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Delivery and Settlement Procedure - Bullion


COMMODITY FUTURES
Delivery Logic Compulsory Delivery
Last Day of Trading 5th Day of the contract expiry month. If 5th day is a holiday then preceding the working day
Tender Period (Staggered Delivery Period) Basis Delivery Centre - Five working days prior to expiry of contract including expiry day. Additional Delivery Centre – Starts from 25th day of the preceding month to the expiry month. If 25th day is non-working day, the tender period will start from next working day.
Delivery Period Kindly refer to circular on settlement calendar
Buyer’s Delivery Intention Kindly refer to circular on settlement calendar Five working days prior to expiry of contract including expiry day except Saturdays, Sundays and Trading Holidays.
Tender Notice by Seller The seller will issue tender notice/ delivery intention/ delivery order and will have to do the delivery pay-in through NSE Clearing Interface towards the pay-in obligation by 7:30 p.m. on respective tender days except Saturdays, Sundays and Trading Holidays.
Dissemination of Information on Tendered Delivery and Buyers Interest The Exchange will inform members by broadcasting the same on trading terminals regarding tender notice and delivery intentions of the seller’s members and the buyers respectively by 8:30 p.m. on the respective tender days.
Tender Period Margin 4% incremental margin for last 5 days on all outstanding positions. Such margin will be addition to initial, additional and special margin as applicable.
Delivery Period Margin 5 Delivery period margins shall be higher of:
a. 3% + 5 day 99% VaR of spot price volatility
Or
b. 20%
Exemption from Tender and Delivery Period Margin Tender & Delivery Period margin is exempted on receipt of delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation
Delivery Pay-in The seller will have to provide a valid delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation.   On Tender Days:                                      On any tender days by 7.30 p.m. except Saturdays, Sundays and Trading Holidays. Marking of delivery will be done on the tender days based on the intentions received from the sellers after the trading hours.                                              On Expiry:                                                  On expiry all the open positions shall be marked for delivery. Delivery pay-in will be on E + 1 basis by 11.00 a.m. except Saturdays, Sundays and Trading Holidays.
Funds Pay-in T+1 working day by 11.00 a.m. (“T” stands for tender day)
Funds Pay-out T+1 working day by 05.00 p.m.
Delivery Pay-out T+1 working day after completion of Funds Pay-in
Mode of Communication NSE Clearing Interface
Penal Provision Seller Default:                                         3% of Settlement Price + replacement cost (difference between settlement price and higher of the last spot prices on the commodity pay-out date and the following day, if the spot price so arrived is higher than Settlement Price, else this component will be zero.)                Norms for apportionment of penalty –                          
  • At least 1.75% of Settlement Price shall be deposited in the CSGF of Clearing Corporation.
  • Up to 0.25% of Settlement Price may be retained by Clearing Corporation towards administration expenses.    
  • 1% of Settlement Price + replacement cost shall go to buyer who was entitled to receive delivery.                                                
  Over and above the prescribed penalty, Clearing Corporation shall take appropriate penal/ disciplinary action against any intentional / wilful delivery default by seller.          Any seller having open position on the expiry date fails to deliver on the next day then a penalty as per the penal provision will be imposed to the defaulting seller.   Buyer default shall not be permitted
Allocation of Delivery On the respective tender days after the end of the day
Delivery Order Rate (DOR) Settlement/closing price on the respective tender days except on expiry date. On expiry date the delivery order rate shall be the Final Settlement Price (FSP) and not the closing price.
Buyer’s Obligation Buyer default shall not be permitted
Close Out of Outstanding Positions All outstanding positions on the expiry of contract, not settled by way of delivery in the aforesaid manner, will be settled as per the Final Settlement Price (FSP) with penalty as per penal provisions.
Verification by the Buyer at the Time of Release of Delivery At the time of taking delivery, the buyer can check his delivery in front of designated vault personnel. If he is satisfied with the quantity and quality of material, then Vault will release the goods.   If buyer is not satisfied with the metal, he can insist for assaying. The clearing member in such case is required to submit assaying request to the Clearing Corporation within 48 hours of receiving the metal.   If the receiving member chooses for assaying, Clearing Corporation shall communicate the same to vault. Designated vault person will then carry the commodity to the assayer’s facilities as specified by Clearing Corporation, get it assayed and bring it back to the designated vault along with assayer’s certificate. The report shall be final and binding on both buyer and seller.   In case of variation in quality in the Independent Assayer’s report from the original report submitted, the buyer and seller will have to mutually negotiate the final settlement proceeds within one working day from receipt of assayer’s report.   The cost of this assaying, as well as cost of transportation from designated vault to assayer’s facilities to and fro, will be borne by the buyer. The vault charges during such period will be borne by the buyers.   If the buyer does not opt for assaying at the time of lifting delivery, then he will not have any further recourse to challenge the quantity or quality subsequently and it will be assumed that he has received the quantity and quality as per the delivery obligation by the seller.
Delivery Centre(s) Designated vault at Ahmedabad
Additional Delivery Centre(s) Designated vault at Mumbai, Delhi and Chennai
Legal Obligation The members will provide appropriate tax forms wherever required as per law and as customary and neither of the parties will unreasonably refuse to do so.
Taxes, Duties, Cess and Levies Ex-Ahmedabad, Inclusive of all taxes / levies relating to import duty, customs to be borne by the Seller; but excluding GST, any other additional tax, cess, or surcharge etc. as may become due & payable under any law, rules or regulations, applicable from time to time, to be borne by the buyer
Vault, Insurance and Transportation Charges Borne by the seller up to commodity pay-out date Borne by the buyer after commodity pay-out date
Evidence of Stocks in Possession At the time of issuing Delivery Order/ Delivery Intention / Tender Notice, the Member must satisfy Clearing Corporation that he holds stocks of the quantity and quality specified in the Delivery Order/ Delivery Intention / Tender Notice at the declared delivery centre by giving delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation.
Validation Process On receipt of delivery, the designated vault personnel will do the following validations:                         
  1. Whether the person carrying Gold/ Silver is the designated clearing agent of the member
  2. Whether the selling member is the bonafide member of the Exchange/ Clearing Corporation
  3. Whether the quantity being delivered is from Clearing Corporation approved refinery
  4. Whether the serial numbers of all the bars is mentioned in the packing list provided
  5. Whether the individual original quality certificates are accompanied with the Gold/ Silver Bars
  Any other validation checks, as they may desire.
Delivery Process In case any of the above validation fails, the designated vault will contact NSE Clearing office and take any further action only as per instructions received from the Clearing Corporation in writing.   If all validations are through, then the designated vault personnel will put the Gold/ silver in the vault. Then the custodian of designated vault will issue appropriate receipt for having received the goods. Designated vault in front of the selling member’s clearing agent, will deposit the said metal into their vault and enter the details of the commodity in NSE Clearing Interface.
Quality Adjustment Gold - The price of gold is on the basis of 995 purity. In case a seller delivers 999 purity, he would get a premium. In such case, the sale proceeds will be calculated by way of delivery order rate * 999/ 995. If the quality is less than 995, it is rejected. Silver - The price of Silver is on the basis of 999 purity. If the quality is less than 999, it is rejected.
Quantity Adjustment Gold – NA Silver – The tolerance limit will be +/- 3 Kg. The weight of Silver bar must be between 27 Kg to 33 Kg.
Procedure of Taking Delivery from the Vault For the purpose of taking delivery of goods fully or partially, the Member shall raise withdraw request in the NSE Clearing Interface and send an Authority letter on his letter head to the CC, authorising a representative on his behalf to take the delivery.   The Authority letter sent by the member shall consist of the following details:
  1. Name of the authorized representative
  2. Name of the Commodity along with quantity
  3. Name of the Vault along with the location
  4. Signature of the authorized representative
  5. Proof of Identity viz. PAN card, Driving License, Election ID card
  6. Photo identity proof duly attested by the member.                                    
  The above-mentioned details are required to be sent to the Exchange/CC. Once the Exchange/CC receives the above-mentioned details, the Exchange/CC will send it to the Vault authorities directly.                          Based on the said details, the Vault will issue the requested quantity to the authorized representative who has to present himself personally at the Vault along with the requisite photo identity proof in original, the copy of which was sent / communicated to the Exchange/CC by its Member.                                              The Vault officials will, upon final scrutiny/checking of the identity, deliver goods to the representative of the Member. The Vault officials in case of any discrepancy or doubt or any other reason may refuse to issue the goods to the representative under the intimation to the Exchange/CC.                                                  The delivery given to the representative shall be final and binding to the Member and their constituents at all times
Deliverable Grade of Underlying Commodities The selling members tendering delivery will have the option of delivering such grades as per the contract specifications. The buyer has no option to select a particular grade and the delivery offered by the seller and allocation by the Exchange/CC shall be binding on him.
Extension of Delivery Period As per Exchange/CC decision due to a force majeure or otherwise.
Applicability of Regulations The general provisions of Byelaws, Rules and Regulations of the Exchange/CC and decisions taken by Regulator of Commodity Exchanges and Clearing Corporation, Board of Directors/ Relevant Authority of the Exchange/CC in respect of matters specified above will form an integral part of this contract. The Exchange/CC or Regulator of Commodity Exchanges and clearing corporation as the case may be further prescribe additional measures relating to delivery procedures, vaulting, quality certification, margining, and risk management from time to time.   Members and market participants who enter into buy and sell transactions need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange/CC's Bye Laws, Rules, Regulations, circulars, directives, and notifications of the Exchange/CC as well as of the Regulators, Government and other authorities.                               It is the sole obligation and responsibility of the Members and market participants to ensure that apart from the approved quality standards stipulated by the Exchange, the commodity deposited / traded / delivered through the Approved warehouses/Vaults of Exchange/CC is in due compliance with the applicable regulations laid down by authorities like Food Safety Standard Authority of India , BIS, Orders under Packaging and Labelling etc., as also other State/Central laws and authorities issuing such regulations in this behalf from time to time, including but not limited to compliance of provisions and rates relating to GST, APMC Tax, Mandi Tax, LBT, octroi, stamp duty, etc. as may become due & payable under any law, rules or regulations, applicable from time to time on the underlying commodity of any contract offered for deposit / trading / delivery and the Exchange/CC shall not be responsible or liable on account of any non-compliance thereof.           All the sellers giving delivery of goods/ commodities and all the buyers taking delivery of goods/ commodities shall have the necessary GST Registration as required under the Goods & Service Tax (GST) Act applicable to the jurisdiction of the delivery centres and obtain other necessary licenses, if any.   In respect of all contracts executed by the Members of the Exchange, it shall be the responsibility of the respective members to pay all applicable statutory fee, stamp duty, taxes and levies in respect of all deliveries as well as futures contracts directly to the concerned Central/State/Local Government Departments and the Exchange/CC shall not be held liable or accountable or responsible on account of any non-compliance thereof.                              The buyer shall have to lodge their claim against quality and/or quantity of goods/ delivery allocated to them while retaining disputed goods in the designated vault itself (without lifting/withdrawing them out of the vault), if any, within 48 hours from the date of scheduled pay out of the Exchange/CC and failing which, no claim shall be entertained by the Exchange/CC thereafter.   The Exchange/CC is not responsible and shall not be held liable or accountable or responsible for value of the goods/stock of the commodities stored/lying in CC designated warehouse/s, vault agency/ Clearing House and which is fully/partially confiscated / seized by any local or statutory or any other authority for any reason whatsoever or for any deterioration in quality of the goods stored due to above reason or which have passed the Final Expiry date and continue to remain in the CC accredited warehouse/vault. The decision of the Exchange shall be final and binding to all Members and their constituents in this regard. (The interpretation or clarification given by the Exchange/CC on any terms of this contract shall be final and binding on the members and others.)
COMMODITY Options
Delivery Logic Compulsory Delivery
Last Day of Trading Last Day of Trading shall be the business day preceding the start of tender period in the corresponding expiry Futures with the same underlying.
In case the last business day is a holiday, then the preceding business day shall be the last trading day for the contract. Details as per the attached launch calendar (refer table below) On the day of expiry, the trading shall be allowed up to 11:30 pm/11:55 pm based on US daylight saving time period
Marking of ‘explicit instruction’ and ‘contrary instruction’ for exercise The Clearing Corporation shall make available the exercise window after close of trading on the expiry day. The clearing members shall place explicit exercise request and/or do not exercise request till the cut off time of the exercise window.
Delivery Period Kindly refer to circular on settlement calendar
Delivery Period Margin Delivery period margin shall be levied by Clearing Corporation on the long and short positions marked for delivery till the pay-in is completed by the clearing member.
Once delivery period margin is levied, all other applicable margins may be released.
Delivery period margin shall include Var Margin and MTM Margins: Var Margin: Delivery period margins shall be higher of:
a) 3% + 6 day 99% VaR of spot price volatility
Or
b) 20%
MTM Margin: End of day mark to market margins shall be computed on expiry day and till final settlement -1 day as difference between settlement obligation and value of positions at closing price. Mark to market loss in one underlying shall be netted against profit of other underlying for same client. Net loss at client level shall be grossed to arrive at clearing member level mark to market margins.
Exemption from Delivery Period Margin Delivery Period margin if any is exempted on receipt of delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation
Delivery Pay-in On exercise all such positions shall be marked for delivery. The seller will have to provide a valid delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation.
Delivery pay-in will be on E + 6 basis by 11.00 a.m. except Saturdays, Sundays and Trading Holidays.
Kindly refer to circular on settlement calendar for the dates.
Accordingly, the Settlement date for Options and the Final settlement date for corresponding expiry Futures shall be the same day. In case of a rare scenario of calendar mismatch because of which settlement day for Options and the final settlement day for Futures fall on different days, the E+x for Options shall be duly modified so that that it falls on the same day as Futures final settlement. This would accordingly apply to Funds Pay-in, Funds Pay-out and Delivery Pay-out as well.
Netting of obligations shall be done at the client level for a) across Options strikes and b) across Futures and Options on the same settlement day.
Funds Pay-in E+6 working day by 11.00 a.m.
Funds Pay-out E+6 working day by 05.00 p.m.
Delivery Pay-out E+6 working day after completion of Funds Pay-in
Mode of Communication NSE Clearing Interface
Penal Provision

Seller Default:
3% of Settlement Price + replacement cost (difference between settlement price and higher of the last spot prices on the commodity pay-out date and the following day, if the spot price so arrived is higher than Settlement Price, else this component will be zero.)

Norms for apportionment of penalty –                           

  • At least 1.75% of Settlement Price shall be deposited in the CSGF of the Clearing Corporation
  • Up to 0.25% of Settlement Price may be retained by the Clearing Corporation towards administration expenses.
  • 1% of Settlement Price + replacement cost shall go to buyer who was entitled to receive delivery.

Over and above the prescribed penalty, Clearing Corporation shall take appropriate penal/ disciplinary action against any intentional / wilful delivery default by seller.
Any seller (i.e. client having commodity pay in obligation) fails to deliver on the settlement day then a penalty as per the penal provision will be imposed to the defaulting seller.
Buyer (i.e. client having funds pay in obligation) default shall not be permitted

Allocation of Delivery Exercised long positions shall be assigned to short positions on a random basis.
Delivery Order Rate (DOR) On expiry date, the delivery order rate shall be the Strike price.
Buyer’s Obligation Buyer default shall not be permitted
Close Out of Outstanding Positions All outstanding positions on the expiry of contract after exercise shall be settled by delivery of the underlying goods. If not settled by way of delivery in the aforesaid manner, it shall be considered as shortage and will be settled as per the Final Settlement Price (FSP) with penalty as per penal provisions.
Verification by the Buyer at the Time of Release of Delivery At the time of taking delivery, the buyer can check his goods in front of designated vault personnel. If he is satisfied with the quantity and quality of material, then Vault will release the goods.
If buyer is not satisfied with the goods, he can insist for assaying. The clearing member in such case is required to submit assaying request to the Clearing Corporation within 48 hours of receiving the metal.
If the receiving member chooses for assaying, Clearing Corporation shall communicate the same to vault. Designated vault person will then carry the goods to the assayer’s facilities as specified by Clearing Corporation, get it assayed and bring it back to the designated vault along with assayer’s certificate. The report shall be final and binding on both buyer and seller.
In case of variation in quality in the Independent Assayer’s report from the original report submitted, the buyer and seller will have to mutually negotiate the final settlement proceeds within one working day from receipt of assayer’s report.
The cost of this assaying as well as cost of transportation from designated vault to assayer’s facilities to and fro will be borne by the buyer. The vault charges during such period will be borne by the buyer.   If the buyer does not opt for assaying at the time of lifting delivery, then he will not have any further recourse to challenge the quantity or quality subsequently and it will be assumed that he has received the quantity and quality as per the delivery obligation by the seller.
Delivery Centre Designated vault at Ahmedabad
Additional Delivery Centres Designated vaults at Delhi, Mumbai and Chennai
Process of delivery at Additional Delivery Centres Delivery in bullion contracts can be taken / given at additional centres such as Delhi, Mumbai and Chennai other than the basis/ primary delivery centre – Ahmedabad. The process for provision of intentions and settlement at additional delivery centre is as follows:
  • The facility to submit intentions for additional delivery centre shall be made available on Expiry +1 day of the option contract. (except Saturdays, Sundays and Trading holidays) for such period a specified by Clearing Corporation from time to time.
  • Members shall be required to provide the intention to deliver or receive in additional delivery centres along with the quantity and the indicative premium / discount to the Ahmedabad spot price (basis centre price).
  • All such intentions received for additional delivery centres shall be matched subject to members having delivery/receivable position in the near month options contract
  • The matching of the intention requests shall be based on price time priority taking into consideration the delivery centre (same delivery centre), and premium/discount quoted
  • An intention, once provided cannot be modified however cancellation of intentions within the above stipulated time will be permitted
  • NSE Clearing will not do any allocation for the unmatched requests and all unmatched intention requests shall be cancelled.
  • Physical settlement for all the matched requests in additional delivery centre shall take place on Expiry + 6 day.
  • The existing penalty mechanism will apply for all shortages during settlement
  • Deliveries for all open positions and unmatched intentions on the day of expiry shall be mandatorily settled at the basis delivery centre i.e. Ahmedabad
Legal Obligation The members will provide appropriate tax forms wherever required as per law and as customary and neither of the parties will unreasonably refuse to do so.
Taxes, Duties, Cess and Levies Ex-Ahmedabad, Inclusive of all taxes / levies relating to import duty, customs to be borne by the Seller; but excluding GST, any other additional tax, cess, or surcharge etc. as may become due & payable under any law, rules or regulations, applicable from time to time, to be borne by the buyer
Vault, Insurance and Transportation Charges Borne by the seller up to commodity pay-out date. Borne by the buyer after commodity pay-out date
Evidence of Stocks in Possession At the time of issuing Delivery Order/ Delivery Intention, the Member must satisfy Clearing Corporation that he holds stocks of the quantity and quality specified in the Delivery Order/ Delivery Intention at the declared delivery centre by giving delivery pay-in instruction through NSE Clearing Interface towards the pay-in obligation.
Validation Process On receipt of delivery, the designated vault personnel will do the following validations:                          
  1. Whether the person carrying the goods is the designated clearing agent of the member
  2. Whether the selling member is the bonafide member of the Exchange/ Clearing Corporation
  3. Whether the quantity being delivered is from Clearing Corporation approved refinery
  4. Whether the serial numbers of all the bars is mentioned in the packing list provided
  5. Whether the individual original quality certificates are accompanied with the Bars 
  Any other validation checks, as they may desire.
Delivery Process In case any of the above validation fails, the designated vault will contact NSE Clearing office and take any further action only as per instructions received from the Clearing Corporation in writing.
If all validations are through, then the designated vault personnel will put the goods in the vault. Then the custodian of designated vault will issue appropriate receipt for having received the goods. Designated vault in front of the selling member’s clearing agent, will deposit the said metal into their vault and enter the details of the commodity in NSE Clearing Interface
Quality Adjustment The price of gold is on the basis of 995 purity. In case a seller delivers 999 purity, he would get a premium. In such case, the sale proceeds will be calculated by way of delivery order rate * 999/ 995. If the quality is less than 995, it is rejected.
Procedure of Taking Delivery from the Vault For the purpose of taking delivery of goods fully or partially, the Member shall raise withdraw request in the Clearing Corporation Interface and send an Authority letter on his letter head to the Clearing Corporation , authorising a representative on his behalf to take the delivery   The Authority letter sent by the member shall consist of the following details: 
  1. Name of the authorized representative
  2. Name of the Commodity along with quantity
  3. Name of the Vault along with the location
  4. Signature of the authorized representative
  5. Proof of Identity viz. PAN card, Driving License, Election ID card
  6. Photo identity proof duly attested by the member.

The above-mentioned details are required to be sent to the Clearing Corporation. Once the Clearing Corporation receives the above-mentioned details, the Clearing Corporation will send it to the Vault authorities directly.
Based on the said details, the Vault will issue the requested quantity to the authorized representative who has to present himself personally at the Vault along with the requisite photo identity proof in original, the copy of which was sent / communicated to the Clearing Corporation by its Member.
The Vault officials will, upon final scrutiny/checking of the identity, deliver goods to the representative of the Member. The Vault officials in case of any discrepancy or doubt or any other reason may refuse to issue the goods to the representative under the intimation to the Clearing Corporation.
The delivery given to the representative shall be final and binding to the Member and their constituents at all times

Deliverable Grade of Underlying Commodities The selling members tendering delivery will have the option of delivering such grades as per the contract specifications. The buyer has no option to select a particular grade and the delivery offered by the seller and allocation by the Clearing Corporation shall be binding on him.
Extension of Delivery Period As per Exchange/ Clearing Corporation decision due to a force majeure or otherwise.
Applicability of Regulations The general provisions of Byelaws, Rules and Regulations of the Exchange/ Clearing Corporation and decisions taken by Regulator of Commodity Exchanges and Clearing Corporation, Board of Directors/ Relevant Authority of the Exchange/ Clearing Corporation in respect of matters specified above will form an integral part of this contract. The Exchange/CC or Regulator of Exchanges and Clearing Corporation as the case may be further prescribe additional measures relating to delivery procedures, vaulting, quality certification, margining, and risk management from time to time.
Members and market participants who enter into buy and sell transactions need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange/ Clearing Corporation's Bye Laws, Rules, Regulations, circulars, directives, and notifications of the Exchange/CC as well as of the Regulators, Government and other authorities.
It is the sole obligation and responsibility of the Members and market participants to ensure that apart from the approved quality standards stipulated by the Exchange, the commodity deposited / traded / delivered through the Approved warehouses/Vaults of Exchange/ Clearing Corporation is in due compliance with the applicable regulations laid down by authorities like Food Safety Standard Authority of India , BIS, Orders under Packaging and Labelling etc., as also other State/Central laws and authorities issuing such regulations in this behalf from time to time, including but not limited to compliance of provisions and rates relating to GST, APMC Tax, Mandi Tax, LBT, octroi, stamp duty, etc. as may become due & payable under any law, rules or regulations, applicable from time to time on the underlying commodity of any contract offered for deposit / trading / delivery and the Exchange/ Clearing Corporation shall not be responsible or liable on account of any noncompliance thereof.
All the sellers giving delivery of goods/ commodities and all the buyers taking delivery of goods/ commodities shall have the necessary GST Registration as required under the Goods & Service Tax (GST) Act applicable to the jurisdiction of the delivery centres and obtain other necessary licenses, if any.
In respect of all contracts executed by the Members of the Exchange, it shall be the responsibility of the respective members to pay all applicable statutory fee, stamp duty, taxes and levies in respect of all deliveries as well as futures contracts directly to the concerned Central/State/Local Government Departments and the Exchange/ Clearing Corporation shall not be held liable or accountable or responsible on account of any non-compliance thereof.
The buyer shall have to lodge their claim against quality and/or quantity of goods/ delivery allocated to them while retaining disputed goods in the designated vault itself (without lifting/withdrawing them out of the vault), if any, within 48 hours from the date of scheduled pay out of the Exchange/ Clearing Corporation and failing which, no claim shall be entertained by the Exchange/ Clearing Corporation thereafter.
The Exchange/ Clearing Corporation is not responsible and shall not be held liable or accountable or responsible for value of the goods/stock of the commodities stored/lying in Clearing Corporation designated warehouse/s, vault agency/ Clearing House and which is fully/partially confiscated / seized by any local or statutory or any other authority for any reason whatsoever or for any deterioration in quality of the goods stored due to above reason or which have passed the Final Expiry date and continue to remain in the Clearing Corporation accredited warehouse/vault. The decision of the Exchange shall be final and binding to all Members and their constituents in this regard. (The interpretation or clarification given by the Exchange/ Clearing Corporation on any terms of this contract shall be final and binding on the members and others.)
Updated on: 25/06/2020
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