MCX Stock Exchange :: Membership

Membership

Member Directory

Membership

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 can be taken by an Individual, Registered Partnership Firm or a Company which is not a member of any commodity exchange.
Networth requirement for trading member (TM) is Rs. 1 Crore, and for Trading-Cum Clearing Member (TCM) is Rs. 10 Crore. (To be computed as per the formula given in L.C Gupta Committee Report.
In case the applicant for membership of the Exchange is a Corporate, minimum paid up equity share capital of the Corporate should be Rs 30 lakhs.
Clearing Members must have a minimum liquid net worth of Rs 50 lakh at all points in time, after adjusting all margin requirements.
Registration with SEBI for membership is required.
Eligibility Criteria for at least 2 Directors
- Age - Minimum 21 years of Age
- Education - Should be at least a Graduate
- Experience - Minimum 2years experience in Securities Market
For fees and deposit please refer to the application form on the web site.

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

Formats of Membership Documentation

Corporate

Bank

Partnership Firm

Proprietor

Model Checklist of Membership Documentation

	TCM	TM	PCM
Corporate
Bank
Partnership Firm
Proprietor

Sample Membership Documentation

	TCM	TM	PCM
Corporate
Bank
Partnership Firm
Proprietor

Bank Guarantee

Format for issue of fresh Bank Guarantee

Format for renewal of Bank Guarantee

Fixed Deposit

Member Lien Letter for submission of Fixed Deposit Receipt

Bank Lien Letter for submission of Fixed Deposit Receipt

Bank Lien Letter for submission of Fixed Deposit Renewal

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)

CM -TM

Clearing Member - Trading Member Agreement

Clearing Member Undertaking

Clearing Member Undertaking: Currency Derivatives Segment (Individual)

Clearing Member Undertaking: Currency Derivatives Segment (Corporate)

Clearing Member Undertaking: Currency Derivatives Segment (Firm)

Trading Member Undertaking

Trading Member Undertaking: Currency Derivatives Segment (Individual)

Trading Member Undertaking: Currency Derivatives Segment (Corporate)

Trading Member Undertaking: Currency Derivatives Segment (Firm)

VSAT and Leaseline Application

VSAT Circular

Leaseline Circular

Formats of User Id related Applications

New User ID

Application for new user id (including details of mapping & pro – A/c enablement)

Existing User IDs

Application for Cancellation of user id

Application for Dual Mapping

Application for Pro-A/c enablement at Multiple Location alongwith undertaking

Application for Cancellation of pro A/c enablement

Application for Change of user Name

Application for shifting of TWS location

Formats for Changes

Change in Registered Office Address

Change in Trade Name of the Individual / Sole Proprietor

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

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