Every Clearing Member is required to maintain and operate a primary clearing account with any one of the empanelled clearing banks at the designated clearing bank branches. The primary clearing account is to be used exclusively for clearing operations i.e., for settling funds and other obligations to the Clearing Corporation including payments of margins and penal charges. A Clearing member having funds obligation to pay shall ensure availability of sufficient clear balance in the clearing account on or before the stipulated funds pay-in day and the stipulated time.

Further, every clearing member can maintain and operate additional clearing accounts exclusively for the purpose of enhancement of collaterals. All the credits and debits other than collateral enhancement specified by the member shall be routed through the primary clearing account.

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

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A Clearing member can deposit funds into this accounts in any form, but can withdraw funds from these accounts only in self-name.

Clearing members shall not seek to close or de-activate the clearing account without the prior written consent of the Clearing Corporation.

In case a clearing member wishes to shift the primary clearing account from one designated clearing bank to another designated clearing bank, the following procedure is required to be followed:

• The clearing member while requesting the Clearing Corporation for a change in the primary clearing bank account shall either
  • Furnish the no objection certificate (NOC) received by the member from the existing primary clearing bank for shifting of account, or
  • In case no response was received by the clearing member from the existing primary clearing bank in respect of the NOC request even after a minimum waiting period of a fortnight, a declaration to the above effect along with an acknowledged copy of the NOC request made by the member to the existing primary clearing bank.
• The Clearing Corporation would thereon issue a letter of introduction to the other designated clearing bank
• On opening the account with the other designated clearing bank, the clearing member shall submit to the Clearing Corporation the account particulars issued by the bank and also the acknowledged copy of the letter issued by the clearing member to the clearing bank (as per specified format)

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