A clearing member may deposit liquid assets in the form of cash, bank guarantees, fixed deposit receipts and approved securities and any other form of collateral as may be prescribed by MCCIL from time to time. These total liquid assets are segregated as cash component and Non-cash component
Cash component comprise of Cash, Bank guarantees, Bank fixed deposit receipts, and Government securities, Treasury Bills and units of Liquid Mutual Funds or any other form of collateral as may be prescribed by MCCIL from time to time. The cash component shall be at least 50% of liquid assets. This implies that non cash component in excess of the total cash component would be excluded for computation of total liquid assets.
Following bank-wise and member-wise limits linked to the net worth of the issuing bank shall be applicable for acceptance of bank guarantees.
Type of Bank | Member wise limits | Aggregate Limits # |
---|---|---|
Non Clearing Bank | 1% of Networth* | 10% of Networth |
Clearing Bank | 1.5% of Networth** | 15% of Networth |
Note: Subject to an upper limit of Rs. 50, Rs.100 and Rs. 200 crores for SCM, TCM and PCM respectively. Note: Subject to an upper limit of Rs. 75, Rs.150, and Rs.300 crores for SCM, TCM and PCM respectively. Note: Subject to an upper limit of Rs.1500 crores for clearing bank and Rs.1000 crores for other approved banks. |
Clearing member may request clearing corporation for transfer of bank guarantee submitted towards liquid assets in one segment to another segment. Transfer requests in this regard should be provided in the defined format available on website (mclear.in) In case the bank guarantee is issued by the bank for any specific segment, the clearing member needs to obtain an amendment letter from the issuing bank as per the format prescribed .
Clearing member may request clearing corporation for transfer of Fixed Deposit Receipt submitted towards liquid assets in one segment to another segment. Transfer requests in this regard should be provided in the format available for download on website of MCCIL
All other forms of collateral deposits like deposit of approved list of demat securities and units of the other mutual funds and any other form of collateral as may be prescribed by MCCIL, from time to time.
Clearing Members can submit securities approved by MCCIL in demat form with the approved custodian(s) for the purpose of additional deposit. Securities can be submitted as collaterals through approved custodian for which Clearing Members may have to comply with the terms of the custodians. Securities shall be accepted towards liquid asset of the clearing members, subject to the limits defined by clearing corporation. The scheme for depositing approved securities (Equity Shares and Exchange Traded Fund) in electronic form), is as under:
Equity shares and Exchange Traded Funds (ETFs) as collateral:
Ownership of Securities:
Securities not acceptable:
Opening of accounts:
Clearing Members along with joint holders, if any, may deposit dematerialized securities with the custodian by marking a pledge of the securities in favour of MCCIL. In addition to any document as may be required by the approved custodian(s) in this regard, the following documents are required to be provided to the approved custodian(s):
Release of Collaterals: MCCIL may consider the request for release provided:
The web based facility of My Exchange is provided for submission of release requests of collaterals. The members may select the desired available collaterals for release.
Every clearing member of the Clearing Corporation in Equity Derivatives segment is required to maintain Minimum Deposit in the following manner.
Cash Deposit | Cash Equivalent Deposits @ | |
---|---|---|
For Clearing Member | Rs. 25 Lakhs | Rs. 25 Lakhs |
For every additional TM under the Clearing Member | Rs. 1 Lakh | Nil |
Every clearing member of the Clearing Corporation in Currency Derivatives segment is required to maintain Minimum Deposit in the following manner.
Cash Deposit | Cash Equivalent Deposits @ | |
---|---|---|
For Clearing Member | Rs. 25 Lakhs | Rs. 25 Lakhs |
For every additional TM under the Clearing Member | Rs. 50 Thousand | Rs. 50 Thousand |
Note: @ Cash Equivalent Deposits for the above purpose would include Cash, Bank Guarantee, Bank Fixed Deposits and Government Securities. |
SGL Mode:
Depository Pledge Mode:
List of Custodians for acceptance of Securities as Collaterals
SHCIL House, Plot No. P-51, T.T.C. Industrial Area, MIDC, Mahape, Navi Mumbai - 400 710
Custody & Depository Services Lodha – I Think Techno Campus, Building - Alpha, 8th Floor, Opp, Crompton Greaves, Kanju Marg (E), Mumbai - 400 042