Clearing Banks

MCX has appointed 15 clearing banks for settlement of funds between clearing member and the Exchange.

Every Clearing member is required to maintain and operate a clearing account with any one of the empanelled Clearing Banks at the designated clearing branches. The clearing account is to be exclusively for Exchange clearing & settlement operation.

Contact Details of Clearing Banks

Change in Clearing Bank

In case a clearing member wishes to shift a Settlement account from one designated clearing bank to another designated, the clearing member shall be required to be followed the procedure as specified :

Procedure and formats to be submitted by the clearing member for Change in Clearing Bank

In case a clearing member wishes to shift a Settlement account from one designated clearing bank to another designated, the clearing member shall be required to be followed the procedure as specified :

The member shall submit the following documents with the Exchange:

  • Intimation to shift the Clearing Accounts (format enclosed as Annexure-I).
  • No Objection Certificate (NOC) from the existing Clearing Bank (format enclosed as Annexure-II).
  • Letter from the member on his letter head specifying the shift of accounts to another clearing bank, the settlement account number and client account number (in the format enclosed as Annexure-III).
  • Letter from the new clearing bank confirming the settlement account number and the client account number of the member (in the format enclosed as Annexure-IV).
  • Intimation Letter for effective date on the Letter head of member.

On receipt of the above said original documents, the Exchange will update its records and any subsequent funds pay-in / pay-out will take place through the new settlement account of the member.

Clearing Account

Every Clearing Member is required to maintain and operate a settlement account & client account with any one of the empanelled clearing banks at the designated clearing bank branches. The clearing account is to be used exclusively for settling funds and other obligations to the Exchange including payments of margins and other charges.

Clearing Members are required to authorise the Clearing Bank to access their settlement account for debiting and crediting their accounts, reporting of balances and other information as may be required by the Exchange from time to time. The Clearing Bank will debit/ credit the settlement account of clearing members as per instructions received from the Exchange.

Members are requested to refer the Business Rules for the mode of operation of the Exchange Settlement account.

 

The members are requested to forward all their clearing & settlement related correspondence on the following address:

Multi Commodity Exchange of India Limited

Clearing & Settlement Department

CTS no. 255,

Exchange Square,

Suren Road, Andheri (East),

Mumbai – 400093,

Maharashtra, India

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