Admission of existing Clearing Member registered with any other Exchange/CC in any segment
As provided under SEBI circular no. CIR/ MIRSD/ 4/ 2014 dated October 13, 2014 in respect of Single registration of Stock brokers and Clearing members, the existing trading members/clearing members in any Stock Exchange or Clearing Corporation (including ICCL) in any segment can be admitted as Clearing Members, Self-Clearing Members or Professional Clearing Members with ICCL in any Segment under "Additional Segment", by granting the approvals by ICCL only.
Further, SEBI vide its circular no. SEBI/HO/MIRSD/MIRSD1/CIR/P/2017/104 dated September 21, 2017 integrated the Broking activities in Equity Market and Commodity Segment under Single entity. As provided under this circular restriction on stock brokers dealing in securities (other than commodity derivatives) to deal in commodity derivatives has been done away with. Similarly, restriction on stock brokers dealing in commodity derivatives to deal in other securities has also been done away with. Therefore, post these amendments, a stock broker can deal in commodity derivatives and other securities under a single entity.
Admission of Clearing Member who is not registered with any Exchange/CC in any segment
The application of Members in this category will be first approved by ICCL as a new member and thereafter the same would be sent to SEBI for approval and issue of a registration certificate in the name of member.
TYPES OF CLEARING MEMBERS
ICCL admits Clearing Members under following types:
|Self-Clearing Member (SCM)
|Self-Clearing Member as the name suggest, is a member who can clear his own trades only.
|Trading-Cum-Clearing member (TCM)
|This clearing member can clear his own trades as well as trades of other trading member affiliated with him.
|Professional Clearing Member (PCM)
|This clearing member is registered member with ICCL only and cannot do any trading activity. The member is engaged only in Clearing activity for all its affiliated trading members.