The stock exchange wants to transfer the duties and functions of a clearing house to a clearing corporation. Is it possible to do so? Explain the purpose if any, it serves.

Section 8A(1) of the Securities Contracts (Regulation) Act, 1956 provides that a recognised stock exchange may, with the prior approval of SEBI, transfer the duties and functions of a clearing house to a clearing corporation, being a company incorporated under the Companies Act, 2013, for the purpose of - the periodical settlement of contracts and differences thereunder; the delivery of, and payment for, securities; any other matter incidental to, or connected with, such transfer.