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 ?
Rs.
3 Crores (as per the format prescribed by LC Gupta
committee report) |
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)
|
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
?
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)
|
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)
|
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
?
Rs.
25 Lakhs (as per the format prescribed by LC Gupta
committee report) |
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?
Rs.
25 Lakhs (as per the format prescribed by LC Gupta
committee report) |
NIL
– Please refer to Notice No.19 dated 15 June 2011
(Click
Here) |
|
Equity Derivatives deposit and fee structure:
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: