Categories of Membership

Membership of the Exchange and its Clearing House may be granted separately for each of the following segments of the market or for additional segments of the market created by the Exchange from time to time;
(a) Derivatives segment
(b) Cash market segment

Currently, the following categories of Membership are open:-
  • Trading Member [TM] also known as Broker Member [BM]
  • Trading-cum-Clearing Member [TCM] also known as Self Clearing Member [SCM]
  • Integrated Trading-cum-Clearing Member [ITCM] also known as General Clearing Member [GCM]
  • Professional Clearing Member [PCM] also known as Special Clearing Member [SCM]

Trading Member [TM] also known as Broker Member [BM]

A Member of the Exchange but not a member of the Clearing House and who is entitled to trade for itself and/or for its Clients and has an arrangement with a Clearing Member to clear and settle such trades. All such Trading Members must be affiliated to any one of the Integrated Trading-cum-Clearing Members (ITCM) or Professional Clearing Members (PCM) of the Clearing House, having clearing rights on the Clearing House.

Trading-cum-Clearing Member [TCM] also known as Self Clearing Member [SCM]

A Member of the Clearing House as well as that of the Exchange that can trade and clear & settle for itself and for its Clients.

Integrated Trading-cum-Clearing Member [ITCM] also known as General Member [GM]

A Member of the Clearing House as well as that of the Exchange that can trade and clear & settle for itself and for its Clients and also clear & settle for other Exchange Members that are not Members of the Clearing House and for their Clients. Integrated Trading-cum-Clearing Members may choose to affiliate themselves with other Members (other than Trading-cum-Clearing Members) for clearing and settling their trades, if they so desire.

Professional Clearing Member [PCM] also known as Special Clearing Member [SCM]

A Member of the Clearing House but not an Exchange Member and who shall only be allowed to clear & settle trades on account of any Clients.