Common use of Obligations of the Clearing Member Clause in Contracts

Obligations of the Clearing Member. The Clearing Member shall ensure that the Trading Member collects the margins from it / his constituents on such basis as may be prescribed by NCL from to time. The money deposited by each Trading Member shall be kept in a separate account by the Clearing Member, distinct from his own account and shall provide the details to NCL. The Clearing Member shall inform the Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Trading Member. The Clearing Member shall be liable to pay to the Trading Member such amounts towards daily xxxx to market settlement, final settlement and such other settlement as per the requirements of NCL. The Clearing Member shall be required to refund any excess margin money to the Trading Member as per mutual agreement. The Clearing Member shall settle the accounts on a periodical basis as may be mutually agreed between the Clearing Member and the Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NCL. In the event of default by Clearing Member being declared a defaulter by NCL, the money of the clearing member’s constituents, trading members own account and trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Members liabilities. In such cases, the positions of the constituents and the trading members except the Trading Member because of whom the Clearing Member has defaulted shall be transferable to some other Clearing Member. In the event of failure by the Clearing Member in the payment of any dues to the Clearing Corporation as well as Trading Member, the Trading Member shall, with the prior approval of the Clearing Corporation, have the right to transfer his own open positions as well as the open positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Trading Member for any costs incurred for transfer of the open positions. The Clearing Member shall inform NCL/NSEIL in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NCL and the Trading Member transfers his open positions to some other Clearing Member, the Clearing Member shall be obliged to pay for any costs incurred for transfer of the open positions. If due to the default of the Clearing Member, the open position of the Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to the Trading Member except to the Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Trading Member and of the constituents of such Trading Member as confidential. The Clearing Member shall not disclose the same to other Trading Members or any other person except to the governmental, statutory, regulatory or legal authorities on a request made by these authorities in writing. The Clearing Member shall give a reasonable notice to the Trading Member before undertaking any inspection of books of accounts, records, documents of the Trading Member. The Clearing Member shall be required to provide reports/statements of xxxx to market settlement, final settlement or such other settlement, margin amounts and open positions to the Trading Member.

Obligations of the Clearing Member. The Clearing Member shall ensure that the Trading Member collects the margins from it / his constituents on such basis as may be prescribed by NCL NSCCL from to time. The money deposited by each Trading Member shall be kept in a separate account by the Clearing Member, distinct from his own account and shall provide the details to NCLNSCCL. The Clearing Member shall inform the Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Trading Member. The Clearing Member shall be liable to pay to the Trading Member such amounts towards daily xxxx to market settlement, final settlement and such other settlement as per the requirements of NCLNSCCL. The Clearing Member shall be required to refund any excess margin money to the Trading Member as per mutual agreement. The Clearing Member shall settle the accounts on a periodical basis as may be mutually agreed between the Clearing Member and the Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NCLNSCCL. In the event of default by Clearing Member being declared a defaulter by NCLNSCCL, the money of the clearing member’s constituents, trading members own account and trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Members liabilities. In such cases, the positions of the constituents and the trading members except the Trading Member because of whom the Clearing Member has defaulted shall be transferable to some other Clearing Member. In the event of failure by the Clearing Member in the payment of any dues to the Clearing Corporation as well as Trading Member, the Trading Member shall, with the prior approval of the Clearing Corporation, have the right to transfer his own open positions as well as the open positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Trading Member for any costs incurred for transfer of the open positions. The Clearing Member shall inform NCLNSCCL/NSEIL in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NCL NSCCL and the Trading Member transfers his open positions to some other Clearing Member, the Clearing Member shall be obliged to pay for any costs incurred for transfer of the open positions. If due to the default of the Clearing Member, the open position of the Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to the Trading Member except to the Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Trading Member and of the constituents of such Trading Member as confidential. The Clearing Member shall not disclose the same to other Trading Members or any other person except to the governmental, statutory, regulatory or legal authorities on a request made by these authorities in writing. The Clearing Member shall give a reasonable notice to the Trading Member before undertaking any inspection of books of accounts, records, and documents of the Trading Member. The Clearing Member shall be required to provide reports/statements of xxxx to market settlement, final settlement or such other settlement, margin amounts and open positions to the Trading Member.

Obligations of the Clearing Member. The Clearing Member shall ensure that the Trading Member collects the margins from it / his constituents on such basis as may be prescribed by NCL PXI from to time. The money deposited by each Trading Member shall be kept in a separate account by the Clearing Member, distinct from his own account and shall provide the details to NCLPXI. The Clearing Member shall inform the Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Trading Member. The Clearing Member shall be liable to pay to the Trading Member such amounts towards daily xxxx to market settlement, final settlement and such other settlement as per the requirements of NCLPXI. The Clearing Member shall be required to refund any excess margin money to the Trading Member as per mutual agreement. The Clearing Member shall settle the accounts on a periodical periodic basis as may be mutually agreed between the Clearing Member and the Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NCLPXI. In the event of default by Clearing Member being declared a defaulter by NCLPXI, the money of the clearing member’s constituents, trading members own account and trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Members liabilities. In such cases, the positions of the constituents and the trading members except the Trading Member because of whom the Clearing Member has defaulted shall be transferable to some other Clearing Member. In the event of failure by the Clearing Member in the payment of any dues to the Clearing Corporation PXI as well as Trading Member, the Trading Member shall, with the prior approval of the Clearing CorporationPXI, have the right to transfer his own open positions as well as the open positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Trading Member for any costs incurred for transfer of the open positions. The Clearing Member shall inform NCL/NSEIL PXI in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NCL PXI and the Trading Member transfers its/ his open positions to some other Clearing Member, the Clearing Member shall be obliged to pay for any costs incurred for transfer of the open positions. If due to the default of the Clearing Member, the open position of the Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to the Trading Member except to the Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Trading Member and of the constituents of such Trading Member as confidential. The Clearing Member shall not disclose the same to other Trading Members or any other person except to the governmental, statutory, regulatory or legal authorities on a request made by these authorities in writing. The Clearing Member shall give a reasonable notice to the Trading Member before undertaking any inspection of books of accounts, records, and documents of the Trading Member. The Clearing Member shall be required to provide reports/statements of xxxx to market settlement, final settlement or such other settlement, margin amounts and open positions to the Trading Member.

Obligations of the Clearing Member. The Clearing Member shall ensure that the Trading Member collects the margins from it / his constituents on such basis as may be prescribed by NCL from to time. The money deposited by each Trading Member Constituent shall be kept in a separate account by the Clearing Member, distinct from his own account and shall provide the details of margins collected for the trades executed by the constituent, to NCLNSCCL as per the requirements of NSCCL. . The Clearing Member shall inform the Trading Member Constituent about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Trading MemberConstituent. The Clearing Member shall be liable to pay to the Trading Member such amounts Constituent any amount becoming due and receivable by the constituent towards daily xxxx to market settlementsettlement of futures contracts, final settlement of futures contracts, premium settlement of option contracts, exercise settlement of option contracts and such other settlement as per the requirements of NCLNSCCL. The Clearing Member shall be required to refund any excess margin money to the Trading Member Constituent as per mutual agreement. The Clearing Member shall may settle the accounts on a periodical basis as may be basis, if mutually agreed between the Clearing Member and the Trading Member Constituent, which should be in accordance with the Byelaws, Rules & Regulations of NCLNSCCL. In the event of default by the Clearing Member or his being declared a defaulter by NCLNSEIL/ NSCCL, the money of amount paid by the clearing member’s constituents, trading members own account Constituent and trading members’ constituents got deposited with NSCCL shall remain safe and shall not be utilised to meet the Clearing Members liabilitiesMember’s own liabilities and/ or the liabilities of his other Constituents. In such cases, the positions of the constituents and the trading members except the Trading Member because of whom the Clearing Member has defaulted shall be transferable render all assistance to the Constituent for transfer of Constituent ’s positions to some other Clearing Member, if such event occurs. In the event of failure by the Clearing Member in the payment of any dues to the Clearing Corporation NSCCL as well as Trading Memberthe Constituent, the Trading Member Constituent shall, with the prior approval of the Clearing CorporationNSCCL, have the right to transfer his own open positions as well as the open positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Trading Member Constituent for any costs incurred for transfer of the open positions. The Clearing Member shall inform NCL/NSEIL in case the Trading Member has defaulted in his payments, if such event occurs. In case the Clearing Member is declared a defaulter by NCL NSEIL/ NSCCL, and the Trading Member Constituent transfers his open positions to some other Clearing Member, the Clearing Member shall be obliged to pay for any costs incurred for transfer of the open positions. If due to the default of the Clearing Member, the open position positions of the Trading Member is Constituents are closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Trading Member Constituents except to the Trading Member Constituents because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Trading Member and of the constituents of such Trading Member Constituent as confidential. The Clearing Member shall not disclose the same to other Trading Members or any other person except to the governmental, statutory, regulatory or legal authorities on a request made by these authorities in writing. The Clearing Member shall give a reasonable notice to the Trading Member before undertaking any inspection of books of accounts, records, documents of the Trading Member. The Clearing Member shall be required to provide reports/reports/ statements of xxxx to market settlementsettlement of futures contracts, final settlement of futures contracts, premium settlement of options contracts, exercise settlement of option contracts or such other settlement, margin amounts and open positions to the Trading MemberConstituent, for such period as may be mutually agreed.

Obligations of the Clearing Member. The Clearing Member shall ensure that the Trading Member collects the margins from it / his constituents on such basis as may be prescribed by NCL NSCCL from to time. The money deposited by each Trading Member shall be kept in a separate account by the Clearing Member, distinct from his own account and shall provide the details to NCLNSCCL. The Clearing Member shall inform the Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Trading Member. The Clearing Member shall be liable to pay to the Trading Member such amounts towards daily xxxx to market settlement, final settlement and such other settlement as per the requirements of NCLNSCCL. The Clearing Member shall be required to refund any excess margin money to the Trading Member as per mutual agreement. The Clearing Member shall settle the accounts on a periodical basis as may be mutually agreed between the Clearing Member and the Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NCLNSCCL. In the event of default by Clearing Member being declared a defaulter by NCLNSCCL, the money of the clearing member’s constituents, trading members own account and trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Members liabilities. In such cases, the positions of the constituents and the trading members except the Trading Member because of whom the Clearing Member has defaulted shall be transferable to some other Clearing Member. In the event of failure by the Clearing Member in the payment of any dues to the Clearing Corporation as well as Trading Member, the Trading Member shall, with the prior approval of the Clearing Corporation, have the right to transfer his own open positions as well as the open positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Trading Member for any costs incurred for transfer of the open positions. The Clearing Member shall inform NCLNSCCL/NSEIL in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NCL NSCCL and the Trading Member transfers his open positions to some other Clearing Member, the Clearing Member shall be obliged to pay for any costs incurred for transfer of the open positions. If due to the default of the Clearing Member, the open position of the Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to the Trading Member except to the Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Trading Member and of the constituents of such Trading Member as confidential. The Clearing Member shall not disclose the same to other Trading Members or any other person except to the governmental, statutory, regulatory or legal authorities on a request made by these authorities in writing. The Clearing Member shall give a reasonable notice to the Trading Member before undertaking any inspection of books of accounts, records, documents of the Trading Member. The Clearing Member shall be required to provide reports/statements of xxxx to market settlement, final settlement or such other settlement, margin amounts and open positions to the Trading Member.