
    [Role][Company][Payments work, e.g. RTGS / NEFT / UPI integration or reconciliation, and one result.]
  • 20XX–20XX
    [Role][Company][Brokerage work, e.g. back office, depository or exchange connectivity, and one result.]

Get in touch

I'm open to advisory work, talks on payments and market infrastructure, and conversations with teams building in this space. If you're new to clearing or settlement and have a question, send it. Good questions often become posts.

Emailamanrishi@gmail.com
LinkedIn[linkedin.com/in/your-profile]
Based inPune, Maharashtra