24th June, 2019
SUB : INTEROPERABILITY AMONG CLEARING CORPORATIONS
Attention of Members is hereby drawn on circular No. CIR/MRD/DRMNP/CIR/[/2018/145 dated 27th November, 2018 of SEBI on the above subject. In this connection, members are requested to note that The Calcutta Stock Exchange Ltd. has appointed Indian Clearing Corporation Ltd. (ICCL) as a Clearing House to settle all trades executed in Cash and Futures & Options Segments of BSE Ltd. and NSE Ltd. w.e.f. 1st July, 2019.
In view of the above, members are requested to submit their consent letter with in business hours of 27th June, 2019 (specimen is attached herewith) specifying their consent to change name of Clearing Corporations in their collaterals (ie Fixed Deposits) from NCL (NSE Clearing Corporation Ltd.) to ICCL (Indian Clearing Corporation Ltd. for granting margin benefits on their collaterals.
Further, members are requested to note that pay-in of securities are required to be completed through Pool A/c of BSE (NSDL CM BP id IN657301, CDSLCM BP id 1306170000001868) of trades effective from 1st July, 2019 irrespective of transactions in NSE and/or BSE.
Amit Santra
Manager (Surveillance)
(in the letter head of member)
Date …………….
The Manager
HDFC Bank Limited
Stephen House Branch
Kolkata
Dear Sir,
Sub : Change of Lien mark in favour of ICCL A/c THE CALCUTTA
STOCK EXCHANGE LTD.
As per ICCL requirements at BSE and in compliance with the prescribed norms of ICCL we have to furnish deposit towards my/our payment of Initial / Additional Base Capital Deposit for settlement of trades on the Cash / Futures & Options Segment of BSE Ltd.
Accordingly, we hereby request you to transfer of right / title / interest in Fixed Deposit (“FD”) bearing no…………………………………………. for Rs. …………….. (Rupees ………………………………………………………………only) standing in the name of “NSCCL A/c THE CALCUTTA STOCK EXCHANGE LTD,” to “ ICCL Ltd A/c THE CALCUTTA STOCK EXCHANGE LTD,” with tenor of ………………… with auto-renewal for similar periods till the FD is released by ICCL/ first party, and issue a Fixed Deposit Advise. .
I / We hereby agree and confirm that ICCL orTHE CALCUTTA STOCK EXCHANGE LTD, shall have an irrevocable authority and be entitled to withdraw the said FD amount at any time, even prior to maturity, without notice to me / us for recovery / adjustment of ICCL dues and we have no objections whatsoever for the same and on such payment you shall discharged of your obligations to pay the FD amount to me/us.
I / we agree that on the encashment of FD, ICCL will be entitled to the interest accrued on the said FD and not paid to me/us as at that date also and you are hereby authorised to pay the accrued interest to ICCL along with the principal amount (FD amount) payable.
I /We also request you to issue Tax Deducted at Source (TDS) Certificate in the name of ………………………………………….. in respect of the tax deducted for the interest on the FD from time to time.
Yours faithfully,
Authorised Signatory
(** On the letterhead of Client**)
May __, 2019
Axis Bank Ltd,
Capital Market Division,
Jeevan Prakash Building,
Sir P.M. Road, Fort,
Mumbai – 400 001
Maharashtra
Dear Sir / Madam,
Sub: Transfer of right/title/interest in fixed deposit receipts drawn in favour of _________ (**Insert the name of the Clearing Corporation A/c Client Name**) with lien marked in favour of _____________ (**Insert the name of the clearing corporation**) and bank guarantees issued by Axis Bank Ltd fvg _______________ (**Insert the name of the Clearing Corporation**) to favour of Indian Clearing Corporation Ltd (“ICCL”).
We refer to Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulation, 2018 and circular dated November 27, 2018 issued by Securities and Exchange of India (“SEBI”), to exercise the choice of preferred clearing corporation for settlement of trades executed on any of the exchanges.
In this regards we request and authorise you to issue confirmation letter for the below mentioned FDRs and BGs to Indian Clearing Corporation Ltd (“ICCL”) as per their prescribed format. Further, we undertake to complete all the documentation formalities as per your Bank’s requirements to fulfil our above said request.
List of Fixed Deposit Receipts (FDR):
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Sr. No. |
FDR No. |
Issue Date |
Maturity Date |
Amount (Rs.) |
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List of Bank Guarantees (BG):
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Sr. No. |
BG No. |
Issue Date |
Maturity Date |
Claim Date |
Amount (Rs.) |
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Thanking you,
Your faithfully,
Authorised Signatory
Encl:
