ICCL, functions as the clearing and settlement intermediary to settle the transactions pertaining to purchase, redemption and switch of Mutual fund units that are placed by members on BSE StAR MF platform.

BSE StAR MF platform allows the member to place the transaction of purchase, redemption and switch in either demat or non–demat mode depending on the choice of its client. ICCL settles the transactions placed by members in both the modes seamlessly in the same settlement. ICCL's network of Clearing banks and its affiliations with different financial aggregators helps it, in the settlement of funds for purchase and redemption transactions of both demat and non-demat transactions.

For settlement of units in demat mode ICCL uses the interface provided by both the depositories viz; CDSL and NSDL to settle the purchase, redemption and switch transactions.