BSE Derivatives Membership Guide
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Derivatives Membership Guide

Types Of Membership

A) Professional Clearing Member

  • Who can become a member of the Derivatives segment as a PCM ?
    Any individual/corporate 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 member of the 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. 3 Crores (as per the format prescribed by LC Gupta committee report)
    * 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 Derivatives Segment)
    * SEBI Annual Charges Demand Draft of Rs.50, 000/- drawn in favor of Securities & Exchange Board of India



B) Trading Cum Clearing Member (TCM) / Trading cum Self Clearing Member (SCM)
  • Who can become a member of the Derivatives segment as a TCM / SCM ?
    Any member of the cash segment of the Exchange is eligible to become TCM or SCM of the Derivatives Segment.
  • What are the criteria of becoming a TCM / SCM of the Exchange ?
    * Networth Rs. 3 Crores for TCM (as per the format prescribed by LC Gupta committee report) Rs 1 Crore for SCM (as per the format prescribed by LC Gupta committee report)
    * 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 Derivatives Segment)
    * SEBI Annual Charges Demand Draft of Rs.50, 000/- drawn in favor of Securities & Exchange Board of India.

  • What is the difference between Self-Clearing Member and Trading cum Clearing Member ?
    The only difference between SCM and TCM is that SCM does not have the rights to clear the trades of other members he can only clear his trades, whereas TCM can clear the trades of any other member


C) Trading Member

  • Who can become a member of the Derivatives segment as a Trading Member ?
    Any member of the cash segment of the Exchange is eligible to become Trading member of the Derivatives Segment
  • What are the criteria of becoming a Trading Member of the Exchange ?
    * Networth Rs. 25 Lakhs (as per the format prescribed by LC Gupta committee report)
    * Minimum security Deposit NIL – Please refer to Notice No.19 dated 15 June 2011 (Click Here)


D) Limited Trading Member

  • Who can become a Limited Trading Member ?
    Any entity can become a Limited Trading Member of the Derivatives Segment subject to its complying with the networth criteria and other criteria prescribed by the Exchange in this regard.
  • What are the rights and liabilities of LTM ?
    • A person need not be a member of the Exchange in order to be eligible for registration as a LTM.
    • A Limited Trading Member shall have rights, privileges, obligations & liabilities of a TM.
    • Rules, Bye – laws, Regulations, BRS, guidelines & other provisions of the Derivatives Segment, Exchange & SEBI to apply to a LTM.
    • A LTM is not entitled to hold any office of the Segment or Exchange.
    • A LTM is not entitled to voting rights.
    • LTM to be registered with SEBI as TM.
    • LTM to satisfy all the eligibility conditions specified by SEBI
  • What are the requirements to become a limited trading member of the Exchange?
    * Networth Rs. 25 Lakhs (as per the format prescribed by LC Gupta committee report)
    * Minimum security Deposit NIL – Please refer to Notice No.19 dated 15 June 2011 (Click Here)

    Equity Derivatives deposit and fee structure:

    Sr Deposit / Fees Deposit / Fees Amount
    1 Membership Deposit NIL
    2 Admission Fees* 50,000/-
    3 Processing Fees NIL
    4 Annual Subscription Fees* 50,000/-

    *Applicable taxes. Cheque to be drawn in favour of 'BSE Ltd '

a) Existing registered Members of the Exchange applying only as Trading member has to submit the docs as per checklist (see bottom of the page) specified in :

1) 'Appl Docs for Registration in Currencey Equity Derv-Trading member 1.1' only.

b) Existing member of the Exchange applying as Trading cum Clearing or Trading cum 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 Currencey Equity Derv-Trading member 1.1'

2) 'Appl Docs for Registration in Currencey Equity Derv-Clearing member 1.1'

Checklist for: