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Members are the interface between MCX-SX and its users. All transactions on the MCX-SX platform have to be executed between registered members. Non-member participants have to participate as clients of members. Members must have a high standard of integrity in all their operations in addition to complying with stringent capital adequacy requirements, and have appropriate staff. Applications for membership, and the applicants themselves, will be evaluated to strict standards to maintain public confidence in the exchange.

Benefits of membership:
Membership of MCX-SX entitles you to several benefits. You will not only have direct access to the Exchange’s trading system, but also receive all our information and research materials. These knowledge tools empower you to take informed trading positions for yourself as well as advise your clients on the best positions for them. You will able to benefit from special training programmes too. Above all, you will be a mainstream player in the development of the exchange-traded currency futures market in India and its gradual integration with the global market.

Categories of membership:
MCX-SX is offering the following categories of membership:

  • Trading Member (TM): A member with rights to trade on its own account as well as on account of its clients, but has no right to clear and settle such trades itself.
  • Trading-cum-Clearing Member (TCM): A member with a right to trade on its own account as well as on account of its clients. He can clear and settle the trades for self and for others through the Clearing House of MCX-SX.
  • Professional Clearing Member (PCM): A PCM is entitled to clear and settle trades executed by other members of the exchange. Only corporate entities or institutions are eligible to apply for PCM.

Membership eligibility criteria:
  • Membership for currency exchange should be separate from membership of the equity derivatives segment.
  • Membership can be taken in an existing company which may have membership of NSE, BSE or MCX.
  • Balance sheet net worth requirement for Trading Member (TM) is Rs. 1 crore, and for Trading-cum-Clearing Member (TCM) is Rs. 10 crore.
  • Clearing Members must have a minimum liquid net worth of Rs 50 lakh at all points in time, after adjusting all margin requirements.
  • Passing of certification exam is required.
  • SEBI approval for membership is required.

Liquid asset norms are as applicable in the equity derivatives segment:
Particulars
Trading Member (TM)
Trading - cum - Clearing Member (TCM)
Minimum Net Worth - Balance Sheet (N/W) Rs. 1 crore Rs. 10 crore
Security Deposit ( Interest free ) Rs. 10 Lakh Rs. 50 Lakh (50% in cash and balance in collateral )
 
 
In order to apply for membership to the Exchange, candidates need to send the duly filled Membership Application Form along with the required documents (listed under ‘Downloads’) below:
 
 Downloads

Application Form

     

MCX Stock Exchange Membership Application Form

  MCX Stock Exchange Membership Application Form MCX Stock Exchange Membership Application Form
       

Formats of Membership Documentation

     

Corporate

Corporate Corporate Corporate

Bank

Bank Bank Bank

Partnership Firm

Partnership Firm Partnership Firm Partnership Firm

Proprietor

Proprietor Proprietor Proprietor
       

Model Checklist of Membership Documentation

     
    TCM   TM   PCM

Corporate

  Corporate Corporate   Corporate Corporate   Corporate Corporate

Bank

  Bank Bank   Bank Bank   Bank Bank

Partnership Firm

  Partnership Firm Partnership Firm   Partnership Firm Partnership Firm      

Proprietor

  Proprietor Proprietor   Proprietor Proprietor      
       

Sample Membership Documentation

     
    TCM   TM   PCM

Corporate

  Corporate Corporate   Corporate Corporate   Corporate Corporate

Bank

  Bank Bank   Bank Bank   Bank Bank

Partnership Firm

  Partnership Firm Partnership Firm   Partnership Firm Partnership Firm      

Proprietor

  Proprietor Proprietor   Proprietor Proprietor      
       

Bank Guarantee

     

Format for issue of fresh Bank Guarantee

Format for issue of fresh Bank Guarantee Instructions to submit the Bank Guarantee Format for issue of fresh Bank Guarantee

Format for renewal of Bank Guarantee

Format for renewal of Bank Guarantee Format for renewal of Bank Guarantee Format for renewal of Bank Guarantee
       

Fixed Deposit

     

Member Lien Letter for submission of Fixed Deposit Receipt

Letter from the Member regarding Lien on Fixed Deposit Letter from the Member regarding Lien on Fixed Deposit Letter from the Member regarding Lien on Fixed Deposit

Bank Lien Letter for submission of Fixed Deposit Receipt

Letter from the Bank confirming the Lien on Fixed Deposit Letter from the Bank confirming the Lien on Fixed Deposit Letter from the Bank confirming the Lien on Fixed Deposit

Bank Lien Letter for submission of Fixed Deposit renewal

Letter from the Member regarding Lien on Fixed Deposit Letter from the Member regarding Lien on Fixed Deposit Letter from the Member regarding Lien on Fixed Deposit
       

Guidelines / Checklist for submission of Bank Guarantees / Fixed Deposit Receipts/Securities

Guidelines / Checklist for submission of Bank Guarantees / Fixed Deposit Receipts/Securities Guidelines / Checklist for submission of Bank Guarantees / Fixed Deposit Receipts/Securities Guidelines / Checklist for submission of Bank Guarantees / Fixed Deposit Receipts/Securities
       

Letter for Operation of Clearing Bank

     

Letter for Operation of Clearing Bank for MCX Stock Exchange Limited (Exchange)

Letter for Operation of Clearing Bank for MCX Stock Exchange Limited (Exchange) Letter for Operation of Clearing Bank for MCX Stock Exchange Limited (Exchange) Letter for Operation of Clearing Bank for MCX Stock Exchange Limited (Exchange)
       

CM -TM

     

Clearing Member - Trading Member Agreement

Clearing Member - Trading Member Agreement Clearing Member - Trading Member Agreement Clearing Member - Trading Member Agreement
       

Clearing Member Undertaking

     

Clearing Member Undertaking: Currency Derivatives Segment (Individual)

Clearing Member Undertaking-Currency Derivatives Segment (Individual) Clearing Member Undertaking-Currency Derivatives Segment (Individual) Clearing Member Undertaking-Currency Derivatives Segment (Individual)

Clearing Member Undertaking: Currency Derivatives Segment (Corporate)

Clearing Member Undertaking-Currency Derivatives Segment (Corporate) Clearing Member Undertaking-Currency Derivatives Segment (Corporate) Clearing Member Undertaking-Currency Derivatives Segment (Corporate)

Clearing Member Undertaking: Currency Derivatives Segment (Firm)

Clearing Member Undertaking-Currency Derivatives Segment (Firm) Clearing Member Undertaking-Currency Derivatives Segment (Firm) Clearing Member Undertaking-Currency Derivatives Segment (Firm)
       

Trading Member Undertaking

     

Trading Member Undertaking: Currency Derivatives Segment (Individual)

Trading Member Undertaking-Currency Derivatives Segment (Individual) Trading Member Undertaking-Currency Derivatives Segment (Individual) Trading Member Undertaking-Currency Derivatives Segment (Individual)

Trading Member Undertaking: Currency Derivatives Segment (Corporate)

Trading Member Undertaking-Currency Derivatives Segment (Corporate) Trading Member Undertaking-Currency Derivatives Segment (Corporate) Trading Member Undertaking-Currency Derivatives Segment (Corporate)

Trading Member Undertaking: Currency Derivatives Segment (Firm)

Trading Member Undertaking-Currency Derivatives Segment (Firm) Trading Member Undertaking-Currency Derivatives Segment (Firm) Trading Member Undertaking-Currency Derivatives Segment (Firm)
       

Client Registration

     

Model ‘Know Your Client’ form / Member client agreement / Model Risk Disclosure Document

Model Know Your Client form / Member client agreement / Model Risk Disclosure Document Model Know Your Client form / Member client agreement / Model Risk Disclosure Document Model Know Your Client form / Member client agreement / Model Risk Disclosure Document
       

VSAT and Leaseline Application

     

VSAT Circular

VSAT Circular VSAT Circular VSAT Circular

Leaseline Circular

Leaseline Circular Leaseline Circular Leaseline Circular
       

User Id Application

     

User Id Application

User Id Application User Id Application User Id Application
 

For membership enquires please write to: membership@mcx-sx.com

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