In case a clearing member wishes to shift the primary clearing account from one designated clearing bank to another, the following procedure shall be followed:
The clearing member shall request the primary clearing bank in writing for issuing a No Objection Certificate (NOC) for shifting of the primary clearing account.
The clearing member shall request the Clearing Corporation in writing seeking its permission for shifting of the primary clearing account and enclose the NOC received from the existing primary clearing bank in this regard or where the NOC is not received, furnish an acknowledged copy of the NOC request along with a declaration to the effect that no response has been received from the existing primary clearing bank in respect of the NOC request even after a minimum waiting period of a fortnight.
On opening the clearing account with the other designated clearing bank, the clearing member shall submit to the Clearing Corporation the documents relating to the new primary clearing account issued by the clearing banks as mentioned in Consolidate Circular CMPT67751 Part C (4) Format of Authorization letters to be submitted by the member for operation of Clearing Bank Account.
The clearing member communicates the date from which the new primary clearing account shall be operational with the clearing corporation, post confirmation from the clearing corporation the primary account shifting is done. The existing clearing Bank account is discontinued, and new account is added.
The Clearing Corporation shall thereon communicate the date from which the new primary clearing account shall be operational.
Clearing Banks
NSE Clearing has empaneled 14 clearing banks namely Axis Bank Ltd., Bank of India, Canara Bank, Citibank N.A, HDFC Bank, Hongkong & Shanghai Banking Corporation Ltd., ICICI Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, Union Bank of India, and JP Morgan Chase Bank
Every Clearing Member is required to maintain and operate clearing accounts with any of the empaneled clearing banks at the designated clearing bank branches. The clearing accounts are to be used exclusively for clearing & settlement operations.
Clearing members shall irrevocably authorize, the clearing banks to access their clearing accounts for debiting and crediting their clearing accounts as per the instructions of the Clearing Corporation, reporting of balances and other information as may be required by the Clearing Corporation from time to time. Please refer to formats specified in Consolidated Circular CMPT67751 Part C (4) – ‘Format of Authorisation letters to be submitted by the member for operation of Clearing Bank Account’
Clearing members can deposit funds into these accounts in any form and can withdraw funds from this account only in self-name.
Clearing members having funds obligation to pay shall have clear balance of requisite funds in the clearing accounts on or before the stipulated funds pay-in day and the stipulated time.
Clearing members shall not seek to close or de-activate the clearing accounts without the prior written consent of the Clearing Corporation
The clearing banks shall debit/credit the clearing accounts of the clearing members as per instructions received from the Clearing Corporation from time to time. Any request from the clearing members for revoking the authorization furnished by them shall not be considered by the clearing banks. The clearing banks shall not close the clearing accounts or permit deactivation of the same without the prior written consent of Clearing Corporation.
All bank confirmations received from clearing banks on behalf of the members towards margins, funds pay-in, EPI of funds, collateral enhancements etc. shall be given effect only after receiving a written/electronic confirmation from their respective clearing banks