Currency Derivatives Membership Guide
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Currency Derivatives Membership Guide

I) Types Of Membership

A) Professional Clearing Member

  • Who can become a member of the Currency Derivatives segment as a PCM ?
    Any Individual/corporate/Firm/LLP can become a PCM subject to the networth criteria as per the format prescribed by LC Gupta committee report
  • What is the difference between Professional Clearing Member, Trading cum Clearing Member and Self-Clearing Member ?
    The only difference between PCM and TCM is that PCM does not have any trading rights; he has only the rights to clear the trades.,where as TCM can clear his trades as well as trades of other trading members. With respect to SCM , PCM is allowed to clear the trades of any trading member of the Currency Derivatives segment where as SCM has trading rights and can only clear his own trades.
  • What are the criteria and annual charges applicable for a Professional-Clearing Member of the Exchange ?

  • * Networth Rs. 10 Crores (as per the format prescribed by LC Gupta committee report) Rs.500 Crore for Banks
    * Minimum security Deposit Rs. 50 Lakhs - (whole of Rs.50 lakhs can be given in the form Bank Guarantee/FDR/cash) (This amount is payable after SEBI registration is received and at the time of commencement of business in Currency Derivatives Segment)
    * SEBI Annual Charges Demand Draft / Pay Order of Rs.50, 000/- drawn in favor of Securities & Exchange Board of India towards SEBI Annual clearing fees.



B) Trading Cum Clearing Member (TCM) / Trading cum Self Clearing Member (SCM)

  • Who can become a member of the Currency Derivatives segment as a TCM / SCM ?
    Any Individual/corporate/Firm/LLP can become a TCM / SCM subject to the networth criteria as per the format prescribed by LC Gupta committee report.

  • What are the criteria of becoming a TCM / SCM of the Exchange ?
    * Networth Rs. 10 Crores for TCM (as per the format prescribed by LC Gupta committee report) and Rs 5 Crore for SCM (as per the format prescribed by LC Gupta committee report) Rs.500 Crore for Banks
    * Minimum security Deposit Rs. 50 Lakhs – (whole of Rs.50 lakhs can be given in the form Bank Guarantee/ FDR/cash) (This amount is payable after SEBI registration is received and at the time of commencement of business in Currency Derivatives Segment)
    * SEBI Annual Charges Demand Draft / Pay Order of Rs.50, 000/- drawn in favor of Securities & Exchange Board of India towards SEBI Annual clearing fees for Currency Derivatives Segment.




C) Trading Member

  • Who can become a member of the Currency Derivatives segment as a Trading Member ?
    Any Individual/corporate/Firm/LLP can become a Trading Member subject to the networth criteria as per the format prescribed by LC Gupta committee report

  • What are the criteria of becoming a Trading Member of the Exchange ?
    * Networth Rs. 1 crore (as per the format prescribed by LC Gupta committee report)
    * Minimum security Deposit NIL


II) CDX deposit and fee structure :

Sr Deposit / Fees Deposit / Fees Amount
1 Membership Deposit NIL
2 Admission Fees 50,000/- plus Applicable Taxes**
3 Processing Fees NIL
4 Annual Subscription Fees 50,000/- plus Applicable Taxes**
5 Initial Contribution towards :
Investor Protection Fund (IPF)

Rs.250/- plus GST (at present 18%)*

* Cheque to be drawn in favour of ' BSE Ltd '


III a) Existing registered Members of the Exchange & Banks who are registered as Clearing Members with ICCL applying only as Trading member (in both or any one segment) has to submit the docs as per checklist (see bottom of the page) specified in

1 'Appl_Docs for Registration in Currency_Equity_Derv-Trading member_vers_1.1' only.

b) Existing member of the Exchange applying as Trading cum Clearing or Self Clearing has to submit the separate docs (one for BSE and one for ICCL) as specified in both the attached checklist (see bottom of the page) specified in :

1) 'Appl_Docs for Registration in Currency_Equity_Derv-Trading member_vers_1.1'

2) 'Appl_Docs for Registration in Currency_Equity_Derv-Clearing Member_vers_1.1'

 

  • Checklist for:

    1) Appl_Docs for Registration in Currency_Equity_Derv-Trading member_vers_1.1'
  • 2)Appl_Docs for Registration in Currency_Equity_Derv-Clearing Member_vers_1.1'