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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

BEFORE THE EXECUTING COURT OF THE SPECIAL RECOVERY AND SALES OFFICER

IN THE PRECINCTS OF

GBCB House, 89, Bhuleshwar, Mumbai 400 002

Ref. No. GBCB/SAD/SRO/VNK/L-696/2019

In the matter of Credit facility of Rs. 450.00 lacs availed since December 2010, by M/s. Vandana

Infrastructure Pvt. Ltd. for procurement of irrigation pipes for executing the Krishna Valley Project, having

its office A/104, Sarovar Darshan Tower Co-op. Hsg. Soc., Almeida Road, Panchpakhadi,

Thane (W.) 400 602 and in the matter of disquieting neglect and failure in timely servicing thereof––relapsing

into Non-Performing Asset and in the matter of Execution of Recovery Proceedings in Recovery Certificate

No. 770/2013 u/s. 101 of the Maharashtra Co-operative Societies Act, 1960 and Rule 107 of the Maharashtra

Co-operative Societies Rules, 1961 as arrears of Land Revenue of Government of Maharashtra.

The Greater Bombay Co-operative Bank Ltd.

. .

Decree Holder Bank

(Scheduled Bank)

Versus

M/s. Vandana Infrastructure Private Limited,

. .

Judgment Debtor

Office Premises No. 301, 3rd Floor,

Claim Amount of Rs. 3,19,66,060.75

Tulsee Chambers, Teen Petrol Pump,

with further interest @ 14.50 % p.a.

Near Vandana Talkies, Thane (W.).

from 25th February 2019 and cost of

proceeding and surcharge etc.

Mr. Shashikant M. Joshi,

. .

Judgment Debtor

B-701/801, Aditya Cosmos Heritage,

Cosmos Heritage Complex, Gladys Awares Road,

Thane (W.) 400 610.

Mrs. Supriya Sachin Joshi,

. .

Judgment Debtor

B-701/801, Aditya Cosmos Heritage,

Cosmos Heritage Complex, Gladys Awares Road,

Thane (W.) 400 610.

Mr. Sachin Shashikant Joshi,

. .

Judgment Debtor

B-701/801, Aditya Cosmos Heritage,

Cosmos Heritage Complex, Gladys Awares Road,

Thane (W.) 400 610.

Proclamation of Sale

Whereas, the right, title and interest of the under mentioned immovable property belonging to aforesaid

Judgment Debtor viz. Mrs. Supriya Sachin Joshi, stands attached in terms of the Execution Process

dated December 17, 2013.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---1+

Residential Property

Bungalow Plot No. 370A/4, Yashwant Nagar of Village Karanje,

Behind Aark School, Shahupuri, Satara Taluka,

District Satara,

Area : 185.80 sq.mt. (i.e. 2000 Sq.ft.)

Reserve Price : Rs. 45,00,000.00 (Rupees Fourty Five

Lakhs Only).

Whereas, the aforesaid Residential property Bungalow Plot No. 370A/4, Yashwant Nagar of Village

Karanje, Behind Aark School, Shahupuri, Satara Taluka, District Satara stands in the name of the Judgment

Debtor at Serial No. 3, Mrs. Supriya Sachin Joshi and hence the said property is put for auction.

Whereas, even though affording ample opportunities to the concerned Judgment Debtors, they have

shown utter indifferences to discharge the decretal claims.

Now therefore, the Sale of the said property is hereby notified in exercise of powers conferred upon

this Executing Authority under section 156 idid and Rule 107 ibid.

SALE NOTIFICATION

Inspection of the under mentioned residential premises shall be facilitated on 16th March, 2019

between 11-00 a.m. to 5-00 p.m. Quotation/Tenders/Bids should be addressed to The Special Recovery

and Sales Officer attached to The Greater Bombay Co-operative Bank Ltd. on or before 2nd April, 2019 till

11-00 a.m. at 89, GBCB House, Bhuleshwar, Mumbai 400 002. The terms and conditions of sale including

prescribed form for bidding can be obtained from the authority on payment of Rs. 100 only.

Residential Property

. .

Bungalow Plot No. 370A/4, Yashwant Nagar of Village Karanje,

Behind Aark School, Shahupuri, Satara Taluka,

District Satara,

Area : 185.80 sq.mt. (i.e. 2000 Sq.ft.)

Reserve Price : Rs. 45,00,000.00 (Rupees Fourty Five

Lakhs Only).

Such bids shall be opened on 2nd April, 2019 at 12-00 noon in the presence of the Bank Official

and Bidders at Registered Office of Decree Holder Bank at 89, GBCB House, Bhuleshwar,

Mumbai 400 002. The successful bidder shall deposit the 15 per cent earnest money of bid amount and

remainig amount within a 30 Days from the date of acceptance of the offer, failing which earnest money

deposited is liable to be forfeited. The Decree Holder Bank vis-a-vis Special Recovery Officer, reserves

the right to reject all or any tender without assigning any reason whatsoever.

The Special Recovery Officer reserves the right to reject all or any tender without assigning any

reason whatsoever.

The powers, right, title and interest in the scheduled properties are being sold by the undersigned

strictly on ‘‘ AS IS, WHERE IS AND WHATEVER IT IS AND NO COMPLAINT BASIS ’’.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Serial No. M-18272

ARSHIYA LIMITED THE SPECIAL PLANNING AUTHORITY

302, Ceejay House, Level Three, Shivsagar Estate, F Block,

Dr. Annie Besant Road, Worli, Mumbai 400 018, dated 25th July 2018

Notice

(A) Whereas, the Ministry of Law and Justice, Government of India has enacted the Special Economic

Zones Act, 2005 (28 of 2005) to provide for Establishments, Development and Management of Special

Economic Zones (SEZ) for promotion of Exports and for matters connected therewith or incidental thereto.

Also Central Government under subsection (1) of section 4 of the Central Act, has notified some of the

specially identified areas in the Maharashtra State as SEZ;

(B) And whereas, Government vide Urban Development Department’s Notification No. TPS-4308/

3483/C.R.308/2008/UD-11, dated 27th February, 2009 has decided to appoint the SEZ Company as the

“Special Planning Authority” for the SEZ Area of more than 20 hectares;

its Notification No. TPS-1209/1293/CR-303/09/UD-12, dated 26th August 2009 read with Notification

No. TPS-1209/1293/CR-303/09 (Part-II)/UD-12, dated 13th March, 2012 read with Notification No. CRZ/

2012/18 CR/1412UD/12, dated 1st August, 2017 appointed under the provisions of sub-section (1-B) of

Section 40 of the Maharashtra Regional and Town Planning Act No. XXXVII of 1966 (“the MR&TP Act”)

Arshiya Limited as a Special Planning Authority (“AL SPA”) for development of SEZ in Village Sai

Tal. Panvel, Dist Raigad for its notified area read with the area notified by Government of India, Ministry of

Commerce and Industry, Department of Commerce ;

(D) And whereas, the Town Planning Department, Pune through its Notification No. TPV-3/6037

dated 6th October 2010 read with Notification No. TPV-3/5113 dated 29th August 2012 accorded Sanction

to Planning Proposal for Development of SEZ Project on the Land and also sanctioned the General

Development Control Regulations in respect thereof. The aforesaid General Development Control

Regulations further amended certain regulations by the Town Planning Department through its Notification

No. 115/TPV-3/654 dated 31st January 2013 in the manner specified therein ;

(E) And whereas, by and under a Fresh Certificate of Incorporation Consequent upon Change of

Name dated 5th September 2013 issued by the Registrar of Companies, Mumbai, Arshiya International

Limited changed its name to Arshiya Limited. Pursuant thereto, the Commerce Ministry through its letter

dated 5th July 2016 bearing number F2/172/2007-SEZ acknowledged and noted the above mentioned

change in the name of the company ;

(F) And whereas, the Government of Maharashtra, Urban Development Department, Mantralaya,

Mumbai by its Notification Dated 1st August 2017under Maharashtra Regional and Town Planning Act,

1966, No. CRZ-2012/18/CR-14/12/UD-12, in supersession of earlier Government Notification dated

26th August 2009 and 13th March 2012, the appointed M/s Arshiya Ltd., as “Special Planning Authority”

for the said total area of Land mentioned in the Schedule appended thereto and subject to the conditions

mentioned in the Government Resolution No. TPS-4308/3483/CR.308/2008/UD-11, dated 27th February

2009, for Special Economic Zone;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(G) And whereas, Arshiya Limited with a view to expand its activities and facilitate establishment of

Information Technology and Information Technology Enabled Services (IT/ITES) in the aforesaid SPA

notified area of SEZ/FTWZ has obtained the approval for additional sector, i.e. Electronic Hardware and

Software, including Information Technology and Enabled services (IT/ITES) from the Board of approval

Government of India and the Ministry of Commerce, Department of Commerce (SEZ Section) by its

Director vide his letter dated 28th June 2018 confirmed the Approval granted by the Board of Approval in

its meeting held on 19th June 2018;

(H) And whereas, the Joint Development Commissioner, SEEPZ, vide its letter SEEPZ/SEZ/

NEWSEZARS-IT/001 /2018-19/18515, dated 7th July 2018, informed Arshiya Limited about the approval

granted by the Board of Approval of additional sector, i.e. Electronic Hardware and Software, (including

Information Technology and Enabled services) in the notified area for SEZ/FTWZ at Village, Sai, Panvel

Maharashtra i.e. on the aforesaid Land.

(I) And whereas, Arshiya Limited pursuant to the Approval granted by the Board of Approval mentioned

above, has carved out / demarcated a portion of the land admeasuring 10.27 ha. within the SEZ/FTWZ for

establishment of the additional sector of Electronic Hardware and Software, (including Information

Technology and Enabled services);

(J) And whereas, Arshiya Limited, being approved IT SEZ developer, pursuant to Annexure-1 enclosure

of IE&LD Government Resolution No. ITP-2013/ CR 265) ind-2 dated 25th August 2015, Maharashtra’s

Information Technology/ Information Technology Enabled Services Policy (IT/ITES) 2015 is eligible and

entitled for Additional FSI up to 200% space utilization of IT SEZ as enumerated in its Policy initiatives

mentioned at para 5 A therein.

(K) And whereas, the SPA Arshiya Ltd. approved the proposal in its SPA’s meeting held on 24th July

2018 to modify relevant provisions of sanctioned GDCR for development of Electronic Hardware and

Software, (including Information Technology and Enabled services) IT/ITES sector specific SEZ within

its notified area ;

(L) And whereas, in view of the above, it is imperative and necessary on the part of Arshiya Limited

as a Special Planning Authority to modify the extant the sanctioned General Development Control

Regulations under section 37 (1) of Maharashtra Regional and Town Planning Act, 1966 and to incorporate

the Electronic Hardware and Software, (including Information Technology and Enabled services)

(IT/ITES) as IT SEZ in the existing the Arshiya FTWZ/SEZ, as mentioned in the scheduled attached with

this notification as Annexure-A.

(M) Now therefore, in accordance with the provisions contained in sub section (1) of section 37 of

the said Act the Arshiya Ltd. as Special Planning Authority for development of SEZ publishes this notice

for inviting suggestions and objections, in respect of the said proposed modifications to the sanctioned

General Development Control Regulations as mentioned in the Annexure-A attached to this Notice, from

the general public within one month from the date of publication of this notice in the official Gazette.

The suggestions and / or objections shall be addressed to––

(i) THE VP - FTWZ PROJECT MONITORING, CONTRACTS & BILLING , ARSHIYA LIMITED,

SAI VILLAGE, TALUKA – PANVEL, DIST. – RAIGAD, 410 206, MAHARASHTRA.

(ii) THE VP – PROJECT MONITORING, CONTRACTS & BILLINGS

ARSHIYA LIMITED, 302 CEEJAY HOUSE, LEVEL THREE, SHIVSAGAR ESTATE,

F BLOCK, DR. ANNIE BESANT ROAD WORLI, MUMBAI. 400 018.

This Notice is issued By order and in the name of Chairman Arshiya Ltd. SPA for SEZ, Sai Village,

Tal. Panvel, Dist. Raigad.

Mumbai,

SARVOTHAMA SHETTY,

Dated 25th July 2018.

Vice President, Arshiya Ltd.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Serial No. M-18273

Notice

TATA STEEL LIMITED

Registered Office : Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001.

Notice is hereby given that the certificates for the undermentioned securities of the Company have

been lost and the holder of the said securities have applied to the Company to issue duplicate certificates.

The FIR for the same has been lodged at Naupada, Thane Police Station Complaint No. 552/2019, dated

1st March 2019. Any person who has a claim in respect of the said securities should lodge such claim with

the Company at its Registered Office within 15 days from this date, else the Company will proceed to

issue duplicate certificates without future intimation.

Name of the Holder

Kind of Securities

No. of Securities

Distinctive Numbers

and face value

MRS. SHEELA

Ordinary Shares and

228374251 to 228374300

SHARASHCHANDRA

Face Value Rs. 10 each

TEREDESAI.

Place : Thane,

MRS. SHEELA SHARASHCHANDRA TEREDESAI,

Date : 6th March 2019.

(Name of Holder)

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---2

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Serial No. M-18277

TATA CONSULTANCY SERVICES LIMITED

Registered Office : Nirmal Building, 9th Floor, Nariman Point, Mumbai, Maharashtra 400 021.

Notice is hereby given that the certificate(s) for the mentioned securities of the Company have been

lost/misplaced and the holder(s) of the said securities have applied to the Company. Any person who has

claim in respect of the said securities should lodge such claim with the company at its Registered Office

within 15 days from this date, else the company will proceed to issue duplicate share certificate(s) without

further intimation.

Name of Holder

Folio No.

Kind of Securities

No. of

Distinctive Nos. Certificate

and Face Value

Securities

Nos.

Nandita Vaghela

C2N0000955

EQUITY

325

1957543397- M201418358

Rs. 10

1957543721

Place : Mumbai,

Date : 9th March 2019.

NANDITA VAGHELA.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

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Serial No. M-18276

NSE CLEARING LIMITED

Registered Office : Exchange Plaza, Plot No. C-1, Block G, Bandra-Kurla Complex,

Bandra (East), Mumbai 400 051.

The provisions of the Byelaws of the NSE Clearing Limited (Commodity Derivative Segment)

are as following :

NSE CLEARING LIMITED (COMMODITY DERIVATIVE SEGMENT)

BYELAWS

ARRANGEMENT OF CHAPTERS

Chapter Description

Definitions

II.

Clearing Segments

III. Committee(s)

IV. Regulations

Clearing Members

VI. Clearing and Settlement of Deals

VII. Dealings by Clearing Members

VIII. Margins

IX. Rights and Liabilities of Clearing Members and Constituents

Arbitration

XI. Default

XII. Core Settlement Guarantee Fund

XIII.

Miscellaneous

CHAPTER I: DEFINITIONS

BOARD

“ Board ” means Board of Directors of the Clearing Corporation.

BYELAWS

Unless the context indicates otherwise, Byelaws means the Byelaws of the Commodity

Derivative Segment of the Clearing Corporation for the time being in force.

CLEARING AND SETTLEMENT

“ Clearing and Settlement ” means clearing or settlement or clearing and settlement of

deals in respect of Commodity Derivative Segment such manner and subject to such

conditions as may be specified by the Relevant Authority from time to time, unless the

context indicates otherwise.

CLEARING BANK(S)

Clearing Bank(s) is/are such bank(s) as the Clearing Corporation may appoint to act as

a funds settling agency, for the collection of margin money for all deals cleared through

Clearing Corporation and any other funds movement between clearing members and

the Clearing Corporation and between clearing members as may be directed by the

Clearing Corporation from time to time.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

CLEARING CORPORATION

Clearing Corporation means NSE Clearing Limited.

CLEARING MEMBER

“ Clearing Member ” means a member of the Clearing Corporation and includes all

categories of clearing members as may be admitted as such by the Clearing Corporation

but does not denote the shareholders of the Clearing Corporation.

COMMODITIES

‘‘ Commodities” means such goods with respect to which derivative contracts are

permitted by SEBI for dealings in Commodity Derivatives Segment.

COMMODITY DERIVATIVE

“ Commodity Derivative” means “commodity derivative” as defined under section 2 (bc)

of Securities Contracts (Regulation) Act, 1956 or as amended from time to time and

includes such other contract as may be permitted by SEBI to trade under ‘‘ Commodity

Derivatives Segment ’’.

CONSTITUENT/ CLIENT

A client/Constituent means a person, on whose instructions and on whose account the

Clearing Member clears and settles deals. For this purpose, the term “Client” shall include

all registered constituents of trading members of Specified Exchange.

Explanation 1 : The terms ‘Constituent’ and ‘Client’ are used interchangeably in the

Byelaws, Rules & Regulations and shall have the same meaning assigned herein.

Explanation 2 : For the purpose of Chapters IX, X & XI, The term ‘Constituent’ in relation

to trades shall also include a trading member where such trades done on the Specified

Exchange are cleared and settled on his behalf by a Clearing Member.

10.

COMMODITY DERIVATIVE SEGMENT

“ Commodity Derivative Segment” means Commodity Derivative Segment of Clearing

Corporation and also includes the different clearing sub-segments or divisions thereof

for clearing and settlement of deals as may be classified by the relevant authority from

time to time.

11.

CORE SETTLEMENT GUARANTEE FUND

Core Settlement Guarantee Fund means a fund established and maintained in accordance

with the relevant provisions of the Bye Laws.

12.

DEAL

“ Deal ” means, unless the context indicates otherwise, trades executed on a Specified

Exchange which are admitted to be cleared and settled through the Clearing Corporation.

13.

DELIVERING MEMBER

“ Delivering Member” means a clearing member who has to or has delivered commodities

or documents of title or other relevant documents of commodities in fulfilment of contract

to which these Rules, Bye Laws and Regulations apply unless the context indicates

otherwise.

14.

FINAL SETTLEMENT PRICE

“ Final Settlement Price ” in respect of a contract means Due Date Rate (DDR) determined

by the Clearing Corporation for settling that contract in accordance with the method

specified in the contract specification or such other method as may be notified by the

Relevant Authority.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---4

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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

15.

NETTING

“ Netting” means the determination by Clearing Corporations of net payment or delivery

obligations of the clearing members of a recognised clearing corporation by setting off or

adjustment of the inter se obligations or claims arising out of buying and selling of securities,

including the claims and obligations arising out of the determination by the Clearing

Corporation or stock exchange, on the insolvency, winding-up, liquidation or resolution

of any clearing member or trading member or client or such other circumstances as the

Clearing Corporation may specify in its Byelaws, of the transactions admitted for settlement

at a future date, so that only a net claim be demanded, or a net obligation be owed.

16.

NOVATION

“ Novation ” means the act of one or more recognised clearing corporations interposing

between the parties of every trade, so as to be a legal counterparty.

17.

RECEIVING MEMBER

“ Receiving Member ” means a clearing member who has to receive or has received

commodities or documents of title or other relevant documents of commodities in fulfilment

of contracts to which these Rules, Bye Laws and Regulations apply unless the context

indicates otherwise.

18.

REGULATIONS

“ Regulations” means Regulations of the Clearing Corporation for the time being in force

and includes business rules, code of conduct and such other procedures and regulations,

circulars, directives and orders as issued by the relevant authority from time to time for

the operations of the Commodity Derivatives Segment.

19.

RELEVANT AUTHORITY

“ Relevant Authority” means the Board, Securities and Exchange Board of India or such

other authority as specified by the Board from time to time as relevant for a specified

purpose.

20.

RULES

Unless the context indicates otherwise, “Rules” means the Rules of the Clearing

Corporation for the time being in force.

21.

SEBI

“ SEBI ” means the Securities and Exchange Board of India.

22.

SECURITIES

“ Securities” shall have the meaning assigned to it in the Securities Contracts (Regulation)

Act, 1956 and shall also include such other class of instruments or products, monetary

or non-monetary, scrip-less or otherwise, as may be admitted to be cleared and settled

through the Clearing Corporation.

23.

SPECIFIED EXCHANGE

“Specified Exchange” or “specified exchange” or “Concerned Exchange” means a

recognised stock exchange under the Securities Contracts (Regulation) Act, 1956

dealings on which may be admitted to be cleared and settled by the Clearing Corporation

in its Commodity Derivative Segment subject to such terms and conditions as may be

specified from time to time by the relevant authority.

24.

TRADING MEMBER

“Trading Member” means any person admitted as a member in any Specified Exchange

in accordance with the Rules, Bye Laws and Regulations of that Exchange.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

25.

VAULT SERVICE PROVIDER (VSP)

“ Vault Service Provider ’’ means an agency approved and accredited by the Clearing

Corporation for the storage and preservation of commodities such as precious metals,

gems etc.

26.

WAREHOUSE

“ Warehouse ” means and includes any place of storage, godown, tank, silos, store house,

vault, etc. where commodities are capable of being received and stored.

27.

WAREHOUSE/ VAULT RECEIPT

“ Warehouse/ Vault Receipt ” means a document, whether in physical or electronic form

evidencing a commodity being held in an approved or accredited warehouse.

28.

WAREHOUSE SERVICE PROVIDER

‘‘ Warehouse Service Provider ’’ means an agency approved and accredited by the

Clearing Corporation for the storage and preservation of commodities.

Note : The terms defined above shall mean the same when used in lower case in the Rules,

Bye Laws and Regulations, unless the context indicates otherwise.

CHAPTER II : CLEARING SEGMENTS

There may be more than one clearing segment as may be specified by the relevant

authority under these Byelaws from time to time.

2. Without affecting the generality of the foregoing, the Clearing Corporation shall have the

following clearing segments under these Byelaws :

Commodity Derivative segment

Derivatives contracts approved by SEBI may be admitted for clearing and settlement on

the Commodity Derivative clearing segment.

3. The Clearing Corporation may establish more than one clearing sub-segment or division

in the Commodity Derivative Segment as may be specified by the relevant authority from

time to time. Deals which may be admitted to the different clearing sub-segments or

divisions of Commodity Derivative Segment for the purpose of clearing and settlement

will be specified by the relevant authority from time to time.

4. These Byelaws shall apply to the Commodity Derivative clearing segment and to the

sub- segments, if any, thereof.

CHAPTER III : COMMITTEE(S)

1. Committee(s) may be appointed by the Board for the purposes of managing the day to

day affairs of the Commodity Derivative Segment of the Clearing Corporation in such

manner as laid down in the Rules.

2. The Committee(s) shall have such responsibilities and powers as may be delegated to it

by the Board.

3. The Committee(s) shall not have any representation from the Clearing Members and

Trading Members. The composition of such Committee(s) shall be subject to the prior

approval of Securities and Exchange Board of India (SEBI).

CHAPTER IV : REGULATIONS

The Board may prescribe Regulations from time to time for the functioning and operations of

the Clearing Corporation and to regulate the functioning and operations of the clearing members

of the Commodity Derivative Segment.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---2+

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Without prejudice to the generality of the above, the Board may prescribe regulations from

time to time, inter alia, with respect to :

(1)

orms, procedures, terms and conditions for admission of Exchanges ;

(2)

norms, procedures, terms and conditions to be complied with for admission of deals for

clearing and settlement in the Commodity Derivative Segment by the Clearing

Corporation ;

(3)

norms, procedures, terms and conditions for clearing and settlement of deals in the

Commodity Derivative Segment ;

(4)

forms and conditions of deals to be entered into, and the time, mode and manner for

performance of deals between clearing members inter se or between clearing members

and their constituents ;

(5)

norms, procedures, terms and conditions for guaranteed settlement by the Clearing

Corporation ;

(6)

prescription, from time to time, and administration of penalties, fines and other

consequences, including suspension/expulsion of clearing members from the

Clearing Corporation for defaults ;

(7)

norms, procedures, terms and conditions for imposition and administration of different

types of margins and other charges and restrictions that may be imposed by the

Clearing Corporation from time to time ;

(8)

determination from time to time, of fees, system usage charges, deposits, margins and

other monies payable to the Clearing Corporation by clearing members of the Clearing

Corporation and the scale of clearing and other charges that may be collected by such

clearing members ;

(9)

supervision of the clearing operations and promulgation of such Business Rules and

Codes of Conduct as it may deem fit ;

(10)

inspection and audit of records and books of accounts ;

(11)

settlement of disputes, complaints, claims arising between clearing members interse as

well as between clearing members and persons who are not clearing members relating

to any deal in Commodity Derivatives cleared and settled through Clearing Corporation

including settlement by arbitration ;

(12)

norms, procedures, terms and conditions for arbitration;

(13)

administration, maintenance and investment of the corpus of the Fund(s) set up by the

Clearing Corporation including Core Settlement Guarantee Fund(s) ;

(14)

establishment, norms, terms and conditions, functioning and procedures of clearing

house, clearing through depository or other arrangements including custodial services

for clearing and settlement ;

(15)

norms, procedures, terms and conditions in respect of, incidental to or consequential to

closing out of deals ;

(16)

dissemination of information and announcements ;

(17)

norms, procedures, terms and conditions for vault service provider (VSP) or warehouse

service provider (WSP) for the purpose of providing warehouse related services ;

(18)

norms, procedures, terms and conditions for assayers and refiners ;

(19)

any other matter as maybe decided by the Board.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

CHAPTER V : CLEARING MEMBERS

The relevant authority is empowered to admit Clearing Members in accordance with

Rules and Regulations subject to the minimum financial requirements prescribed by

SEBI. Such Clearing Members shall pay such fees, security deposits and other

monies as may be specified by the Board or the relevant authority from time to time, on

admission as Clearing Members and for continued admission.

The fees, security deposits, other monies and any additional deposits paid, whether in

the form of cash, bank guarantee, securities or otherwise, with the Clearing Corporation,

by a Clearing Member from time to time, shall be subject to a first and paramount lien

for any sum due to the Clearing Corporation in any Clearing Segment and all other

claims against the Clearing Member for due fulfilment of engagements, obligations and

liabilities of Clearing Members arising out of or incidental to any dealings made subject

to the Byelaws, Rules and Regulations of the Clearing Corporation in any Clearing

Segment. The Clearing Corporation shall be entitled to adjust or appropriate such fees,

deposits and other monies for such dues and claims, to the exclusion of the other claims

against the Clearing Member, without any reference to the Clearing Member.

The proceeds arising out of invocation of the bank guarantees furnished by the Clearing

Member in lieu of security deposits or additional deposits on being invoked by the

Clearing Corporation shall not be reckoned as part of the Clearing Member’s deposits

for the purpose of enablement or exposure, etc.

The Clearing Corporation may utilise the proceeds of the bank guarantee so invoked

for the purpose of settlement of claims / dues of clients, Clearing Corporation, the stock

exchange or SEBI against the Clearing Member. The surplus, if any, shall be refunded

to the Clearing Member. Clearing Member of any sub-segment may clear and settle

deals through the Clearing Corporation pertinent to that sub-segment in such manner

and mode and subject to such terms and conditions and procedures as may be specified

for the Clearing Member.

Clearing Members may clear and settle deals either on their own account or on behalf

of their clients unless otherwise specified by the relevant authority and subject to such

terms and conditions which the relevant authority may prescribe from time to time.

CHAPTER VI: CLEARING AND SETTLEMENT OF DEALS

A. DEALS FOR CLEARING AND SETTLEMENT

CLEARING AND SETTLEMENT OF DEALS

(1) The Clearing Corporation shall clear and settle such deals as provided in the Bye Laws

and Regulations and save as so provided, no other deals shall be cleared and settled.

(2) Without prejudice to the generality of the above, the relevant authority may in its discretion

and subject to such conditions as it may deem fit admit any other deals.

ADMISSION OF DEALS

(1) Clearing and settlement shall be permitted on the Clearing Corporation in deals which

are from time to time admitted on the Commodity Derivative Segment by the relevant

authority in accordance with the provisions of the Bye Laws and Regulations.

(2) The relevant authority may specify Derivative Contracts from time to time dealings on

which may be admitted in accordance with the provisions of the Bye Laws and

Regulations in that regard.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(3) The relevant authority may specify stock exchanges from time to time dealings on which

may be admitted for clearing and settlement by the Clearing Corporation in accordance

with the provisions of the Bye Laws and Regulations.

CONDITIONS AND REQUIREMENTS OF CLEARING AND SETTLEMENT

The relevant authority may grant admission of deals dealt in the Exchange provided all the

conditions and requirements specified in the Bye Laws and Regulations and such other conditions

and requirements as the relevant authority may prescribe from time to time are complied with.

REFUSAL OF ADMISSION OF DEALS

The relevant authority may, in its discretion, approve admission of deals or defer, or reject

admission of deals for clearing and settlement on the Commodity Derivative Segment, subject to

such terms as it deems fit.

SPECIFIC DEALS

The relevant authority may permit in appropriate cases as it may at its discretion decide from

time to time specific deals to be cleared and settled through the Clearing Corporation in case of

commodity derivatives which are not admitted or are for the time being prohibited or suspended.

SUSPENSION OF ADMISSION OF DEALS

The relevant authority may suspend at any time the admission of deals including of any

derivative contract of specified exchange on Commodity Derivative Segment for such period as it

may determine and reinstate such deals subject to such conditions as it may deem fit.

WITHDRAWAL OF ADMISSION OF DEALS

The relevant authority may where it deems necessary withdraw the admission to dealings of a

specified exchange either for breach of or non-compliance with any of the conditions or

requirements of admission of dealings or for any other reason whatsoever

READMISSION OF DEALS

The relevant authority in its discretion may readmit deals of a specified exchange which has

been previously withdrawn.

CLEARING AND SETTLEMENT OF DEALS

CLEARING AND SETTLEMENT

Settlement shall be effected by clearing members giving and receiving delivery and paying

and receiving funds on the basis of the Final Settlement Price as may be specified by the relevant

authority from time to time in the Bye Laws and Regulations.

9(A).

Settlement Finality

(1) The payment and settlement in respect of a deal shall be determined in accordance

with the netting or gross procedure as specified by the relevant authority with the prior

approval of SEBI in the circulars issued from time to time.

(2) Payment and settlement in respect of a deal shall be final, irrevocable and binding on

the Clearing Members.

(3) When a settlement has become final and irrevocable, the right of the Clearing Corporation

to appropriate any collaterals or deposits or margins contributed by the clearing member

towards its settlement or other obligations in accordance with these Byelaws shall take

priority over any other liability of or claim against the said clearing member.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(4) For removal of doubts, it is hereby declared that the settlement, whether gross or net,

referred to in Clause (i) above is final and irrevocable as soon as the money, securities

or other transactions payable as a result of such settlement is determined, whether or

not such money, securities or other transactions is actually paid.

(5) For the purpose of Clause (i) above, “netting” means the determination by Clearing

Corporations of net payment or delivery obligations of the clearing members of a

recognised clearing corporation by setting off or adjustment of the inter se obligations

or claims arising out of buying and selling of securities, including the claims and

obligations arising out of the determination by the Clearing Corporation or stock

exchange, on the insolvency, winding up, liquidation or resolution of any clearing

member or trading member or client or such other circumstances as the Clearing

Corporation may specify in its Byelaws, of the transactions admitted for settlement

at a future date, so that only a net claim be demanded, or a net obligation be owed.

(6) For removal of doubts, it is hereby declared that claims and obligations arising out of

the termination by the Clearing Corporation referred to in clause (v) above shall mean

claims and obligations arising out of deals closed out in accordance with these Byelaws.

9 (B).

Right of Clearing Corporation

The right of clearing corporation to recover the dues from its clearing members, arising

from the discharge of their clearing and settlement functions, from the collaterals, deposits

and the assets of the clearing members, shall have priority over any other liability of or

claim against the clearing members.

10.

PRIVITY OF CONTRACT

(1) Except as provided herein, clearing members giving and receiving delivery as provided

in the Bye Laws and Regulations shall be deemed, notwithstanding that no direct contract

may exist between them, to have made a contract with each other as sellers and buyers.

However the rights and liabilities of delivering and receiving member in relation to their

immediate contracting party shall not be deemed to be affected thereby except that the

selling member (unless he be himself the delivering member) shall be released from all

responsibility in regard to the title, ownership, genuineness, regularity and validity of the

documents received by the receiving member and in regard to the loss and damages

arising therefrom, which shall be dealt with in accordance with the provisions of Bye

Laws and Regulations thereof.

(2) In cases where the Clearing Corporation may specify either generally or specifically,

clearing members giving and receiving delivery and paying and receiving funds as

provided in the Bye Laws and Regulations shall be deemed, notwithstanding that no

direct contract exists between them, to have made a contract with the Clearing Corporation

through full novation as sellers and buyers and between themselves as delivering and

receiving members; provided further however that in such event the rights and liabilities

of delivering and receiving member with the Clearing Corporation shall not be deemed

to be affected thereby except that the Clearing Corporation shall not be responsible in

respect of the title, ownership, genuineness, regularity and validity of the documents

delivered or received and in regard to the loss and damages arising therefrom, which

shall be dealt with in accordance with the provisions of Bye Laws and Regulations.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(3) Notwithstanding anything contained above, the Clearing Corporation may specify either

generally or specifically, where Clearing Members clearing and settling deals as provided in the

Bye laws and Regulations shall be deemed, notwithstanding that no direct contract exists between

them, to have made a contract between themselves as buyers and sellers and where such contract

shall be submitted with the Clearing Corporation as the buyer to the seller and as the seller to the

buyer.

(4) The responsibility of the Clearing Corporation under novation shall be for guarantee of

funds pay-out till marking of delivery (date of delivery) and for guarantee of financial compensation

to the extent as specified by the Clearing Corporation (to make good losses of non-defaulting

party) in case of default (in goods or funds pay-in) after marking of delivery. In case of dispute

pertaining to quality or quantity/ any damage arising after the delivery shall be addressed through

the complaint redressal mechanism, including arbitration mechanism of the Clearing Corporation

and can be settled in terms of financial compensation.

(5) The nature of the guarantee by the Clearing Corporation is strictly financial, that is, in

case of buyer default or seller default, the Clearing Corporation shall guarantee financial

compensation to the extent as specified by the Clearing Corporation to make good any monetary

loss to non-defaulting party.

11. ARRANGEMENT FOR CLEARING AND SETTLEMENT

(1) Clearing and settlement of deals shall be effected by clearing members by adopting

and using such arrangements, systems, agencies or procedures as may be specified by

the relevant authority from time to time. Without prejudice to the generality of the above,

the relevant authority may prescribe or specify from time to time such custodial, depository

and other services for adoption and use by clearing members and their constituents to

facilitate smooth operation of the clearing and settlement arrangement or system.

(2) The clearing and settlement function may be performed by the Clearing Corporation or

it may take assistance of any agency identified by the relevant authority for the purpose.

(3) Save as otherwise expressly provided in the Bye Laws and Regulations, when funds

and Commodity Derivative Contracts are cleared and/or settled under a specified

arrangement, the settlement responsibility shall rest wholly and solely upon the counter

parties to the contract and/or the concerned clearing members as the case may be and

the Clearing Corporation shall act as the common agent of the clearing members for

receiving or giving delivery of Commodity and for receiving and paying funds, without

incurring any liability or obligation as a principal.

12. OPERATIONAL PARAMETERS FOR CLEARING

(1) The relevant authority may determine and announce from time to time operational

parameters regarding clearing of deals through the Clearing Corporation Commodity Derivative

Segment which the clearing members shall adhere to ;

(2) The operational parameters may, inter alia, include ;

(a) clearing/exposure limits allowed which may include clearing/exposure limits with

reference to net worth and capital adequacy norms;

(b) clearing volumes and limits at which it will be incumbent for clearing members to

intimate the Clearing Corporation ;

(d) other matters which may affect smooth operation of clearing of deals keeping in view

larger interest of the public ;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(e) determining types of deals permitted for a clearing member and for a Derivative contract;

(f) determining functional details of the clearing and settlement system including the

system design, user infrastructure and system operation.

13.

CLEARING HOURS

(1) The hours for clearing and settling of Commodity Derivative Segment of the Clearing

Corporation shall be during such time as may be decided by the relevant authority from time to

time. The relevant authority may, from time to time, specify clearing hours for different types of

deals and different clearing sub- segments or divisions of the Commodity Derivative Segment. .

(2) The relevant authority may declare a list of holidays in a calendar year. The relevant

authority may from time to time alter or cancel any of the holidays fixed in accordance with these

provisions. It may, for reasons to be recorded, suspend clearing and settlement operations in the

Commodity Derivative Segment on days other than or in addition to holidays.

14.

DELIVERY OF COMMODITIES

(1) Delivery and settlement of all commodities, documents and papers including Warehouse/

Vault Receipt and payment in respect of all deals in Commodity Derivative Segment shall be in

such manner and such place(s) as may be specified by the relevant authority from time to time.

(2) The relevant authority shall specify from time to time, the commodities, documents and

papers including Warehouse/ Vault Receipt which, when delivered in specified manner, shall

constitute good delivery. Where circumstances so warrant, the relevant authority may determine,

for reasons to be recorded, whether or not a delivery constitutes a good delivery, and such findings

shall be binding on parties concerned. Where the relevant authority determines that a delivery

does not constitute a good delivery, the delivering party shall be required to substitute good delivery

instead within such time as may be specified.

(3) The norms and procedures for delivery with respect to market lot, odd lot, minimum lot,

part delivery etc., shall be as specified by the relevant authority from time to time.

(4) The requirements and procedures for determining disputed deliveries or defective

deliveries, and measures, procedures and system of resolving the dispute or defect in deliveries

or of consequences of such deliveries or their resolution shall, subject to these Bye Laws, be as

specified by the relevant authority from time to time.

(5) Notwithstanding anything contained in the Bye-laws, the Clearing Corporation shall ensure

good delivery. Good delivery for the purpose of this clause shall mean that goods of the same

quality and quantity as transacted for are delivered by the delivering member.

15. TRANSFER OF POSITION

A deal admitted for clearing and settlement may be transferred to another clearing member

with his consent on the failure of a clearing member to comply with any of the provisions relating

to delivery, payment and settlement of deals or on any failure to fulfil the terms and conditions

subject to which the deal has been made, or such other circumstances as the relevant authority

may specify from time to time. The deal may be transferred to another clearing member by the

Clearing Corporation in such manner, within such time frame, and subject to such conditions and

procedures as the relevant authority may prescribe from time to time.

16. CLOSE OUT

(1) A deal admitted for clearing and settlement may be closed out on failure of a clearing

member to comply with any of the provisions relating to delivery, payment and settlement of deals

or on any failure to fulfil the terms and conditions subject to which the deal has been made, or

such other circumstances as the relevant authority may specify from time to time. The deal may be

closed out by the Clearing Corporation in such manner, within such time frame and subject to

such conditions and procedures as the relevant authority may prescribe from time to time.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---5

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(2) Without prejudice to the generality of the foregoing, the relevant authority may close

out deals, inter alia, by buying in or selling out against a clearing member as follows :––

(a) in case of the selling clearing members, on failure to complete delivery on the due

date; and

(b) in case of the buying clearing members, on failure to pay the amount due on the due

date,

shall be payable by the clearing members who failed to give due delivery or to pay amount

due.

(3) In case of default by a clearing member to the Clearing Corporation arising out of the

positions in one or more clearing segments, the relevant authority shall be entitled to close-out

the positions of a clearing member in any or all clearing segments.

(4) The Clearing Corporation shall be entitled to hold the positions in its own name, either

fully or part thereof in the above clause till expiry at its discretion subject to such terms and conditions

as it may deem fit.

17.

FAILURE TO MEET OBLIGATIONS

In the event a clearing member fails to meet obligations to the Clearing Corporation arising

out of clearing and settlement operations of admitted deals, the relevant authority may charge

such interest, impose such penalties and fines and take such disciplinary action against the clearing

member as it may determine from time to time. Any disciplinary action which the relevant authority

takes pursuant to the above shall not affect the obligations of the clearing member to the Clearing

Corporation or any remedy to which the Clearing Corporation may be entitled under applicable

law.

CHAPTER VII: DEALINGS BY CLEARING MEMBERS

JURISDICTION

(1) All deals admitted by the Clearing Corporation in its Commodity Derivative Segment for

clearing and settlement shall be deemed to have been entered into in the city of Mumbai unless

provided otherwise expressly by the relevant authority.

(2) The relevant authority may, from time to time, specify deals as subject to a particular

jurisdiction, having regard to the type or nature of the deal, the exchange on which the deal was

struck and other relevant factors.

2. RECORD FOR EVIDENCE

The record of the Commodity Derivative Segment as maintained by a central processing unit

or a cluster of processing units or computer processing units, whether maintained in any other

manner shall constitute the agreed and authentic record in relation to any deals cleared and

settled through the Clearing Corporation. For the purposes of any disputes regarding clearing

and settlement of deals, the records as maintained by the Clearing Corporation shall constitute

valid evidence in any dispute or claim between the constituents and the clearing member or

between the clearing members inter-se or between the clearing members and the Clearing

Corporation.

CLEARING MEMBER ONLY PARTIES TO DEALS

The Clearing Corporation in its Commodity Derivative Segment does not recognise as parties

to deals any persons other than its own clearing members, and every clearing member is directly

and wholly liable in accordance with whom such clearing member has any deal for due fulfilment

of the deal or to the Clearing Corporation as may be specified by the relevant authority, whether

such deal be for account of the clearing member effecting it or for account of a constituent.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

4. ALL DEALS SUBJECT TO RULES, BYELAWS AND REGULATIONS

All deals shall be made subject to the Rules, Byelaws and Regulations and this shall be a

part of the terms and conditions of all such deals and the deals shall be subject to the exercise by

the relevant authority of the powers with respect thereto vested in it by the Byelaws, Rules and

Regulations.

INVIOLABILITY OF ADMITTED DEALS

(1) All the dealings in the Commodities Derivative Segment of the Clearing Corporation

made subject to the Byelaws, Rules and Regulations shall be in- violable and shall be cleared

and settled in accordance with the Byelaws , Rules and Regulations. However, the Clearing

Corporation may by a notice annul the deal(s) on an application by a Clearing Member in that

behalf, if the relevant authority is satisfied after hearing the other party/parties to the deal(s) that

the deal(s) is /are fit for annulment on account of fraud or wilful misrepresentation or material

mistake in the deal.

(2) Notwithstanding anything contained in clause (1) above, the Clearing Corporation may,

to protect the interest of investors in securities and for proper regulation of the securities market,

suo motu annul deal(s) at any time if the relevant authority is satisfied for reasons to be recorded

in writing that such deal(s) is/ are vitiated by fraud, material mistake, misrepresentation or market

or price manipulation and the like.

(3) Any annulment made pursuant to clauses (1) and (2) above, shall be final and binding

upon the parties to deal(s). In such an event, the Clearing Member shall be entitled to cancel the

relevant deal(s) with its constituents.

DEALS BY REPRESENTATIVE CLEARING MEMBERS

A clearing member may authorise another clearing member to act as his representative for a

specified period with the prior permission of the relevant authority.

INDEMNITY

The Clearing Corporation shall not be liable for any activity of the Clearing member or any

person acting in the name of the clearing member whether authorised or unauthorised including

deals cleared and settled through the Clearing Corporation in the Commodity Derivative save

and except as and to the extent provided in the Byelaws and Regulations.

CHAPTER VIII : MARGINS

MARGIN REQUIREMENTS

(1) The relevant authority may from time to time prescribe requirements of margins for deals

cleared and settled through the Clearing Corporation in the Commodity Derivative Segment and

the clearing member shall furnish such margin as a condition precedent.

(2) Without prejudice to clause (1) above, the relevant authority may provide cross margin

benefit for deals cleared and settled through the Clearing Corporation for such positions in one or

more clearing segments subject to such terms and conditions as may be prescribed from time to

time.

(3) Every Clearing Member has a continuing obligation to maintain margins at such levels

and during such periods as may be stipulated by the Clearing Corporation from time to time.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---5+

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

FORM OF MARGIN

The margins to be provided by a clearing member under the Bye Laws and Regulations in

the Commodity Derivative Segment shall be in cash. The relevant authority may at its discretion

accept deposit receipts, guarantee of a bank(s) approved by the relevant authority or securities

approved by it or such other mode as may be approved and subject to such terms and conditions

as the relevant authority may impose from time to time. Any such substitute like deposit receipt,

securities approved by it or any other mode duly approved shall be deemed to have been pledged

and/or hypothecated as the case may be in favour of the Clearing Corporation in respect of

Commodity Derivative Segment.

QUANTUM OF MARGIN

The Clearing Member depositing margins, in the form of securities or commodities by way of

pledge or otherwise or in such other mode as may be specified by the relevant authority from time

to time, shall always maintain the value thereof at not less than the quantum of margin required for

the time being covered by them by providing further security to the satisfaction of the relevant

authority which shall determine the said value and whose valuation shall conclusively fix the

amount of any deficiency to be made up from time to time.

MARGIN TO BE HELD BY THE CLEARING CORPORATION IN RESPECT OF

COMMODITY DERIVATIVE SEGMENT

The margins shall be held by the Clearing Corporation in respect of Commodity Derivative

Segment and when they are in the form of bank deposit receipts, securities, commodities such

receipts, securities, commodities may be transferred to such persons or to the name of a custodian

or such other entity approved by the Clearing Corporation. All margin deposits shall be held by

the Clearing Corporation and/or by the approved persons and/or by the approved custodian in

such form and on such account as the Clearing Corporation may deem fit without any right

whatsoever on the part of the depositing clearing member or those in its right to call in question

the exercise of such discretion.

LIEN ON MARGINS

The monies paid by way of margin or bank deposit receipts or other securities or assets

pledged or hypothecated by a clearing member in lieu of margin under the provisions of the Bye

Laws and Regulations shall be subject to a first and paramount lien for all sums due to the Clearing

Corporation in respect of Commodity Derivative Segment Margin shall be available in preference

to all other claims against the clearing member for the due fulfilment of his obligations and liabilities

arising out of or incidental to any deals made subject to the Bye Laws, Rules and Regulations or

anything done in pursuance thereof.

UTILISATION FOR FAILURE TO MEET OBLIGATIONS

(1)

In the event a clearing member fails to meet obligations to the Clearing Corporation

arising out of clearing and settlement operations of such deals on Commodity Derivative Segment

as provided in the Bye Laws and Regulations, the relevant authority shall be entitled to utilise any

amount paid by the said clearing member in the form of margin or any other payment retained by

the Clearing Corporation for the purpose of clearing and settlement on the Commodity Derivative

Segment

(2) In case of default by a clearing member to the Clearing Corporation arising out of the

positions in one or more clearing segments, the relevant authority shall be entitled to utilise the

margins or any other monies of such a clearing member in any other clearing segment in order to

meet the obligations arising out of such positions.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

EVASION OF MARGIN REQUIRMENTS FORBIDDEN

A clearing member shall not directly or indirectly enter into any arrangement or adopt any

procedure for the purpose of evading or assisting in the evasion of the margin requirements

specified under the Bye Laws and Regulations.

SUSPENSION ON FAILURE TO PAY MARGIN

If a clearing member fails to pay margin as required in the Bye Laws and Regulations, the

relevant authority may take such action as it may deem fit and specify from time to time including

suspension.

CLEARING FEES

The relevant authority may prescribe from time to time fees, charges and recoveries to be

levied on the clearing members in respect of clearing and settlement of deals.

CHAPTER IX : RIGHTS AND LIABILITIES OF CLEARING MEMBERS AND CONSTITUENTS

MARGIN FROM CONSTITUENTS

A clearing member shall demand from his constituent the margin he has to provide under the

Rules, Bye Laws and Regulations in respect of the business done by him for such constituent. A

clearing member shall also demand and collect an initial margin in cash, securities or commodities

from his constituent before undertaking to clear his obligations and to stipulate that the constituent

shall pay a margin or furnish additional margin as may be specified by the Clearing Corporation

from time to time. The constituent shall when from time to time called upon to do so forthwith pay

margins and furnish additional margins as required under the Rules, Bye Laws and Regulations

in respect of his obligations and as agreed upon by him with the clearing member concerned.

CONSTITUENT IN DEFAULT

(1) A clearing member shall not transact business directly or indirectly for a constituent who

to his knowledge is in default to another clearing member unless such constituent shall have

made a satisfactory arrangement with the clearing member who is his creditor.

(2) On the application of a creditor clearing member who refers or has referred to arbitration

his claim against the defaulting constituent as provided in the Rules, Bye Laws and Regulations,

the relevant authority shall issue orders against any clearing members restraining them from paying

or delivering to the defaulting constituent any monies or securities up to an amount or value not

exceeding the creditor member’s claim payable or deliverable by him to the defaulting constituent

in respect of deals subject to the Bye Laws, Rules and Regulations, which moneys and securities

shall be deposited with the clearing corporation. The moneys and securities deposited shall be

disposed of in terms of the award in arbitration and pending a decree shall be deposited with the

concerned Court when filing the award unless the creditor clearing member and the defaulting

constituent mutually agree otherwise.

CLOSING-OUT OF CONSTITUENT’S ACCOUNT

Unless otherwise specified by the relevant authority from time to time, when closing- out the

account of a constituent a clearing member may assume or take over such deals to his own

account as a principal at prices which are fair and justified by the condition of the market or he

may close-out in the open market and any expense incurred or any loss arising therefrom shall be

borne by the constituent.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

CLOSING-OUT BY CONSTITUENT ON FAILURE TO PERFORM A DEAL

If a clearing member fails to complete the performance of a deal by delivery or payment in

accordance with provisions of the Rules, Bye Laws and Regulations, the constituent shall, after

giving notice in writing to the clearing member, close out such deal through any other clearing

member as soon as possible and any loss or damages sustained as a result of such closing out

shall be immediately payable by the defaulting clearing member to the constituent. If the closing

out be not effected as provided herein, the damages between the parties shall be determined on

such basis as may be specified by the relevant authority from time to time and the constituent and

the clearing member shall forfeit all further rights of recourse against each other.

COMPLAINT BY CONSTITUENT

When a complaint has been lodged by a constituent with the relevant authority that any

clearing member has failed to perform his dealings, the relevant authority shall investigate the

complaint and if it is satisfied that the complaint is justified it may take such disciplinary action as

it deems fit in accordance with the provisions contained in Chapter V of the Rules of the Commodity

Derivative Segment of the Clearing Corporation.

RELATIONSHIP BETWEEN CLEARING MEMBER AND CONSTITUENT

Without prejudice to any other law for the time being in force and subject to these Bye laws,

the mutual rights and obligations inter se between the clearing members and their constituents

shall be such as may be specified by the relevant authority from time to time.

CHAPTER X: ARBITRATION

1. All claims, disputes, differences, arising between Clearing Members and Constituents or

between Clearing Members inter se arising out of or related to deals admitted for clearing and

settlement by the Clearing Corporation in respect of Commodity Derivative Segment or with

reference to anything done in respect thereto or in pursuance of such deals shall be referred to

and decided by arbitration as provided in the Rules, Byelaws and Regulations of the National

Stock Exchange of India Limited if the deal originated from it or in pursuance thereof.

All claims, disputes, differences, arising between Clearing Members and Constituents or

between Clearing Members inter se arising out of or related to deals admitted for clearing and

settlement by the Clearing Corporation in respect of Commodity Derivative Segment or with

reference to anything done in respect thereto or in pursuance of such deals shall be referred to

and decided by arbitration as provided in the Rules, Byelaws and Regulations of the Clearing

Corporation if the deal originated from any Specified Exchange other than the National Stock

Exchange of India Limited or in pursuance thereof. The provisions of these Byelaws providing for

such arbitration are as hereunder :

(1) Definitions––

(a)

‘arbitrator’ shall mean a sole arbitrator or a panel of arbitrators.

(b)

‘Act’ shall mean the Arbitration and Conciliation Act, 1996 and includes any

statutory modification, replacement or re-enactment thereof, for the time being in force.

Reference to Arbitration

(2) All claims, differences or disputes between the Clearing Members inter se and between

Clearing Members and Constituents arising out of or in relation to dealings, contracts and

transactions admitted for clearing and settlement on the Clearing Corporation subject to the Bye-

Laws, Rules and Regulations or with reference to anything incidental thereto or in pursuance

thereof or relating to their validity, construction, interpretation, fulfillment or the rights, obligations

and liabilities of the parties thereto shall be submitted to arbitration in accordance with the provisions

of these Byelaws and Regulations.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Provisions of these Byelaws and Regulations deemed to form part of all dealings, contracts

and transactions

(3) In all dealings, contracts and transactions, which are admitted for clearing and settlement

on the Clearing Corporation subject to the Byelaws, Rules and Regulations, the provisions relating

to arbitration as provided in these Byelaws and Regulations shall form and shall be deemed to

form part of the dealings, contracts and transactions and the parties shall be deemed to have

entered into an arbitration agreement in writing by which all claims, differences or disputes of the

nature referred to in Byelaw (2) above shall be submitted to arbitration as per the provisions of

these Byelaws and Regulations.

Limitation period for reference of claims, differences or disputes for arbitration

(4) All claims, differences or disputes referred to in Byelaw (2) above shall be submitted to

arbitration within six months from the date on which the claim, difference or dispute arose or shall

be deemed to have arisen. The time taken in conciliation proceedings, if any, initiated and

conducted as per the provisions of the Act and the time taken by the relevant authority to

administratively resolve the claims, differences or disputes shall be excluded for the purpose of

determining the period of six months.

Power of the relevant authority to prescribe Regulations

(5) (a) The relevant authority may, from time to time prescribe Regulations for the following :

(i) the procedure to be followed by the parties in arbitral proceedings. In particular, and

without prejudice to the generality of the foregoing power, such procedure may, inter alia,

provide for the following :

(a) the forms to be used ;

(b) the fees to be paid ;

parties ;

(d) matters relating to requests from the parties for amending or supplementing the

pleadings ; and

(e) the consequences upon failure to submit such pleadings by the parties.

(ii) the procedure to be followed by the arbitrator in conducting the arbitral proceedings.

In particular, and without prejudice to the generality of the foregoing power, such procedure

may, inter alia, provide for,––

(a) adjournment of hearings ; and

(b) terms and conditions subject to which the arbitrator may appoint experts to report

on specific issues and the procedure to be followed in arbitral proceedings upon such an

appointment.

(iii) Different set of arbitration procedures for different claims, differences or disputes

after taking into consideration such circumstances and facts as the relevant authority may

deem fit which circumstances and facts may include the value of the subject matter and the

persons who are involved as parties to such claims, differences or disputes.

(iv) creation of seats of arbitration for different regions or prescribing geographical locations

for conducting arbitrations and prescribing the courts which shall have jurisdiction for the

purpose of the Act.

(v) The claims, differences or disputes which may be referred to a sole arbitrator and the

claims, differences or disputes which may be referred to a panel of arbitrators.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(vi) The procedure for selection of persons eligible to act as arbitrators.

(vii) The procedure for appointment of arbitrator.

(viii) The terms, conditions and qualifications subject to which any arbitrator may be

appointed.

(ix) determination of the number of arbitrators in the case of a panel of arbitrators.

(x) the time period within which a substitute arbitrator has to be appointed in case the

office of the arbitrator falls vacant for any reason whatsoever.

(xi) The matters to be disclosed by any person who is approached in connection with

his possible appointment as an arbitrator.

(xii) The procedure to be adopted by the parties for challenging the appointment of an

arbitrator.

(xiii) (a) The claims, differences or disputes which, may be decided by the arbitrator

without a hearing unless either party in writing requests the relevant authority for a hearing

and the time period within which such a request shall be made.

(b)The claims, differences or disputes which, may be decided by the arbitrator only by

hearing the parties unless both the parties jointly waive the right to such hearing and the

time period within which such a waiver shall be made.

(xiv) The place of arbitration for each reference and the places where the arbitrator

can meet for consultation, for hearing witnesses, experts, or the parties, or for inspection of

documents, goods or other property.

(xv) The making of the arbitral award including the manner in which a decision is to be

taken in the case of panel of arbitrators and the form and contents of the arbitral award.

(xvi) The term arbitral award shall also include an arbitral award on agreed terms.

Prescriptions as to the contents of the arbitral award may include provisions for costs and

where the arbitral award is for the payment of money, may include interest payable on

principal sum due.

(xvii) The amount of deposit or supplementary deposit, as the case may be, as an

advance for the costs which it expects will be incurred in respect of the claim, difference or

dispute; provided where a counter-claim is submitted to the arbitrator, a separate amount

of deposit for the counter-claim may also be specified.

(xviii) The administrative assistance which the Clearing Corporation may render in

order to facilitate the conduct of arbitral proceedings.

(xix) All matters regarding the mode and the manner of service of notices and

communications by the parties including communication addressed to arbitrator.

(xx) Any other matter which in the opinion of the relevant authority is required to be

dealt with in the Regulations to facilitate arbitration.

(5) (b) The relevant authority from time to time may amend, modify, alter, repeal, or add to the

provisions of the Regulations.

Disclosure by persons to be appointed as arbitrators

(6) Every person who is approached in connection with his possible appointment as an

arbitrator, shall disclose to the relevant authority in writing any circumstances likely to give rise to

justifiable doubts as to his independence and impartiality. If the person discloses any circumstances

which in the opinion of the relevant authority are likely to give rise to justifiable doubts as to his

independence and impartiality, then he shall not be appointed as an arbitrator.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Disclosure by persons appointed as arbitrators

(7) An arbitrator, from the time of his appointment and throughout the arbitral proceedings,

shall, without delay, disclose to the relevant authority in writing any circumstances referred to in

Byelaw (6) above which have come to his knowledge after his appointment as an arbitrator.

Termination of mandate of the arbitrator

(8) The mandate of the arbitrator shall terminate if,––

(a) the arbitrator withdraws from office for any reason ; or

(b) in the opinion of the relevant authority, the arbitrator becomes de jure or de facto

unable to perform his functions or for other reasons fails to act without undue delay including

failure to make the arbitral award within the time period specified by the relevant authority.

Such a decision of the relevant authority shall be final and binding on the parties ; or

written request for the termination of the mandate of the arbitrator from both the parties to

arbitration; or

(d) the arbitrator discloses any circumstances referred to in Byelaws (6) and (7) which in

the opinion of the relevant authority are likely to give rise to justifiable doubts as to his

independence and impartiality ; or

(e) the arbitral proceedings are terminated as provided for herein.

Supplying of vacancy to the office of the arbitrator

(9) At any time before the making of the arbitral award should the office of the arbitrator fall

vacant for any reason whatsoever including any vacancy due to the illness or death of the arbitrator

or termination of the mandate of the arbitrator by the relevant authority or otherwise, the vacancy

shall be supplied by the relevant authority by following the same procedure as specified by it for

appointment of the arbitrator.

Consideration of recorded proceedings and evidence

(10) Unless otherwise agreed by parties, any arbitrator who has been appointed by the relevant

authority to supply a vacancy to the office of the arbitrator may repeat any hearings previously

held.

Order or ruling of previous arbitrator not invalid

(11) An order or ruling of the arbitrator made prior to the termination of his mandate shall not

be invalid solely because his mandate has been terminated; provided that when the termination

has been effected pursuant to Byelaw (7)(d), the order or ruling of the arbitrator made prior to

termination of his mandate shall become invalid unless otherwise agreed upon by the parties.

Interim arbitral award and interim measures ordered by the arbitrator

(12) The arbitrator may be empowered to make an interim arbitral award as well as to provide

interim measures of protection. An arbitrator may require a party to provide appropriate security in

connection with an interim measure.

Appearance in arbitral proceedings by counsel, attorney or advocate

(13) In arbitral proceedings where both the parties are Clearing Members, the parties shall

not be permitted to appear by counsel, attorney or advocate but where one of the parties is a

Constituent, then the Constituent shall be permitted to appear by counsel, attorney or advocate. If

the Constituent chooses to appear by counsel, attorney or advocate, then the Clearing Member

shall be granted a similar privilege.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---6

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Arbitral award by arbitrator

(14) The arbitrator shall make the arbitral award within one month from the date of entering

upon the reference and the time to make the award may be extended from time to time by the

relevant authority on an application by either of the parties or the arbitrator as the case might be.

For the purpose of this Byelaw the arbitrator shall be deemed to have entered upon a reference

on the date on which the arbitrator has or is deemed to have applied his mind.

Arbitration proceedings subject to the provisions of the Act

(15) The arbitration proceedings as provided for by the provisions of these Byelaws and

Regulations shall be subject to the provisions of the Act to the extent not provided for in these

Byelaws or the Regulations.

Construction of references

(16) For the purposes of section 2(6) of the Act, in all claims, differences or disputes which

are required to be submitted to arbitration as per the provisions of these Byelaws and the

Regulations, wherever Part A of the Act leaves the parties free to determine a certain issue, the

parties shall be deemed to have authorised the relevant authority to determine that issue.

Administrative assistance

(17) For the purpose of section 6 of the Act, in all claims, differences or disputes which are

required to be submitted to arbitration as per the provisions of these Byelaws and Regulations,

the parties shall be deemed to have arranged for administrative assistance of the relevant authority

in order to facilitate the conduct of the arbitral proceedings.

Jurisdiction

(18) All parties to a reference to arbitration under these Byelaws and Regulations and the

persons, if any, claiming under them, shall be deemed to have submitted to the exclusive jurisdiction

of the courts in Mumbai or any other court as may be specified by the relevant authority for the

purpose of giving effect to the provisions of the Act.

3. The provisions of Byelaws (1) & (2) shall become applicable to all claims, differences,

disputes between the parties mentioned therein for all dealings, contracts and transactions admitted

for clearing and settlement on the Clearing Corporation in respect of Commodity Derivative

Segment and made subject to the byelaws, rules and regulations provided such dealings, contracts

and transactions had been entered into between the parties mentioned therein prior to or to the

date on which the Clearing Member was either declared a defaulter or expelled or has surrendered

his trading membership.

CHAPTER XI: DEFAULT

1. DECLARATION OF DEFAULT

A clearing member may be declared a defaulter by direction/circular/notification of the relevant

authority of the Clearing Corporation if:

(1) he is unable to fulfil his clearing or settlement obligations; or

(2) he admits or discloses his inability to fulfil or discharge his duties, obligations and

liabilities ; or

(3) he fails or is unable to pay within the specified time the damages and the money

difference due on a closing-out effected against him under the Rules, Bye Laws and

Regulations ; or

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(4) he fails to pay any sum due to the Clearing Corporation as the relevant authority may

from time to time prescribe ; or

(5) if he fails to pay or deliver all moneys, securities, commodities and other assets due

to a clearing member who has been declared a defaulter within such time of declaration of

default of such clearing member in such manner and to such person as the relevant authority

may direct; or

6) if he fails to abide by the arbitration award as laid down under the Rules, Bye Laws

and Regulations ; or

(7) if he has been adjudicated as an insolvent by a court of competent jurisdiction in the

petition filed by any of his creditors, he shall ipso facto be declared a defaulter though he may

not have at the same time defaulted on any of his obligations on the Clearing Corporation ;or

(8) if he files a petition before a court of competent jurisdiction for adjudication of himself

as an insolvent ; or

(9) under any other circumstances as may be decided by the relevant authority from time

to time.

1A.

Without prejudice to the foregoing provisions contained in Byelaw (1) of this chapter,

where a clearing member, who is also a member/ trading member of any of the recognised Stock

Exchanges, is declared a defaulter by such Stock Exchange, the said clearing member shall ipso

facto stand declared a defaulter by the Relevant Authority.

1B.

Notwithstanding anything contained in the Byelaws and Rules of Clearing Corporation,

if a clearing member is an Associate of a member/ trading member declared a defaulter by any

recognised stock exchange, the said clearing member shall render itself liable to be declared a

defaulter by the Relevant Authority.

Explanation:

The expression “Associate” for the purpose of the above Byelaw shall have the meaning as

maybe defined by SEBI from time to time.

CLEARING MEMBER’S DUTY TO INFORM

A clearing member shall be bound to notify the Clearing Corporation immediately if there be

a failure by any clearing member to discharge his liabilities in full.

COMPROMISE FORBIDDEN

A clearing member shall not accept from any clearing member anything less than a full and

bona fide money payment in settlement of a debt arising out of a deal cleared through the Clearing

Corporation.

NOTICE OF DECLARATION OF DEFAULT

On a clearing member being declared a defaulter, a notice shall be forthwith issued to all the

clearing members of the Clearing Corporation.

NOTICE TO THE STOCK EXCHANGE

On a clearing member being declared a defaulter, a notice shall be forthwith issued to the

Specified Exchange if the clearing member is also a trading member of that Exchange.

DEFAULTER’S BOOKS AND DOCUMENTS

When a clearing member has been declared a defaulter, the relevant authority shall take

charge of all his books of accounts, documents, papers and vouchers to ascertain the state of his

affairs and the defaulter shall hand over such books, documents, papers and vouchers to the

relevant authority.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---7

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

LIST OF DEBTORS AND CREDITORS

The defaulter shall file with the relevant authority within such time of the declaration of his

default as the relevant authority may direct, a written statement containing the complete list of his

debtors and creditors and the sum owing by and to each.

DEFAULTER TO GIVE INFORMATION

The defaulter shall submit to the relevant authority such statement of accounts, information

and particulars of his affairs as the relevant authority may from time to time require and if so

desired shall appear before the relevant authority at its meetings held in connection with his

default.

INQUIRY

The relevant authority may conduct a strict inquiry into the accounts and dealings of the

defaulter in the market and shall report anything improper, un-business like or unbecoming a

clearing member in connection therewith which may come to its knowledge.

10.

DEFAULTER’S ASSETS

The Relevant Authority shall call in and realise the security deposits in any form, margin

money, other amounts lying to the credit of and commodities and securities deposited by the

defaulter and recover all moneys, commodities, securities and other assets due, payable or

deliverable to the defaulter by any other Clearing Member in respect of any deal or dealing made

subject to the Bye-laws, Rules and Regulations of the Clearing Corporation and such assets

shall vest ipso facto, on declaration of any Clearing Member as a defaulter, in the Clearing

Corporation for the benefit of and on account of the Clearing Corporation, the relevant Specified

Exchange, Securities and Exchange Board of India, Constituents of the defaulter, approved banks

and any other persons as may be approved by the Relevant Authority and other recognised stock

exchanges / clearing corporations.

11.

PAYMENT TO RELEVANT AUTHORITY

(1) All monies, commodities, securities and other assets due, payable or deliverable to the

defaulter must be paid or delivered to the relevant authority within such time of the declaration of

default as the relevant authority may direct. A clearing member violating this provision may be

declared a defaulter.

(2) A clearing member who shall have received a difference on account or shall have received

any consideration in any deal prior to the date fixed for settling such account or deal shall, in the

event of the clearing member from whom he received such difference or consideration being

declared a defaulter, refund the same to the relevant authority for the benefit and on account of the

creditor members. Any clearing member who shall have paid or given such difference or

consideration to any other clearing member prior to such settlement day shall again pay or give

the same to the relevant authority for the benefit and on account of the creditor member in the

event of the default of such other member.

(3) A clearing member who receives from another clearing member during any clearing a

claim note or credit note representing a sum other than difference due to him or due to his constituent

which amount is to be received by him on behalf and for the account of that constituent shall

refund such sum if such other clearing member be declared a defaulter within such number of

days as specified by the relevant authority after the settling day. Such refunds shall be made to

the relevant authority for the benefit and on account of the creditor members and it shall be applied

in liquidation of the claims of such creditor members whose claims are admitted in accordance

with the Rules, Bye Laws and Regulations.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

12.

DISTRIBUTION

The relevant authority shall at the risk and cost of the creditor members pay all assets received

in the course of realisation into such bank and/or keep them with the Clearing Corporation in such

names as the relevant authority may from time to time direct and shall distribute the same in

accordance with the Rules, Bye Laws and Regulations.

13.

CLOSING-OUT

(1) Clearing members having open deals with the defaulter shall close out such deals after

declaration of default. Such closing out shall be in such manner as may be specified by the relevant

authority from time to time. Subject to the regulations in this regard specified by the relevant authority,

when in the opinion of the relevant authority, circumstances so warrant, such closing out shall be

deemed to have taken place in such manner as may be determined by the relevant authority.

(2) Differences arising from the above adjustments of closing out shall be claimed from the

defaulter or paid to the relevant authority for the benefit of creditor clearing members of the defaulter.

14.

CLAIMS AGAINST DEFAULTER

Within such time of the declaration of default as the relevant authority may direct every clearing

member carrying on business on the Clearing corporation shall, as it may be required to do, either

compare with the relevant authority his accounts with the defaulter duly adjusted and made up as

provided in the Rules, Bye-Laws and Regulations or furnish a statement of such accounts with

the defaulter in such form or forms as the relevant authority may prescribe or render a certificate

that he has no such account.

15.

DELAY IN COMPARISON OR SUBMISSION OF ACCOUNTS

Any clearing members failing to compare his accounts or send a statement or certificate

relating to a defaulter within the time specified shall be called upon to compare his accounts or

send such statement or certificate within such further time as may be specified.

16.

PENALTY FOR FAILURE TO COMPARE OR SUBMIT ACCOUNTS

The relevant authority may take such action as it may deem fit including levying of fine and

suspension on any clearing member who fails to compare his accounts or submit a statement of

its account with the defaulter or a certificate that he has no such account within the specified time.

17.

MISLEADING STATEMENT

The relevant authority may take such action as it may deem fit including levying of fine and

suspension, if it is satisfied that any comparison statement or certificate relating to a defaulter sent

by such clearing member was false or misleading.

18.

ACCOUNTS OF RELEVANT AUTHORITY

The relevant authority shall keep a separate account in respect of all monies, commodities,

securities and other assets payable to a defaulter which are received by it and shall defray therefrom

from all costs, charges and expenses incurred in or about the collection of such assets or in or

about any proceedings it takes in connection with the default.

19.

APPLICATION OF ASSETS

The Relevant Authority shall apply the net assets remaining in its hands after defraying all

such costs, charges and expenses as are allowed under the Rules, Byelaws and Regulations to

be incurred by the Clearing Corporation, in satisfying the claims in the order of priority provided

hereunder :––

(a) Dues to the Clearing Corporation, the relevant Specified Exchange, Securities and

Exchange Board of India.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---7+

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

The payment of such subscriptions, debts, fines, fees, charges and other money/ies due

to Clearing Corporation, the relevant Specified Exchange and Securities and Exchange Board

of India on a pro-rata basis,

(b) Dues to Constituents of the defaulter

The payments as may be admitted by the Relevant Authority, as being due to Constituents

of the defaulter for debts, liabilities, obligations and claims arising out of any contracts made

by the defaulter subject to the Rules, Bye-laws and Regulations of the Clearing Corporation,

provided that if the amount is insufficient then the amounts shall be distributed pro-rata amongst

all the Constituents of the defaulter,

Relevant Authority

After making payments under (b) above, the amounts remaining, if any, shall be utilised

to meet the claims of the approved banks and of any other person as may be admitted by the

Relevant Authority. The claims of the approved banks should have arisen by virtue of Clearing

Corporation or the relevant Specified Exchange invoking any bank guarantee issued by the

bank concerned to the Clearing Corporation or the relevant Specified Exchange as the case

may be on behalf of the defaulter to fulfil his obligation of submitting bank guarantee,

guaranteeing discharge of obligations under the Byelaws, Rules and Regulations of Clearing

Corporation / the relevant Specified Exchange. The claims of other persons should have

arisen out of or incidental to the clearing and settlement of a deal on the Clearing Corporation

or requirements laid down by the Clearing Corporation, provided that if the amount available

be insufficient to pay all such claims in full, they shall be paid pro-rata,

(d) Dues to any other recognised stock exchange/clearing corporation

After meeting the claims under (c) above, the remaining amounts, if any, shall be disbursed

to any other recognised stock exchange / clearing corporation for the purpose of meeting the

obligations of the defaulter as a member of that exchange/clearing corporation. If the defaulter

is a member of more than one recognised stock exchange/clearing corporation, then the

remaining amounts shall be distributed amongst all such recognised stock exchanges /

clearing corporations and if the remaining amount is insufficient to meet the claims of all such

stock exchanges/clearing corporations, then the remaining amount shall be distributed pro-

rata among all such stock exchanges/clearing corporations; and

(e) Surplus

The surplus amounts, if any, remaining after meeting all the above claims, shall be paid

to the Clearing Member and in case where the Clearing Member has expired, the surplus

amount shall be paid to his legal heirs / legal representatives.

20. CERTAIN CLAIMS NOT TO BE ENTERTAINED

The relevant authority shall not entertain any claim against a defaulter :

(1) which arises out of a contract in securities, dealings in which are not permitted or which

are not made subject to Bye Laws, Rules and Regulations or in which the claimant has either not

paid himself or colluded with the defaulter in evasion of margin payable on bargains in any security ;

(2) which arises out of a contract in respect of which comparison of accounts has not been

made in the manner specified in the Rules, Bye Laws and Regulations or when there has been

no comparison if a contract note in respect of such deals has not been rendered as provided in the

Rules, Bye Laws and Regulations ;

(3) which arises from any arrangement for settlement of claims in lieu of bonafide money

payment in full on the day when such claims become due ;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(4) which is in respect of a loan with or without security ;

(5) which is not filed with the relevant authority within such time of date of declaration of

default as may be specified by the relevant authority.

21.

ASSIGNMENT OF CLAIMS ON DEFAULTERS’ ESTATE

A Clearing member being a creditor of a defaulter shall not sell, assign or pledge the claim on

the estate of such defaulter without the consent of the relevant authority.

22.

PROCEEDINGS IN THE NAME OF OR AGAINST THE DEFAULTER

The Relevant Authority shall be empowered to (a) initiate any proceedings in a court of law

either in the name of the Clearing Corporation or in the name of the defaulter against any person

for the purpose of recovering any amounts due to the defaulter; (b) initiate any proceedings in a

court of law either in the name of Clearing Corporation or in the name of the creditors (who have

become creditors of the defaulter as a result of deals cleared and settled subject to Byelaws,

Rules and Regulations of the Clearing Corporation) of the defaulter against the defaulter for the

purpose of recovering any amounts due from the defaulter. The defaulter as well as the creditors

of the defaulter shall be deemed to have appointed the Clearing Corporation as their constituted

attorney for the purpose of taking such proceedings.

23. PAYMENT OF RELEVANT AUTHORITY

If any clearing member takes any proceedings in a court of law against a defaulter whether

during the period of its default or subsequent to its re-admission to enforce any claim against the

defaulter’s estate arising out of any admitted deals in the market made subject to the Bye Laws,

Rules and Regulations before it was declared a defaulter and obtains a decree and recovers any

sum of money thereon, it shall pay such amount or any portion thereof as may be fixed by the

relevant authority for the benefit and on account of the creditor members having claims against

such defaulter.

CHAPTER XII: CORE SETTLEMENT GUARANTEE FUND

Objective of the Core Settlement Guarantee Fund (CSGF)

The Clearing Corporation shall have a fund called Core Settlement Guarantee Fund (CSGF)

for each clearing segment with respect to each segment of the Specified Stock Exchange to

guarantee the settlement of trades executed in the respective segment of the Specified Stock

Exchange. In the event a Clearing Member fails to fulfill the settlement obligations, the CSGF

shall be used to fulfill the settlement obligations of the Clearing Member and complete the settlement

without affecting the normal settlement process.

Corpus of the CSGF

(1) The corpus of the CSGF shall be adequate to meet out all the contingencies arising on

account of failure of any Clearing Member(s).

(2) The quantum of the corpus of the CSGF shall be determined by taking into consideration

the risk or liability to the CSGF on account of various factors including trade volume, delivery

percentage, maximum settlement liability of the Clearing Members, the history of defaults of the

Clearing Members, capital adequacy of the Clearing Members and the degree of safety measures

employed by the Clearing Corporation. In order to assess the fair quantum of the corpus of the

CSGF, the Clearing Corporation shall consider the following factors :

(a) Risk management system in force

(b) Current and projected volume/turnover to be cleared and settled by the Clearing

Corporation on guaranteed basis

default of the Clearing Members)

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Minimum Required Corpus of the CSGF

The Relevant Authority shall specify from time to time the Minimum Required Corpus (MRC)

of the CSGF for each clearing segment of the Clearing Corporation with respect to each segment

of the Specified Stock Exchange in accordance with the norms prescribed by SEBI from time to

time.

Constitution of the Corpus of CSGF

The corpus of CSGF shall consist of the following :

(a) Contributions of various contributors :–

The contributions of various contributors to the CSGF at any point of time shall be as follows:

(i) Clearing Corporation’s contribution : The Clearing Corporation’s contribution to CSGF

shall be at least 50% of the MRC. The Clearing Corporation shall make this contribution from its

own funds. The Clearing Corporation’s contribution to CSGF shall be considered as part of its net

worth.

(ii) Specified Stock Exchange’s contribution : The Specified Stock Exchange’s contribution

to CSGF shall be at least 25% of the MRC.

(iii) Clearing Member’s primary contribution : The Clearing Corporation may seek risk based

contribution from Clearing Members of the clearing segment to the CSGF subject to the following

conditions :

• The total contribution from the Clearing Members shall not be more than 25% of the MRC.

Such contribution shall ordinarily be in the form of cash contribution to CSGF. However, the

Clearing Corporation may accept the Clearing Member’s contribution in the form of bank fixed

deposits, Central Government Securities or any other form in accordance with the norms prescribed

by SEBI from time to time.

• No exposure shall be available on CSGF contribution of any Clearing Member. For this

purpose, the exposure-free collateral of the Clearing Member available with the Clearing

Corporation can be considered towards CSGF contribution of the Clearing Member.

• The required contribution of each Clearing Member shall be pro-rata based on the risk that

they bring to the system.

• The Clearing Corporation shall have the flexibility to collect the Clearing Member’s primary

contribution either upfront or staggered over a period of time. In case of staggered contribution,

the remaining balance shall be met by the Clearing Corporation to ensure adequacy of total CSGF

corpus at all times. Such Clearing Corporation contribution shall be available to the Clearing

Corporation for withdrawal as and when further contributions from the Clearing Members are

received.

(b) Any penalties levied by the Clearing Corporation as per Regulation 32 of Securities

Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 (SECC

Regulations).

the contributors in proportion to their cash contribution.

Management of CSGF

(1) The Defaulters’ Committee/SGF utilization Committee of the Clearing Corporation shall

manage the CSGF.

(2) The Clearing Corporation shall follow prudential norms of investment policy for the CSGF

corpus and establish and implement policies and procedures to ensure that the CSGF corpus is

invested in accordance with the investment norms prescribed by SEBI from time to time.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Access to CSGF

The Clearing Corporation may utilise the CSGF in the event of a failure of the Clearing Members

to fulfill their settlement obligations.

Further contribution to / Recoupment of CSGF

(1) The requisite contributions to the CSGF by various contributors for any month shall be

made by the contributors before start of the month.

(2) The Clearing Corporation shall review and determine by 15th of every month the adequacy

of contributions made by various contributors as above and call for any further contributions to the

CSGF as may be required to be made by various contributors for the next month.

(3) In the event of usage of the CSGF during a calendar month, the contributors shall, as per

usage of their individual contribution, immediately replenish the CSGF to MRC.

(4) In case there is failure on part of some contributor(s) to replenish its (their) contribution,

the same shall be immediately met, on a temporary basis during the month, in the following order :

(a) By Clearing Corporation

(b) By Specified Stock Exchange

Default waterfall

The Default waterfall shall become applicable only in case the Clearing Member is declared

a defaulter after appropriation of the monies of the defaulting Clearing Member.

The default waterfall of the Clearing Corporation for any clearing segment shall follow the

following order :––

(a) Monies of the defaulting Clearing Member (including the defaulting Clearing Member’s

primary contribution to the CSGF(s) and excess monies of the defaulting Clearing Member in

other clearing segments.) ;

(b) Insurance, if any ;

(d) CSGF of the clearing segment in the following order :––

(i) Penalties ;

(ii) Clearing Corporation’s contribution to the extent of at least 25% of the clearing

segment MRC ;

(iii) Remaining CSGF: Clearing Corporation’s contribution, Specified Stock Exchange’s

contribution and non-defaulting Clearing Members’ primary contribution to CSGF on pro-

rata basis.

(e) Proportion of remaining Clearing Corporation resources (excluding Clearing

Corporation’s contribution to CSGFs of other clearing segments and INR 100 Crore) equal to

ratio of clearing segment MRC to sum of MRCs of all clearing segments.*

(f) Clearing Corporation/Specified Stock Exchange contribution to CSGF of other clearing

segments (after meeting obligations of those clearing segments) and remaining Clearing

Corporation resources to that extent as approved by SEBI.

(g) Capped additional contribution by non-defaulting Clearing Members of the clearing

segment. **

(h) Any remaining loss to be covered by way of pro-rata haircut to pay-outs. ***

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---7

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

Explanation

1. * INR 100 Crore to be excluded only when remaining Clearing Corporation resources

(excluding Clearing Corporation contribution to CSGFs of other clearing segments) are more

than INR 100 Crore.

2. **Clearing Corporation shall limit the liability of non-defaulting Clearing Members towards

additional contribution to a multiple of their required primary contribution to CSGF and the framework

regarding the same shall be disclosed. In case of shortfall in recovery of assessed amounts from

non-defaulting Clearing Members, further loss can be allocated to layer ‘f’ with approval of SEBI.

3. ***In case loss allocation is effected through haircut to payouts, any subsequent usage of

funds shall be with prior SEBI approval. Further, any exit by Clearing Corporation post using this

layer shall be as per the terms decided by SEBI in public interest.

9. Stress Testing and Back Testing

The Clearing Corporation shall conduct stress tests for credit risk, liquidity stress test, reverse

stress test, back testing for adequacy of margins and such other tests as may be appropriate in

accordance with the norms prescribed by SEBI from time to time.

CHAPTER XIII: MISCELLANEOUS

Save as otherwise specifically provided in the Bye Laws and Regulations specified by

the relevant authority regarding clearing and settlement arrangement, in promoting, facilitating,

assisting, regulating, managing and operating the Commodity Derivative Segment of the Clearing

Corporation should not be deemed to have incurred any liability, and accordingly no claim or

recourse in respect of or in relation to any dealing in securities, commodities or any matter

connected therewith shall lie against the Clearing Corporation or any authorised person(s) acting

for the Clearing Corporation.

2. No claim, suit, prosecution or other legal proceeding shall lie against the Clearing

Corporation or any authorised person(s) acting for Clearing Corporation in respect of anything

which is in good faith done or intended to be done in pursuance of any order or other binding

directive issued to Clearing Corporation under any law or delegated legislation for the time being

in force.

3. These Bye-laws shall be interpreted in a harmonious manner with a view to complying

with the requirements of the Relevant Acts and Rules & Regulations made thereunder, to effectuate

the purposes and businesses of the Clearing Corporation and to ensure that all practices in

connection with the business of the Clearing Corporation as well as the functions of Clearing and

Settlement process of transactions executed on the Concerned Exchanges are conducted in a

fair, just, reasonable manner in order to maintain the integrity of the markets, protect the investors

trading on the Concerned Exchanges, the Members of the Clearing Corporation.

For NSE Clearing Limited

R. JAYAKUMAR,

Sr. Vice President &

Company Secretary.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

CHAPTER 1: DEFINITIONS

BOARD

“ Board ” means Board of Directors of the Clearing Corporation.

BYE LAWS

Unless the context indicates otherwise, “Bye Laws” means the Bye Laws of Clearing Corporation for

the time being in force.

CLEARING BANK(S)

“ Clearing Bank(s) ” is/are such bank(s) as the Clearing Corporation may appoint to act as a funds

settling agency, for the collection of margin money for all deals cleared through the Clearing Corporation

and any other funds movement between Clearing Members and the Clearing Corporation and between

Clearing Members as may be directed by the Clearing Corporation from time to time.

CLEARING CORPORATION

“Clearing Corporation” means NSE Clearing Limited.

CLEARING MEMBER

‘‘ Clearing Member” means a member of Clearing Corporation and includes all categories of Clearing

Members as may be admitted as such by the Clearing Corporation but does not denote the shareholder of

the Clearing Corporation.

COMMODITIES

“Commodities” means such goods with respect to which derivative contracts are permitted by SEBI

for dealings in Commodity Derivatives Segment.

COMMODITY DERIVATIVE

“Commodity Derivative” means “commodity derivative” as defined under section 2 (bc) of Securities

Contracts (Regulation) Act, 1956 or as amended from time to time and includes such other contract as

may be permitted by SEBI to trade under ‘Commodity Derivatives Segment’

COMMODITY DERIVATIVE SEGMENT

“ Commodity Derivative Segment ” means Commodity Derivative Segment of Clearing Corporation

and also includes the different clearing sub-segments or divisions thereof for clearing and settlement of

deals as may be classified by the relevant authority from time to time.

CONSTITUENT/ CLIENT

A client/Constituent means a person, on whose instructions and on whose account the Clearing

Member clears and settles deals. For this purpose, the term “Client” shall include all registered constituents

of trading members of Specified Exchange.

Explanation 1 : The terms ‘Constituent’ and ‘Client’ are used interchangeably in the Byelaws, Rules

& Regulations and shall have the same meaning assigned herein.

Explanation 2 : For the purpose of Chapters IX, X & XI of the bye laws, the term ‘Constituent’ in

relation to trades shall also include a trading member where such trades done on the Specified Exchange

are cleared and settled on his behalf by a Clearing Member.

10.

CORE SETTLEMENT GUARANTEE FUND

‘‘ Core Settlement Guarantee Fund” means a fund established and maintained in accordance with

the relevant provisions of the Bye Laws of the Clearing Corporation.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

11.

DEALS

“ Deals ” means, unless the context indicates otherwise, trades executed on a Specified Exchange

which are admitted to be cleared and settled through the Clearing Corporation.

12.

REGULATIONS

“Regulations” means Regulations of the Clearing Corporation for the time being in force and includes

business rules, code of conduct and such other procedures and regulations, circulars, directives and

orders as issued by the relevant authority from time to time for the operations of the Clearing Corporation.

13.

RELEVANT AUTHORITY

“Relevant Authority” means the Board, Securities and Exchange Board of India or such other authority

as specified by the Board from time to time as relevant for a specified purpose.

14.

TRADING MEMBER

“Trading Member” means any person admitted as a member in any Exchange in accordance with

the Rules, Bye Laws and Regulations of that Exchange.

15.

SPECIFIED EXCHANGE

“Specified Exchange” or “specified exchange” or “Concerned Exchange” means a recognised stock

exchange under the Securities Contracts (Regulation) Act, 1956 dealings on which may be admitted to be

cleared and settled by the Clearing Corporation in its Commodity Derivative Segment subject to such

terms and conditions as may be specified from time to time by the relevant authority.

Note :The terms defined above shall mean the same when used in lower case in the Rules, Bye

Laws and Regulations, unless the context indicates otherwise.

CHAPTER II: BOARD

The Board is empowered to organise, maintain, control, manage, regulate and facilitate the

operations of the Clearing Corporation and all activities of the Clearing Members of the Clearing Corporation.

The Board is empowered to make Rules, Bye Laws and Regulations from time to time, for all or

any matters relating to the conduct of business of the Clearing Corporation, the business and transactions

of Clearing Members, between Clearing Members inter-se as well as the business and transactions

between Clearing Members and persons who are not Clearing Members, and to control, define and regulate

all such transactions and dealings and to do such acts and things which are necessary for the purposes

of the Clearing Corporation.

Without prejudice to the generality of the foregoing, the Board is empowered to make Regulations

for all or any of the following matters :

(1) conduct of business of the Clearing Corporation ;

(2) appointment and dissolution of Committee or Committees for any purpose of the Clearing

Corporation ;

(3) manner of operations and interfacing with exchanges, custodians, depository and clearing

bank(s) ;

(4) norms, procedures, terms and conditions for admission to membership of the Clearing

Corporation ;

(5) conditions, levy for admission or subscription for admission or continuance of Clearing

Membership of the Clearing Corporation ;

(6) conduct of Clearing Members with regard to the business of the Clearing Corporation ;

(7) prescription, from time to time, of capital adequacy and other norms which shall be required

to be maintained by different categories of Clearing Members ;

(8) charges payable by Clearing Members for business transacted through the Clearing

Corporation as may be laid down from time to time ;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(9) maintenance of records and books of accounts by Clearing Members as may be specified

from time to time;

(10) Investigation of the financial condition, business conduct and dealings of the Clearing

Members ;

(11) prescription from time to time, and administration of penalties, fines and other consequences,

including suspension/expulsion of Clearing Members from Clearing Corporation for violation of any

requirements of the Rules, Bye Laws and Regulations and the codes of conduct ;

(12) disciplinary action/ procedures against any Clearing Member;

(13) penalties for non-compliance with or contravention of the Bye Laws, Rules and Regulations

or of general discipline of the Clearing Corporation, including expulsion or suspension of the Clearing

Members;

(14) declaration of any Clearing Member as a defaulter or suspension or resignation or expulsion

from Clearing Membership of the Clearing Corporation and consequences thereof;

(15) such other matters in relation to the Clearing Corporation as may be specified under the

provisions of the Articles of Association, Bye Laws or these Rules or as may be necessary or

expedient for the organisation, maintenance, control, management, regulation and facilitation of the

operations of the Clearing Corporation.

The Board is empowered to delegate, from time to time, to any committee(s) or to the Managing

Director or to any person, such of the powers vested in it and on such terms as it may think fit, to manage

all or any of the affairs of the Clearing Corporation and from time to time, to revoke, withdraw, alter or vary

all or any of such powers.

The Board may, from time to time, constitute one or more committees comprising of members of

the Board or such others as the Board may in its discretion deem fit or necessary and delegate to such

committees such powers as the Board may deem fit and the Board may from time to time revoke such

delegation.

6. The Board shall have the authority to issue directives from time to time to any Committees or any

other person or persons to whom any powers have been delegated by the Board. Such directives issued

in exercise of this power, which may be of policy nature or may include directives to dispose off a particular

matter or issue, shall be binding on the concerned Committee(s) or person(s).

The Board is empowered to vary, amend, repeal or add to Bye Laws and Rules framed by it with

prior approval of SEBI, if any.

The Board is empowered to vary, amend, repeal or add to Regulations framed by it. Such changes

shall be intimated to SEBI within 24 hours.

The Members of the Board and of such committees as may be identified by the Board shall

adhere to the Code of Ethics as specified by SEBI.

CHAPTER III: COMMITTEE(S)

CONSTITUTION

One or more Committee(s) may be appointed by the Board for the purposes of managing the day to

day affairs of the different segment(s) of the Clearing Corporation. The Board may decide on the constitution,

duration and powers of the Committee(s), nomination and vacation of the nominees from the Committee(s)

and appointment of office bearers and rules and procedures for the functioning of the Committee(s).

POWERS OF COMMITTEE(S)

(1) The Board may delegate from time to time to the Committee(s) such of the powers vested in it and

upon such terms as it may think fit, to manage all or any of the affairs of the Clearing Corporation and from

time to time, to revoke, withdraw, alter or vary all or any of such powers.

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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(2) The Committee(s) shall be bound and obliged to carry out and implement any directives issued

by the Board from time to time and shall be bound to comply with all conditions of delegation and limitations

on the powers of the Committee(s) as may be specified.

CHAPTER IV: CLEARING MEMBERSHIP

1. MULTIPLE CATEGORY

The rights, privileges duties and responsibilities of a Clearing Member shall be subject to and in

accordance with the Rules, Bye Laws and Regulations of the Clearing Corporation. The relevant authority

may define and admit more than one category of Clearing Member for the same segment or for different

segments and may specify different norms including eligibility, admission and cessation of membership

for each type of Clearing Members.

2. ADMISSION AND FEES

(1) The relevant authority may specify different categories of Clearing Members and requirements

regarding qualification, net-worth, infrastructure and other relevant norms for each such category.

(2) The relevant authority may specify pre-requisites, conditions, formats and procedures for application

for admission, termination, re-admission, etc. of Clearing Members to all or any of the segments of the

Clearing Corporation. The relevant authority may, at its absolute discretion, refuse permission to any

applicant to be admitted as Clearing Member to all or any of the segments.

(3) Such fees, security deposit, contribution and other money as are specified by the relevant authority

would be payable on or before admission as Clearing Member and for continued appointment thereof.

ELIGIBILITY

(1) The following persons shall be eligible to become Clearing Members of the Clearing Corporation :

(a) Individuals ;

(b) Registered firms ;

(d) Bodies Corporate ;

(e) Companies as defined in the Companies Act, 1956 ;

(f) Companies as defined in the Companies Act, 2013 and

(g) Trusts registered or recognised under any Act.

(2) No person shall be admitted as a Clearing Member of the Commodity Derivative Segment of the

Clearing Corporation if such proposed member :

(a) is an individual who has not completed 21 years of age ;

(b) has been adjudged bankrupt or a receiving order in bankruptcy has been made against the

person or the person has been proved to be insolvent even though he has obtained his final discharge;

(d) has been convicted of an offence involving a fraud or dishonesty ;

(e) is a body corporate which has committed any act which renders it liable to be wound up

under the provisions of the law ;

(f) is a body corporate which has had a provisional liquidator or receiver or official liquidator

appointed to the person ;

(g) has been at any time expelled or declared a defaulter by any other stock exchange or

clearing corporation ;

(h) has been previously refused admission to Clearing Membership of the Clearing Corporation

unless the period of one year has elapsed since the date of rejection.

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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(3) No Limited Liability Partnership shall be eligible to be admitted to the clearing membership of the

Clearing Corporation unless :

(a) the Limited Liability Partnership is formed and registered under the Limited Liability Partnership

Act, 2008.

(b) the Limited Liability Partnership complies with the conditions of Rule 8(6) of the Securities

Contract (Regulation) Rules, 1957 pertaining to Limited Liability Partnership.

ADDITIONAL ELIGIBILITY CRITERIA

No person shall be eligible to be admitted to the Clearing Membership of the Clearing Corporation

unless the person satisfies such additional eligibility criteria as the Board or relevant authority may prescribe

from time to time for different classes of Clearing Members and clearing segments;

Provided however that the relevant authority may waive compliance with any or all of the admission

conditions and at its discretion waive the requirements set out as above, if it is of the opinion that the

person seeking admission is considered by the relevant authority to be otherwise qualified to be admitted

as a Clearing Member by reason of his means, position, integrity, knowledge and experience of business

in securities.

5. ADMISSION

(1) Any person desirous of becoming a Clearing Member shall apply to the Commodity Derivate

Segment of the Clearing Corporation for admission to the Clearing Membership of the relevant clearing or

Clearing sub segments of the Commodity Derivate Segment of the Clearing Corporation. Every application

shall be dealt with by the relevant authority which shall be entitled to admit or reject such applications at its

discretion.

(2) The application for admission of Clearing Members to each segment shall be made in such

formats as may be specified by the relevant authority from time to time.

(3) The application shall have to be submitted along with such fees, security deposit and other

monies in such form and in such manner as may be specified by the relevant authority from time to time.

(4) The applicant shall have to furnish such declarations, undertakings, certificates, confirmations

and such other documents or papers as may be specified from time to time by the relevant authority.

(5) The relevant authority shall have the right to call upon the applicant to pay such fees or deposit

such additional security in cash or kind, deposit or contribution to Core Settlement Guarantee Fund and

any other fund that may be maintained by the Clearing Corporation from time to time, to furnish any

additional guarantee or to require contribution to computerisation fund, training fund or fee, if any, as the

relevant authority may prescribe from time to time.

(6) The relevant authority may provisionally admit the applicant to Clearing Membership provided

that the applicant satisfies the eligibility conditions and other procedures and requirements of application

subject to such terms and conditions as may be specified by the relevant authority. Upon the relevant

authority being satisfied that all other terms and conditions and other requirements for the Clearing

Membership have been complied with, the applicant may be admitted as a Clearing Member. The granting

of provisional membership shall not entitle the applicant to any privileges and rights of Clearing Membership.

(7) The relevant authority may at its absolute discretion reject any application for admission without

communicating the reason thereof.

(8) If for any reason the application is rejected, the application fee or admission fee, if any, as the

case may be or part thereof as may be decided by the relevant authority may at its discretion be refunded

to the applicant, without any interest.

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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(9) The relevant authority may at any time from the date of admission to the Clearing Membership

withdraw the admission and expel a Clearing Member if he has in or at the time of his application for

admission to membership or during the course of the inquiry made by the relevant authority preceding his

admission :-

(i) made any wilful misrepresentation ; or

(ii) suppressed any material information required of him as to his character and antecedents ; or

(iii) has directly or indirectly given false particulars or information or made a false declaration.

(10) (a) The membership admission does not confer any ownership right as a member of the Clearing

Corporation and shall not be transferable or transmittable except as herein mentioned.

(b) Subject to such terms and conditions as the relevant authority may prescribe from time to time

and to the prior written approval of the relevant authority, transfer of the Clearing Membership, may be

effected as follows :––

(i) by making nomination under these Rules ;

(ii) by an amalgamation or merger of a Clearing Member company ;

(iii) by takeover of a Clearing Member company ;

(iv) by transfer of the Clearing Membership of a Clearing Member firm to a new firm, in which, all

the existing partners are not partners; and

(v) By two or more Clearing Members / Clearing Member firms coming together to form a new

partnership firm/company.

nomination(s) made by a Clearing Member or successor(s) of a Clearing Member shall be subject to the

following conditions, namely :

(i) The nominee(s) shall, at the time when the nomination becomes effective, be person(s) who

shall be qualified to be admitted as Clearing Member(s) of the Clearing Corporation;

(ii) The nominee(s) shall give to the relevant authority his/their unconditional and irrevocable

acceptance of his/their nomination;

(iii) A Clearing Member shall nominate one or more of his successor(s) as per the applicable

succession laws. If the Clearing Member has no successor(s) willing to carry on the Clearing

Membership, then the Clearing Member may nominate person(s) other than his successor(s);

(iv) If the Clearing Member has not nominated any person and is rendered incompetent to carry

on his business on the Commodity Derivate Segment Clearing Corporation on account of physical

disability, then the Clearing Member may, within a period of six months, make a nomination as per

the provisions of sub-clause (iii) above;

(v) If the Clearing member has not nominated any person, the successor(s) of the Clearing

Member may nominate one or more persons from among themselves within six months from the

date of the death of the Clearing Member;

(vi) If the nomination of the Clearing Member is such that it cannot be given effect to by the

relevant authority, at the time when the nomination would have become effective, then the

successor(s) of such a Clearing Member may nominate any other person(s) within six months from

the date on which the nomination would have become effective;

(vii) If more than one person(s) are nominated by the Clearing Member or the successor(s),

then such nominated person(s) shall be required to form a company to carry on the Clearing

Membership;

(viii) A nomination made by a Clearing Member or successor(s) may be revoked with the prior

written approval of the relevant authority and subject to such terms and conditions as the relevant

authority may prescribe from time to time. No such revocation shall be permitted after the nomination

becomes effective; and

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---8

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MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(ix) The nomination shall become effective in the case of a nomination made by a Clearing

Member, from the date of his death or physical disability or from the date of approval by the relevant

authority, whichever is later and in the case of a nomination made by successor(s), from the date on

which such nomination is made or from the date of approval by the relevant authority, whichever is

later.

(d) The relevant authority may permit the transfer of Clearing Membership in the following

circumstances:––

(i) death of a Clearing Member;

(ii) if in the opinion of the relevant authority, the Clearing Member is rendered incompetent to

carry on his business on the Commodity Derivative Segment of the Clearing Corporation on account

of physical disability;

(iii) upon amalgamation or merger of a Clearing Member company;

(iv) upon takeover of a Clearing Member company; and

(v) upon the death of or resignation or notice of dissolution by a partner of a Clearing Member

firm, and re-alignment, if any, by the partners in such firm or by the partners in such firm and the

nominee(s)/successor(s) of the outgoing partner or by the partners in such firm and person(s) other

than the nominee(s)/successor(s) of the outgoing partner in a new firm, within a period of six months

from the date of such death or resignation or notice of dissolution.

(e) The relevant authority may, while permitting the transfer, prescribe from time to time such transfer

fee as it deems fit in the following circumstances, viz,–

(i) nomination by a Clearing Member of a person other than successor(s) under the applicable

laws;

(ii) nomination by the successor(s) of a Clearing Member, if the nominee(s) is/are not from

amongst the successors;

(iii) amalgamation or merger of a Clearing Member company with a non Clearing Member company

resulting in the loss of majority shareholding and/or control of management by the majority shareholders

of the Clearing Member company;

(iv) takeover of the Clearing Member company by non Clearing Member(s) resulting in the loss

of majority shareholding and/or control of management by the majority shareholders of the Clearing

Member company; and

(v) in the case of sub-clause (v) of clause (d), if the person(s) other than the nominee(s)/

successor(s) of the outgoing partner hold atleast 51% of share in the capital of the new firm.

Explanation I

For the purpose of sub-clauses (iii) and (iv) above, the term “loss of majority shareholding” means

a shareholder or a group of shareholders holding 51% or more shares / interest in the Clearing Member

company ceases to hold 51% of shares / interest in the Clearing Member company or in the amalgamated

company which shall take up Clearing Membership upon amalgamation of the Clearing Member company

with a Non Clearing Member company.

Explanation II

For the purpose of sub-clauses (iii) and (iv) above, the term “loss of control in management” means

the loss of the right to appoint majority of the directors or to control the management or policy decision

exercisable by person or persons acting individually or in concert, directly or indirectly including by virtue

of their shareholding or management rights or shareholders agreements or voting agreements or in any

other manner.

(f) For the purpose of the clauses (b) to (e), the term ‘Clearing Member’ shall to the extent

applicable include a partner of a Clearing Member firm or a shareholder of a Clearing Member company.

The term successor(s) shall to the extent applicable, includes successor(s) of a partner of a Clearing

Member firm or successor(s) of a shareholder of a Clearing Member company.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(g) Without prejudice to any other provision of the Rules, the Clearing Membership may be

suspended, for such period as the relevant authority may deem fit, in the following circumstances :

(i) upon the individual Clearing Member or a partner of a Clearing Member firm or a shareholder

of a Clearing Member company, in the opinion of the relevant authority, being rendered incompetent

to carry on his business on account of physical disability ;

(ii) upon the mental disability of the individual Clearing Member or a partner of a Clearing

Member firm provided the partner holds atleast 51% of share in the profits & losses of and/or

atleast 51% of share in the capital of such firm or a shareholder of a Clearing Member company

provided the shareholder is a majority shareholder in such Clearing Member company;

(iii) upon the death of an individual Clearing Member or a partner of a Clearing Member firm

provided the partner holds atleast 51% of share in the profits & losses of and/or atleast 51% of

share in the capital of such firm or a shareholder of a Clearing Member company, provided the

shareholder is a majority shareholder in such Clearing Member company and during the six month

period within which successor(s) of such individual Clearing Member partner or shareholder, may

nominate person(s) to take up the stake/shares of such deceased individual Clearing Member or

partner or shareholder;

(iv) upon the dissolution of a Clearing Member firm and during the six month period as referred

to in sub clause (v) of clause (d) ; and

(v) upon any deadlock in the management of a Clearing Member firm or Clearing Member

company, which, in the opinion of the relevant authority will affect the ability of such Clearing

Member firm or Clearing Member company to carry on its business. The Clearing Member shall be

entitled for an opportunity for representation before the relevant authority, before being suspended

under this sub-clause, but the decision of the relevant authority shall be final.

Explanation I

For the purposes of this sub-clause, the term “Deadlock in the Management” means a situation

wherein there is a loss of confidence or disagreement among the partners of a Clearing Member firm or

among the directors/shareholders of a Clearing Member company, which, in the opinion of the relevant

authority, will affect or is likely to affect the conduct of business by the Clearing Member firm or Clearing

Member company, as the case may be or an equality of vote at a meeting of the directors or shareholders

of a Clearing Member company.

(h) Without prejudice to any other provision of the Rules, the Clearing Membership may be terminated

by the relevant authority if an acceptable nomination or realignment, as the case may be, does not take

place to the satisfaction of the relevant authority, within the said period of six months.

(i) The nominee(s), successor(s), partners of a Clearing Member firm or such other persons, as the

case may be shall be entitled for an opportunity for representation before the relevant authority, before

being terminated under clause (h) above, but the decision of the relevant authority shall be final.

Conversion of legal status of the Clearing Member

(j) Subject to such terms and conditions as the relevant authority may prescribe from time to time

and to the prior written approval of the relevant authority, conversion of the legal status of a Clearing

Member may be effected as follows:––

(i) by conversion of an individual Clearing Member into a partnership firm/company.

(ii) by conversion of a Clearing Member firm into a company.

(k) The relevant authority may permit the conversion of the legal status of the Clearing Member in the

following circumstances :––

(i) In the case of sub-clause (i) of clause (j), if the individual Clearing Member holds and continues

to hold atleast 51% of the share in the profits/losses and/or atleast 51% of share in the capital of the

partnership firm, or atleast 51% of shareholding / interest in the company, which shall take up the

Clearing membership of the Clearing Corporation.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---8+

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(ii) In the case of sub-clause (ii) of clause (j), if the partners holding atleast 51% of share in the

profits / losses and / or atleast 51% of share in the capital of the Clearing Member firm hold and

continue to hold atleast 51% of shareholding / interest in the company which shall take up the Clearing

Membership of the Clearing Corporation.

(10A) Notwithstanding anything contained in Rule 5(10), the relevant authority may, in its absolute

discretion permit the transfer of the Clearing Membership of the Commodity Derivative Segment to another

person or entity, subject to such terms and conditions as the relevant authority may in its absolute discretion

prescribe from time to time.

(11) A Clearing Member shall not assign, mortgage, pledge, hypothecate or charge his right of

membership or any rights or privileges attached thereto nor shall he has the right to give license or grant

power of attorney in respect of such rights and privileges and no such attempted assignment, mortgage,

pledge, hypothecation or charge or license or power of attorney shall be effective as against the Clearing

Corporation for any purpose, nor shall any right or interest in any Clearing Membership other than the

personal right or interest of the Clearing Member therein be recognised by the Clearing Corporation. The

relevant authority may suspend any Clearing Member of the Clearing Corporation who acts or attempts to

act in violation of the provisions of this rule or take any other disciplinary action as it may deem fit.

CONDITIONS

(1) Clearing Members shall adhere to the Rules, Bye Laws and Regulations and shall comply with

such operational parameters, rulings, notices, guidelines and instructions of the relevant authority as may

be applicable.

(2) All contracts issued for admitted deals shall be in accordance with and subject to Rules, Bye

Laws and Regulations.

(3) Clearing Members shall furnish declarations, undertakings, confirmation and such other documents

and papers relating to such matters and in such forms as may be specified by the relevant authority from

time to time.

(4) Clearing Members shall furnish to the Commodity Derivative Segment of the Clearing Corporation,

within such time as may be specified, an annual Auditors’ Certificate certifying that specified requirements

as may be specified by the relevant authority from time to time pertaining to their operations have been

complied with.

(5) Clearing Members shall furnish such information and periodic returns pertaining to their operations

as may be required by the relevant authority from time to time.

(6) Clearing Members shall furnish to the Commodity Derivative Segment of the Clearing Corporation

such audited and/or unaudited financial or qualitative information and statements and in such manner as

may be required by the relevant authority from time to time.

(7) Clearing Members shall comply with such requirements as may be specified by the relevant

authority from time to time with regard to advertisements, booklets and issue of circulars in connection

with their activities as Clearing Members.

(8) Clearing Members shall extend full cooperation and furnish such information and explanation and

in such manner as may be required by the relevant authority or authorised person of the Clearing

Corporation for inspection or audit or in regard to any dealings, settlement, accounting and/or other related

matters.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

PARTNERSHIPS

(1) No Clearing Member shall form a partnership or admit a new partner to an existing partnership or

make any change in the name of an existing partnership without intimation and prior approval of the

relevant authority in such form and manner and subject to such requirements as the relevant authority

may specify from to time; these requirements may, inter alia, include deposits, declarations, guarantees

and other conditions to be met by and which may be binding on all partners.

(3) No Clearing Member shall, at the same time, be a partner in more than one partnership firm which

is a Clearing Member of the Clearing Corporation.

(4) No Clearing Member who is a partner in any partnership firm shall assign or in any way encumber

his interest in such partnership firm.

(5) The partnership firm shall register with such authorities as may be required under relevant laws

and shall produce proof of such registration to the Commodity Derivative segment of the Clearing

Corporation

(6) The partners of the firm shall do business only on account of the firm and jointly in the name of the

partnership firm. No single partner or group of partners are entitled to any rights and privileges of Clearing

Membership independent from that of their partnership firm.

(7) The partners of the partnership firm must communicate to the Clearing Corporation in writing

under the signatures of all the partners or surviving partners any change in such partnership either by

dissolution or retirement or death of any partner or partners.

(8) Any notice to the Clearing Corporation intimating dissolution of a partnership shall contain a

statement as to who undertakes the responsibility of settling all outstanding contracts and liabilities of the

dissolved partnership firm but that shall not be deemed to absolve the other partner or partners of his or

their responsibility for such outstanding contracts and liabilities.

TERMINATION OF MEMBERSHIP

(1) Any Clearing Member may cease to be a member, if one or more apply:

(a) by resignation ;

(b) by death ;

regulations ;

(d) by being declared a defaulter in accordance with the Bye Laws, Rules and Regulations ;

(e) by dissolution in case of partnership firm ;

(f) by winding up or dissolution in the case of a limited company ;

1(A) Notwithstanding anything contained in the Byelaws and Rules of Clearing Corporation, a clearing

member shall ipso facto cease to be clearing member of the Clearing Corporation, on cessation of his

membership/ trading membership on one or more Stock Exchanges in accordance with the provisions

contained in the Byelaws, Rules and Regulations of such stock Exchange(s) and in such cases, such

clearing member shall not be entitled for any opportunity of being heard or explanation in such an event.

(2) The termination of Clearing Membership shall not in any way absolve the Clearing Member from

any obligations and liabilities incurred by the Clearing Member prior to such termination.

RESIGNATION

(1) A Clearing Member who intends to resign from the Clearing Membership of the Commodity

Derivative segment of the Clearing Corporation shall intimate to the Clearing Corporation a written notice

to that effect.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(2) Any Clearing Member objecting to any such resignation shall communicate the grounds of his

objection to the relevant authority by letter within such period as may be specified by the relevant authority

from time to time.

(3) The relevant authority may accept the resignation of a Clearing Member either unconditionally or

on such conditions as it may think fit or may refuse to accept such resignation and in particular may

refuse to accept such resignation until it is satisfied that all outstanding transactions with such Clearing

Member have been settled.

10. DEATH

(1) On death of a Clearing Member, his legal representatives and authorised representatives, if any,

shall communicate due intimation thereof to the relevant authority in writing immediately and all future

activities of the Clearing Member shall cease immediately except so far as it pertains to past obligations

prior to his death.

(2) On the termination of membership of the Commodity Derivative Segment of a Clearing Member

on his death, the Clearing Corporation, with whom security deposits, other monies, any additional deposits,

whether in the form of cash, bank guarantees, securities, commodities or otherwise, or any other securities

are lying, shall deduct only the dues, liability of the deceased member from his deposits and in such

manner as the relevant authority may prescribe from time to time.

11.

FAILURE TO PAY CHARGES

Save as otherwise provided in the Bye Laws, Rules and Regulations if a member fails to pay his

annual subscription, fees, deposit or contribution to Core Settlement Guarantee Fund(s), fines, penalties,

other charges or other monies which may be due by him to the Clearing Corporation within such time as

the relevant authority may prescribe from time to time after notice in writing has been served upon him by

the Clearing Corporation, he may be suspended by the relevant authority until he makes payment and if

within a further period of time as may be specified from time to time, he fails to make such payment, he

may be declared a defaulter or may be expelled by the relevant authority.

12.

CONTINUED ADMITTANCE

The relevant authority shall from time to time prescribe conditions and requirements for continued

admittance to Clearing Membership which may, inter alia, include maintenance deposit or, contribution to

Core Settlement Guarantee Fund, minimum networth and capital adequacy. The Clearing Membership of

any person who fails to meet these requirements shall be liable to be terminated.

13.

RE-ADMISSION OF DEFAULTERS

(1) A Clearing Member’s right of membership shall lapse and vest with the Clearing Corporation

immediately he is declared a defaulter. The Clearing Member who is declared a defaulter shall forfeit all

his rights and privileges as a Clearing Member, including any right to use of or any claim upon or any

interest in any property or funds of the Clearing Member with the Commodity Derivative Segment of the

Clearing Corporation.

(2) The relevant authority reserves the right to re-admit a defaulting member and it may re-admit a

defaulter as a Clearing Member subject to the provisions, terms and conditions as may be specified by

the relevant authority from time to time.

(3) The relevant authority may re-admit only such defaulter who in its opinion :

(a) has paid up all dues to the Clearing Corporation, other Clearing Members and constituents;

(b) has no insolvency proceedings against him in a Court or has not been declared insolvent by

any Court;

be good for their commitments;

(d) has not been guilty of bad faith or breach of the Bye Laws, Rules and Regulations;

(e) has been irreproachable in his general conduct.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

CHAPTER V: DISCIPLINARY PROCEEDINGS, PENALTIES, SUSPENSION AND EXPULSION

1. DISCIPLINARY JURISDICTION

The relevant authority may expel or suspend and/or fine and/or penalise under censure and/or warn

and/or withdraw all or any of the membership rights of a Clearing Member if he is guilty of contravention,

non-compliance, disobedience, disregard or evasion of any of the Bye Laws, Rules and Regulations of

the Commodity Derivative Segment of the Clearing Corporation or of any resolutions, orders, notices,

directions or decisions or rulings of the Clearing Corporation or the relevant authority or of any other

Committee or officer of the Clearing Corporation authorised in that behalf or of any conduct, proceeding or

method of business which the relevant authority in its absolute discretion deems dishonourable, disgraceful

or unbecoming a Clearing Member or inconsistent with just and equitable principles or detrimental to the

interests, good name or welfare of the Clearing Corporation or prejudicial or subversive to its objects and

purposes.

PENALTY FOR BREACH OF RULES, BYE-LAWS AND REGULATIONS

Every Clearing Member shall be liable to suspension, expulsion or withdrawal of all or any of his

Clearing Membership rights and/or to payment of fine and/or to be censured, reprimanded or warned for

contravening, disobeying, disregarding or willfully evading of any of these Rules, Bye-laws and Regulations

or any resolutions, orders, notices, directions, decisions or rulings thereunder of the Commodity Derivative

Segment of the Clearing Corporation, Securities Contracts (Regulation) Act, 1956 and/or Rules and

Regulations thereunder, Forward Contract (Regulation) Act, 1952 and/or Rules and Regulations thereunder,

Securities and Exchange Board of India Act, 1992 and/or Rules, Regulations or directions or guidelines

thereunder, the Board of Directors, Committee(s), Managing Director or any officer of the Clearing

Corporation or for any disreputable or fraudulent transactions or dealings or method of business which

the Board of Directors in its absolute discretion deems unbecoming a Clearing Member of the Clearing

Corporation or inconsistent with just and equitable principles.

3. PENALTY FOR MISCONDUCT, UNBUSINESSLIKE CONDUCT AND UNPROFESSIONAL

CONDUCT

A Clearing Member shall be liable to expulsion or suspension or withdrawal of all or any of his

membership rights and/or to payment of a fine and/or penalty and/or to be censured, reprimanded or

warned for any misconduct, unbusinesslike conduct or unprofessional conduct as provided in the provisions

in that behalf as provided herein.

(1) Misconduct

(a) Fraud : If he is convicted of a criminal offence or commits fraud or a fraudulent act which in

the opinion of the relevant authority renders him unfit to be a Clearing Member;

(b) Violation : If he has violated provisions of any statute governing the activities, business and

operations of the Clearing Corporation, Clearing Members and securities business in general;

disgraceful or disorderly or improper conduct on the Clearing Corporation or of willfully obstructing

the business of the Clearing Corporation;

(d) Breach of Rules, Bye Laws and Regulations : If he shields or assists or omits to report any

Clearing Member whom he has known to have committed a breach or evasion of any Bye Laws,

Rules and Regulation or of any resolution, order, notice or direction thereunder of the relevant authority

or of any Committee or officer of the Clearing Corporation authorised in that behalf; Securities

Contracts(Regulations) Act, 1956 and/or Rules and Regulations thereunder, Forward Contract

(Regulation) Act, 1952 and/or Rules and Regulations thereunder, Securities and Exchange Board of

India Act, 1992 and/or Rules Regulations or directions or guidelines thereunder.

(e) Failure to comply with Resolutions : If he contravenes or refuses or fails to comply with or

abide by any resolution, order, notice, direction, decision or ruling of the relevant authority or of any

Committee or officer of the Clearing Corporation or other person authorised in that behalf under the

Bye Laws, Rules and Regulations ;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(f) If he neglects or fails or refuses to submit to the relevant authority or to a Committee or an

officer of the Clearing Corporation authorised in that behalf, such books, correspondence, documents

and papers or any part thereof as may be required to be produced or to appear and testify before or

cause any of its partners, attorneys, agents, authorised representatives or employees to appear and

testify before the relevant authority or such Committee or officer of the Clearing Corporation or other

person authorised in that behalf ;

(g) Failure to testify or give information : If he neglects or fails or refuses to submit to the relevant

authority or to a Committee or an officer of the Clearing Corporation authorised in that behalf, such

books, correspondence, documents and papers or any part thereof as may be required to be produced

or to appear and testify before or cause any of its partners, attorneys, agents, authorised

representatives or employees to appear and testify before the relevant authority or such Committee

or officer of the Clearing Corporation or other person authorised in that behalf ;

(h) Failure to submit Special Returns : If he neglects or fails or refuses to submit to the relevant

authority within the time notified in that behalf special returns in such form as the relevant authority

may from time to time prescribe together with such other information as the relevant authority may

require whenever circumstances arise which in the opinion of the relevant authority make it desirable

that such special returns or information should be furnished by any or all the Clearing Members ;

(i) Failure to submit Audited Accounts : If he neglects or fails or refuses to submit its audited

accounts to the Clearing Corporation within such time as may be specified by the relevant authority

from time to time;

(j) Failure to compare or submit accounts with Defaulter : If he neglects or fails to compare his

accounts with the relevant authority or to submit to it a statement of its accounts with a defaulter or a

certificate that he has no such account or if he makes a false or misleading statement therein;

(k) False or misleading Returns : If he neglects or fails or refuses to submit or makes any false

or misleading statement in his clearing forms or returns required to be submitted to the Commodity

Derivative Segment of the Clearing Corporation under the Bye Laws, Rules and Regulations;

(l) Vexatious complaints : If he or his agent brings before the relevant authority or a Committee

or an officer of the Clearing Corporation or other person authorised in that behalf a charge complaint

or suit which in the opinion of the relevant authority is frivolous, vexatious or malicious;

(m) Failure to pay dues and fees: If he fails to pay his subscription, fees, arbitration charges or

any other money which may be due by it or any fine or penalty imposed on him.

(2) Unbusiness like Conduct :

A Clearing Member shall be deemed guilty of unbusiness like conduct for any of the following or

similar acts or omissions namely :

(a) Fictitious Names : If he transacts his own business or the business of his constituent in

fictitious names or if he carries on business in more than one clearing segment of the Clearing

Corporation under fictitious names ;

(b) Circulation of rumours : If he, in any manner, circulates or causes to be circulated, any

rumours ;

dealings in the market or effects purchases or sales for his constituent’s account or for any account

in which he is directly or indirectly interested which purchases or sales are excessive in view of his

constituent’s or his own means and financial resources or in view of the market for such security ;

(d) Compromise : If he connives at a private failure of a Clearing Member or accepts less than

full and bona fide money payment in settlement of a debit due by a Clearing Member arising out of a

deal in securities ;

(e) Dishonoured Cheque : If he issues to any other Clearing Member or to its constituents or to

the Clearing Corporation a cheque which is dishonoured on presentation for whatever reasons ;

(f) Failure to carry out transactions with Constituents : If he fails in the opinion of the relevant

authority to carry out its committed transactions with its constituents ;

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(3) Unprofessional Conduct: A Clearing Member shall be deemed guilty of unprofessional conduct

for any of the following or similar acts or omissions namely :

(a) Business in Securities in which dealings not permitted: If he enters into dealings in securities

in which dealings are not permitted ;

(b) Business for Defaulting Constituent : If he deals or transacts business directly or indirectly

or executes an order for a constituent who has within his knowledge failed to carry out engagements

relating to securities and is in default to another Clearing Member unless such constituent shall have

made a satisfactory arrangement with the Clearing Member who is his creditor ;

directly or indirectly is interested in or associated in business with or transacts any business with or

for any individual who has been bankrupt or insolvent even though such individual shall have obtained

his final discharge from an Insolvency Court ;

(d) Business without permission when under suspension : If without the permission of the relevant

authority he does business on his own account or on account of a principal with or through a Clearing

Member during the period he is required by the relevant authority to suspend business on the Clearing

Corporation;

(e) Business for or with suspended, expelled and defaulter Clearing Members: If without the

special permission of the relevant authority he shares brokerage with or carries on business or

makes any deal for or with any Clearing Member who has been suspended, expelled or declared a

defaulter;

(f) Business for Employees of other Clearing Members : If he transacts business directly or

indirectly for or with or executes a deal for an authorised representative or employee of another

Clearing Member without the written consent of such employing Clearing Member ;

(g) Evasion of Margin Requirements : If he wilfully evades or attempts to evade or assists in

evading the margin requirements specified in these Bye Laws and Regulations ;

(h) Clearing Fees: If he wilfully evades or attempts to evade or assists in evading the Bye Laws

and Regulations relating to clearing fees.

(i) Advertisement: If he advertises for business purposes or issues regularly circular or other

business communication to persons other than his own Constituents, Trading Members of the

Exchange, Banks and Joint Stock Companies or publishes pamphlets, circulars or any other literature

or report or information relating to the stock markets, without the prior written permission of the

Clearing Corporation or in contravention of the advertisement code prescribed by the Clearing

Corporation.

CLEARING MEMBER RESPONSIBLE FOR PARTNERS, AGENTS AND EMPLOYEES

A Clearing Member shall be fully responsible for the acts and omissions of its authorised officials,

attorneys, agents, authorised representatives and employees and if any such act or omission be held by

the relevant authority to be one which if committed or omitted by the Clearing Member would subject it to

any of the penalties as provided in the Bye Laws, Rules and Regulations then such Clearing Member

shall be liable thereof to the same penalty to the same extent as if such act or omission had been done or

omitted by him.

SUSPENSION ON FAILURE TO PROVIDE MARGIN DEPOSIT, DEPOSIT OR CONTRIBUTION

TO CORE SETTLEMENT GUARANTEE FUND OR MEET CAPITAL ADEQUACY NORMS

The relevant authority may suspend a Clearing Member and/or require a Clearing Member to suspend

his business if he fails to provide the margin deposits, deposits and contributions to Core Settlement

Guarantee Fund and/or meet capital adequacy norms as provided in these Bye Laws, Rules and

Regulations and the suspension of business shall continue until the Clearing Member furnishes the

necessary margin deposit or deposit/contribution to Core Settlement Guarantee Fund or meet capital

adequacy norms. The relevant authority may expel a Clearing Member acting in contravention of this

provision.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---9

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

SUSPENSION OF BUSINESS

The relevant authority may suspend a Clearing Member and/or require a Clearing Member to suspend

its business in part or in whole :

(a) Unwarrantable Business: When in the opinion of the relevant authority the Clearing Member

engages in unwarrantable business or effects deals for its constituents’ account or for any account

in which he is directly or indirectly interested which deals are excessive in view of his constituent’s

or his own means and financial resources or in view of the market for such security, or

(b) Unsatisfactory Financial Condition: When in the opinion of the relevant authority the Clearing

Member is in such financial condition that he cannot be permitted to do business with safety to his

creditors or the Clearing Corporation.

REMOVAL OF SUSPENSION

The suspension of business as mentioned above shall continue until the Clearing Member has been

allowed by the relevant authority to resume his business on paying such deposit or his doing such act or

providing such thing as the relevant authority may require.

PENALTY FOR CONTRAVENTION

A Clearing Member who is suspended or who is required to suspend his business or part thereof

may be expelled by the relevant authority, if he acts in contravention of such suspension or requirement.

CLEARING MEMBERS AND OTHERS TO TESTIFY AND GIVE INFORMATION

A Clearing Member shall appear and testify before and cause its partners, attorneys, agents, authorised

representatives and employees to appear and testify before the relevant authority or before other

Committee(s) or an officer of the Clearing Corporation authorised in that behalf and shall produce before

the relevant authority or before other Committee(s) or an officer of the Clearing Corporation authorised in

that behalf, such books, correspondence, documents, papers and records or any part thereof which may

be in its possession and which may be deemed relevant or material to any matter under inquiry or

investigation.

10.

PERMISSION NECESSARY FOR LEGAL REPRESENTATION

No person shall have the right to be represented by professional counsel, attorney, advocate or

other representative in any investigation or hearing before the relevant authority or any other Committee

unless the relevant authority or other Committee so permits.

11.

EXPLANATION BEFORE EXPULSION

A Clearing Member shall be entitled to be summoned before the relevant authority and afforded an

opportunity for explanation before being expelled but in all cases the findings of the relevant authority shall

be final and conclusive.

12.

IMPOSITION OF PENALTIES

The penalty of suspension, withdrawal of all or any of the membership rights, fine, censure or warning

may be inflicted singly or conjointly by the relevant authority. The penalty of expulsion may be inflicted by

relevant authority.

13.

PRE-DETERMINATION OF PENALTIES

The relevant authority shall have the power to pre-determine the penalties, the period of any

suspension, the withdrawal of particular membership rights and the amount of any fine that would be

imposed on contravention, non-compliance, disobedience, disregard or evasion of any Bye Law, Rules

or Regulations of the, or of any resolution, order, notice, direction, decision or ruling thereunder of the

Commodity Derivative Segment of the Clearing Corporation, the relevant authority or of any other Committee

or officer of the Clearing Corporation authorised in that behalf.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

14.

COMMUTATION

The relevant authority in its discretion may in any case suspend a Clearing Member in lieu of the

penalty of expulsion or may withdraw all or any of the membership rights or impose a fine in lieu of the

penalty of suspension or expulsion and may direct that the guilty Clearing Member be censured or warned

or may reduce or remit any such penalty on such terms and conditions as it deems fair and equitable.

15.

RECONSIDERATION/REVIEW

The relevant authority may of its own or on appeal by the Clearing Member concerned, within 90

days from the date of communication of decision of the relevant authority to the member, reconsider and

rescind, revoke or modify its order fining, censuring, warning or withdrawing all or any of the membership

rights of the Clearing Member. In a like manner the relevant authority may rescind, revoke or modify its

resolution expelling or suspending any Clearing Member.

FAILURE TO PAY FINES AND PENALTIES

If a Clearing Member fails to pay any fine or penalty imposed on him within such period as specified

from time to time by the relevant authority he may be suspended by the relevant authority until he makes

payment and if within a further period as specified from time to time he fails to make such payment he may

be expelled by the relevant authority.

17.

CONSEQUENCE OF SUSPENSION

The suspension of a Clearing Member shall have the following consequences :

(1) Suspension of Membership Rights: A suspended Clearing Member shall during the terms of his

suspension, be deprived of and excluded from all rights and privileges of membership but he may be

proceeded against by the relevant authority for any offense committed by him before or after suspension

and the relevant authority shall not be debarred from taking cognisance of and dealing with or adjudicating

on claims made against him by other Clearing Members;

(2) Rights of creditors unimpaired: The suspension shall not affect the rights of Clearing Members

who are creditors of the suspended Clearing Members and rights of the Clearing Corporation.

(3) Fulfillment of Deals and Obligations:- The suspended Clearing Member shall be bound to fulfill

obligations and deals outstanding at the time of his suspension;

(4) Further business prohibited: The suspended Clearing Member shall not during the terms of his

suspension transact any business provided that he may with permission of the relevant authority close

the deals outstanding at the time of his suspension.

18.

CONSEQUENCES OF EXPULSION

The expulsion of a Clearing Member shall have the following consequences namely :

(1) Clearing Membership Rights forfeited: The expelled Clearing Member shall forfeit to the Clearing

Corporation its right of Clearing Membership and all rights and privileges as a Clearing Member including

any right to the use of any claim upon or any interest in any property or funds of the Clearing Corporation

but any liability of any such Clearing Member to the Clearing Corporation or to any Clearing Member shall

continue and remain unaffected by its expulsion.

(2) Office vacated: The expulsion shall create a vacancy in any office or position held by the expelled

Clearing Member.

(3) Rights of Creditors unimpaired: The expulsion shall not affect the rights of the Clearing Members

who are creditors of the expelled Clearing Member.

(4) Fulfillment of Deals and Obligations:-The expelled Clearing Member shall be bound to fulfill deals

and obligations outstanding at the time of his expulsion and he may with the permission of the relevant

authority close such outstanding transactions;

(5) Clearing Members not to deal: No Clearing Member shall transact business for or with the expelled

Clearing Member except with the previous permission of the relevant authority.

¦ÉÉMÉ nùÉäxÉú (ºÉÆEòÒhÉÇ)---9+

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

(5A) Provisions of byelaws regarding consequences of declaration of default to follow: The provisions

regarding consequences of declaration of defaulter contained in Chapter XI of the Bye Laws of the Clearing

Corporation shall apply to the expelled Clearing Member as if such Clearing Member has been declared

defaulter.

(6) Expulsion Rules to Apply: When a Clearing Member ceases to be a Clearing Member under the

provisions of these Bye Laws and Rules otherwise than by death, default, resignation, it shall be as if

such Clearing Member has been expelled by the relevant authority and in that event all the provisions

relating to expulsion contained in these Rules shall apply to such Clearing Member in all respects.

19. NOTICE OF PENALTY AND SUSPENSION OF BUSINESS

(1) Notice shall be given to the Clearing Member concerned and to the Clearing Members in general

by such mode as may be decided by the relevant authority from time to time of the expulsion or suspension

or default of or of the suspension of business by a Clearing Member or of any other penalty imposed on it

or on its partners or other employees. The relevant authority may in its absolute discretion and in such

manner as it thinks fit notify or cause to be notified to the Clearing Members or to the public that any

person who is named in such notification has been expelled, suspended, penalised or declared a defaulter

or has suspended his business or ceased to be a Clearing Member. No action or other proceedings shall

in any circumstances be maintainable by such person against the Clearing Corporation or the relevant

authority or any officer or employee of the Clearing Corporation for the publication or circulation of such

notification. The application for Clearing Membership or the application for registration as the constituted

attorney or authorised representative or by the person concerned shall operate as license and these Bye

Laws and Rules shall operate as leave to print, publish or circulate such advertisement or notification and

be pleadable accordingly.

(2) Notwithstanding anything contained in these provisions, if in the opinion of the relevant authority

it is necessary to do so, he may, for reasons to be recorded in writing, temporarily suspend forthwith the

Clearing Member, pending completion of appropriate proceedings for suspension under this chapter by

the relevant authority, and no notice of hearing shall be required for such temporary suspension and such

temporary suspension shall have the same consequences of suspension under this chapter, provided

that appropriate proceedings provided in this chapter shall be commenced by issue of a notice to show

cause to the Clearing Member within 10 days of such temporary suspension. Any such temporary

suspension may be revoked at the discretion of the relevant authority, for reasons to be recorded in

writing, if the relevant authority is satisfied that the circumstances leading to the formation of opinion of the

relevant authority to suspend, has ceased to exist or are satisfactorily resolved.

For NSE Clearing Limited

R. JAYAKUMAR,

Sr. Vice President &

Company Secretary.

¨É½þÉ®úÉ¹]Åõ ¶ÉÉºÉxÉ ®úÉVÉ{ÉjÉ, ¦ÉÉMÉ nùÉäxÉ-ºÉÆEòÒhÉÇ ºÉÚSÉxÉÉ ´É VÉÉÊ½þ®úÉiÉÒ,

MÉÖ¯û´ÉÉ®ú iÉä ¤ÉÖvÉ´ÉÉ®ú, ¨ÉÉSÉÇ 14-20, 2019/¡òÉ±MÉÖxÉ 23-29, ¶ÉEäò 1940

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