Every Clearing Member is required to maintain and operate a primary clearing account with any one of the empanelled clearing banks at the designated clearing bank branches. The primary clearing account is to be used exclusively for clearing operations i.e., for settling funds and other obligations to the Clearing Corporation including payments of margins and penal charges. A Clearing member having funds obligation to pay shall ensure availability of sufficient clear balance in the clearing account on or before the stipulated funds pay-in day and the stipulated time.

Further, every clearing member can maintain and operate additional clearing accounts exclusively for the purpose of enhancement of collaterals. All the credits and debits other than collateral enhancement specified by the member shall be routed through the primary clearing account

Clearing Members are required to authorise the Clearing Bank to access their clearing accounts for debiting and crediting their accounts, reporting of balances and other information as may be required by NSCCL from time to time as per the specified format.  The Clearing Bank will debit/ credit the clearing account of clearing members as per instructions received from the Clearing Corporation.

A Clearing member can deposit funds into this accounts in any form, but can withdraw funds from these accounts only in self-name.

Clearing members shall not seek to close or de-activate the clearing account without the prior written consent of the Clearing Corporation


 

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