In case a clearing member wishes to shift the primary clearing account from one designated clearing bank to another designated clearing bank, the following procedure is required to be followed: 

1. The clearing member while requesting the Clearing Corporation for a change in the primary clearing bank account shall either
   
   
   • Furnish the no objection certificate (NOC) received by the member from the existing primary clearing bank for shifting of account, or
     
     
   • In case no response was received by the clearing member from the existing primary clearing bank in respect of the NOC request even after a minimum waiting period of a fortnight, a declaration to the above effect along with an acknowledged copy of the NOC request made by the member to the existing primary clearing bank.
     
     
2. The Clearing Corporation would thereon issue a letter of introduction to the other designated clearing bank
   
3. On opening the account with the other designated clearing bank, the clearing member shall submit to the Clearing Corporation the account particulars issued by the bank and also the acknowledged copy of the letter issued by the clearing member to the clearing bank (as per specified format)

The Clearing Corporation shall thereon communicate the date from which the new primary clearing account will be operational. The clearing members are required to intimate the Clearing Corporation whether they wish to continue the existing primary clearing account as one of the additional clearing accounts or discontinue the existing primary clearing account after the change in primary clearing bank. In the event where the clearing members wish to discontinue the existing primary clearing account, the Clearing Corporation shall communicate the date after which the existing primary clearing account may be closed by the clearing member.

 

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