Clearing Banks

MCXCCL has appointed 13 clearing banks for settlement of funds with its clearing members.

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

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 follow the procedure as specified:

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

The member shall submit the following documents:

  • 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, MCXCCL 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 Settlement/ Clearing account is to be exclusively for MCXCCL clearing & settlement operations 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 MCXCCL from time to time. The Clearing Bank will debit/ credit the settlement account of clearing members as per instructions received from MCXCCL.

Members are requested to refer the MCXCCL Regulations for the mode of operation of the Clearing Corporation Settlement account.

Clearing and Settlement Division of MCXCCL shall perform and monitor all activities relating to delivery and fund settlement through a well-defined settlement cycle.

MCXCCL has empanelled 13 Clearing Banks to provide banking services to the Clearing Members.

 

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

Multi Commodity Exchange Clearing Corporation Limited

Clearing & Settlement Department

CTS no. 255,

Exchange Square,

Suren Road, Andheri (East),

Mumbai – 400093,

Maharashtra, India

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