Members can submit Bank Guarantee approved by the Exchange for the purpose of initial & additional deposit.
Guideline for Bank Guarantee
- Bank Guarantee should be in the favor of MCX from Approved Banks
in the specified format
- BG has to be on Non-Judicial stamp paper of minimum Rs.300/- or the value prevailing
in the State where executed, whichever is higher.
- All the blanks in the format are required to be duly filled/ cancelled, wherever
necessary, by the issuing bank along with their stamp and signature against each
blank, if filled separately.
- Each page of the bank guarantee should bear the bank guarantee number and signed
by two authorized signatories of the bank.
- Expiry date and Claim period should be mentioned in BG.
- If an issuing bank does not provide for a specific claim period beyond the expiry
date, the maturity period of such BG shall be reduced by 30 days before the expiry
date of BG, which shall be deemed as a claim period.
- Endorsement of any correction / Hand written instructions on the BG is required.
- BG for intial security deposit should be issued for a minimum period of 12 months
and for additional security deposit minimum period of 3 months is essential, with
a specific claim period of minimum 30 days.
- The clearing member should also ensure that the bank guarantee is free from any
discrepancy before the same is submitted to the Exchange.
- Prescribed formats for submitting BG:
In case the bank guarantee does not strictly conform to the above-mentioned conditions,
the same shall not be accepted by the Exchange and benefit towards additional margins
shall be made available only upon the bank guarantee being strictly in conformity
with the prescribed requirements.
List of approved Banks for submission of Bank Guarantee
In case of Axis Bank, HDFC Bank, ICICI Bank, Indusind Bank, The Ratnakar Bank Ltd,
Kotak Mahindra Bank Ltd & Yes Bank, exchange has also entered into the Master Agreement
and accordingly the formats are available below.