Common use of Obligations of the Clearing Member Clause in Contracts

Obligations of the Clearing Member. The money deposited by each 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 NSCCL as per the requirements of NSCCL. . The Clearing Member shall inform the Constituent about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the Constituent. The Clearing Member shall be liable to pay to the Constituent any amount becoming due and receivable by the constituent towards daily xxxx to market settlement 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 NSCCL. The Clearing Member shall be required to refund any excess margin money to the Constituent as per mutual agreement. The Clearing Member may settle the accounts on a periodical basis, if mutually agreed between the Clearing Member and the Constituent, which should be in accordance with the Byelaws, Rules & Regulations of NSCCL. In the event of default by the Clearing Member or his being declared a defaulter by NSEIL/ NSCCL, the amount paid by the Constituent and got deposited with NSCCL shall remain safe and shall not be utilised to meet the Clearing Member’s own liabilities and/ or the liabilities of his other Constituents. In such cases, the Clearing Member shall 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 NSCCL as well as the Constituent, the Constituent shall, with the prior approval of NSCCL, have the right to transfer his own open positions immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Constituent for any costs incurred for transfer of the open positions, if such event occurs. In case the Clearing Member is declared a defaulter by NSEIL/ NSCCL, and the 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 positions of the Constituents are closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Constituents except to the Constituents because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Constituent as confidential. The Clearing Member shall not disclose the same to 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 be required to provide reports/ statements of xxxx to market settlement 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 Constituent, 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 from to time. The money deposited by each Constituent Trading Member 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 NSCCL as per the requirements of NSCCL. NCL. The Clearing Member shall inform the Constituent Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the ConstituentTrading Member. The Clearing Member shall be liable to pay to the Constituent any amount becoming due and receivable by the constituent Trading Member such amounts towards daily xxxx to market settlement of futures contractssettlement, final settlement of futures contracts, premium settlement of option contracts, exercise settlement of option contracts and such other settlement as per the requirements of NSCCLNCL. The Clearing Member shall be required to refund any excess margin money to the Constituent Trading Member as per mutual agreement. The Clearing Member may shall settle the accounts on a periodical basis, if basis as may be mutually agreed between the Clearing Member and the Constituent, Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NSCCLNCL. In the event of default by the Clearing Member or his being declared a defaulter by NSEIL/ NSCCLNCL, the amount paid by money of the Constituent clearing member’s constituents, trading members own account and got deposited with NSCCL trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Member’s own liabilities and/ or the liabilities of his other ConstituentsMembers 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 render all assistance to the Constituent for transfer of Constituent ’s positions be transferable 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 NSCCL Clearing Corporation as well as the ConstituentTrading Member, the Constituent Trading Member shall, with the prior approval of NSCCLthe 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 Constituent Trading Member for any costs incurred for transfer of the open positions, if such event occurs. 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 NSEIL/ NSCCL, NCL and the Constituent 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 positions position of the Constituents are Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Constituents Trading Member except to the Constituents Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Constituent 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/ reports/statements of xxxx to market settlement of futures contractssettlement, 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 Constituent, for such period as may be mutually agreedTrading 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 NSCCL from to time. The money deposited by each Constituent Trading Member 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 NSCCL as per the requirements of NSCCL. . The Clearing Member shall inform the Constituent Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the ConstituentTrading Member. The Clearing Member shall be liable to pay to the Constituent any amount becoming due and receivable by the constituent Trading Member such amounts towards daily xxxx to market settlement of futures contractssettlement, final settlement of futures contracts, premium settlement of option contracts, exercise settlement of option contracts and such other settlement as per the requirements of NSCCL. The Clearing Member shall be required to refund any excess margin money to the Constituent Trading Member as per mutual agreement. The Clearing Member may shall settle the accounts on a periodical basis, if basis as may be mutually agreed between the Clearing Member and the Constituent, Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NSCCL. In the event of default by the Clearing Member or his being declared a defaulter by NSEIL/ NSCCL, the amount paid by money of the Constituent clearing member’s constituents, trading members own account and got deposited with NSCCL trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Member’s own liabilities and/ or the liabilities of his other ConstituentsMembers 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 render all assistance to the Constituent for transfer of Constituent ’s positions be transferable 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 NSCCL Clearing Corporation as well as the ConstituentTrading Member, the Constituent Trading Member shall, with the prior approval of NSCCLthe 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 Constituent Trading Member for any costs incurred for transfer of the open positions, if such event occurs. The Clearing Member shall inform NSCCL/NSEIL in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NSEIL/ NSCCL, NSCCL and the Constituent 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 positions position of the Constituents are Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Constituents Trading Member except to the Constituents Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Constituent 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/ reports/statements of xxxx to market settlement of futures contractssettlement, 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 Constituent, for such period as may be mutually agreedTrading 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 PXI from to time. The money deposited by each Constituent Trading Member 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 NSCCL as per the requirements of NSCCL. PXI. The Clearing Member shall inform the Constituent Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the ConstituentTrading Member. The Clearing Member shall be liable to pay to the Constituent any amount becoming due and receivable by the constituent Trading Member such amounts towards daily xxxx to market settlement 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 NSCCLPXI. The Clearing Member shall be required to refund any excess margin money to the Constituent Trading Member as per mutual agreement. The Clearing Member may shall settle the accounts on a periodical basis, if periodic basis as may be mutually agreed between the Clearing Member and the Constituent, Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NSCCLPXI. In the event of default by the Clearing Member or his being declared a defaulter by NSEIL/ NSCCLPXI, the amount paid by money of the Constituent clearing member’s constituents, trading members own account and got deposited with NSCCL trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Member’s own liabilities and/ or the liabilities of his other ConstituentsMembers 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 render all assistance to the Constituent for transfer of Constituent ’s positions be transferable 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 NSCCL PXI as well as the ConstituentTrading Member, the Constituent Trading Member shall, with the prior approval of NSCCLthe PXI, have the right to transfer his own open positions as well as the positions of his constituents immediately to another Clearing Member. The Clearing Member shall be obliged to pay to the Constituent Trading Member for any costs incurred for transfer of the open positions, if such event occurs. The Clearing Member shall inform PXI in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NSEIL/ NSCCL, PXI and the Constituent 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 positions position of the Constituents are Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Constituents Trading Member except to the Constituents Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Constituent 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/ reports/statements of xxxx to market settlement 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 Constituent, for such period as may be mutually agreedTrading 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 NSCCL from to time. The money deposited by each Constituent Trading Member 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 NSCCL as per the requirements of NSCCL. . The Clearing Member shall inform the Constituent Trading Member about the exposure limits (including any increase or reduction in such limits) upto which open positions can be taken by the ConstituentTrading Member. The Clearing Member shall be liable to pay to the Constituent any amount becoming due and receivable by the constituent Trading Member such amounts towards daily xxxx to market settlement of futures contractssettlement, final settlement of futures contracts, premium settlement of option contracts, exercise settlement of option contracts and such other settlement as per the requirements of NSCCL. The Clearing Member shall be required to refund any excess margin money to the Constituent Trading Member as per mutual agreement. The Clearing Member may shall settle the accounts on a periodical basis, if basis as may be mutually agreed between the Clearing Member and the Constituent, Trading Member which should be in accordance with the Byelaws, Rules & Regulations of NSCCL. In the event of default by the Clearing Member or his being declared a defaulter by NSEIL/ NSCCL, the amount paid by money of the Constituent clearing member’s constituents, trading members own account and got deposited with NSCCL trading members’ constituents shall remain safe and shall not be utilised to meet the Clearing Member’s own liabilities and/ or the liabilities of his other ConstituentsMembers 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 render all assistance to the Constituent for transfer of Constituent ’s positions be transferable 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 NSCCL Clearing Corporation as well as the ConstituentTrading Member, the Constituent Trading Member shall, with the prior approval of NSCCLthe 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 Constituent Trading Member for any costs incurred for transfer of the open positions, if such event occurs. The Clearing Member shall inform NSCCL/NSEIL in case the Trading Member has defaulted in his payments. In case the Clearing Member is declared a defaulter by NSEIL/ NSCCL, NSCCL and the Constituent 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 positions position of the Constituents are Trading Member is closed-out and any loss is incurred due to such close-out, the Clearing Member shall reimburse such loss to all the Constituents Trading Member except to the Constituents Trading Member because of whom the Clearing Member has defaulted. The Clearing Member shall treat the information pertaining to the Constituent 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/ reports/statements of xxxx to market settlement of futures contractssettlement, 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 Constituent, for such period as may be mutually agreedTrading Member.