Types of Membership

types-of-membership-page

Particulars Professional Clearing Member (PCM) Strategic Trading cum Clearing Member(STCM) Trading cum Clearing Member (TCM)
Definition PCMs shall be the Members admitted as such by the Clearing Corporation who shall be entitled to clear and settle trades/transactions done by the other members of the Concerned Exchange viz. TCMs or TMs affiliated with them. PCMs are not allowed to trade on the Concerned Exchange platform. STCM registered with the Clearing Corporation and Concerned Exchange may, in addition to existing rights and responsibilities as TCM, shall be entitled to and liable to settle and clear the trades/transactions done by the Members affiliated with it viz. TCMs or TMs TCMs shall be the Members admitted as such by the Concerned Exchange and Clearing Corporation who shall be entitled to trade on Concerned Exchange on behalf of their constituents/clients and/or on their own account and shall also be entitle to clear and settle all such trade done by them.
Eligibility
  • Body Corporate, Corporations or institutions incorporated under Companies Act, 1956 and 2013
  • Scheduled Commercial Banks
  • Companies, Corporations or institutions incorporated under Companies Act, 1956 and 2013
  • Individuals
  • Sole Proprietorships
  • Partnership Firms Registered under Indian Partnership Act, 1932
  • Limited Liability Partnership firm (LLP) registered under limited liability partnership Act,2008
  • Companies, Corporations or institutions incorporated under Companies Act, 1956 and 2013 or under any central or state legislation and are permitted under their Memorandum of Association or applicable constitution document for engaging in production / trading / consumption / broking in commodities / derivatives
  • Such other persons / entities as may be permitted by the relevant authority of NCDEX/NCCL.
Minimum Age of Individual/Proprietor /Director/Partner 21 21 21
Educational Qualification
(Individual/Sole Proprietor /one of the Directors/one of the Partners)		 Graduate & above Graduate & above Graduate & above
Educational Qualification
( Designated Partners/ Designated Directors)		 12th Pass or HSC or equivalent qualification 12th Pass or HSC or equivalent qualification 12th Pass or HSC or equivalent qualification
Experience (Individual / Sole proprietor / Designated Partners/ Designated Directors) Minimum 2 years’ experience in commodities/securities market Minimum 2 years’ experience in commodities/securities market Minimum 2 years’ experience in commodities/securities market
Fit and Proper Requirement for Individual / Sole proprietor /Managing Partners / Designated Partners / Designated Directors As per the criteria specified under SEBI (Intermediaries) Regulations, 2008 As per the criteria specified under SEBI (Intermediaries) Regulations, 2008 As per the criteria specified under SEBI (Intermediaries) Regulations, 2008
Paid Up Capital Rs. 30 Lakhs Rs. 30 Lakhs Rs. 30 Lakhs

No person shall be admitted as a Clearing Member of the Clearing Corporation if such proposed member:

  • Is an individual who is not a citizen of India;
  • Is a body corporate which has committed any act that makes the entity liable to be wound up under applicable law;
  • Is a body corporate that has had a provisional liquidator, receiver, official liquidator, or insolvency resolution professional appointed;
  • Has been adjudged bankrupt, has a receiving order in bankruptcy, or has been proven insolvent even if finally discharged, or an insolvency resolution professional has been appointed;
  • Has been convicted of an offence involving fraud or dishonesty;
  • Has compounded with creditors for less than full discharge of debts;
  • Has been expelled or declared a defaulter by any Commodity/Stock Exchange/Clearing Corporation at any time;
  • Has been previously refused membership of the Concerned Exchange, unless at least one year has passed since rejection;
  • Incurs disqualification under the Securities Contracts (Regulation) Act, 1956, or the Stock Exchanges and Clearing Corporations Regulations, 2012, preventing membership;
  • Has been determined by the Exchange/Clearing Corporation as not suitable for membership in the public interest.