Clearing Banker to Commodity Exchanges
As Clearing Bankers we act as the intermediary carrying out the flow of funds from the MCX accounts to the trading member’s account and vice versa depending on the statement provided by the exchange. Bank carries all the various transactions as the Clearing Bank to the MCX and gives the required effects to the various accounts on receiving a statement of instructions from MCX. Members have to open 2 accounts with the clearing bank at the designated branch.
This account is accessed by stock exchanges for debits and credits for the trades undertaken by the Trading Member. No cheque book is to be issued and no cash transactions are allowed.
This account has all normal operations as applicable to a current account. All debits/credits should be from or in favour of member's clients.
IBL Registration Number NSE: INE231308847
MCX Stock Exchange Limited: INE261314434 for dealing in currency derivatives segment