NSE Circular No: NSE/CD/16358 (22-Nov-10) Modification in the Authorisation Letter for operation of Clearing Account
All Members and Custodians
Sub: Modification in the AuthorisationLetter for operation of Clearing Account
In pursuance of Byelaw 11 of part B of chapter VI of Byelaws andchapter 7 of the Regulations and in partial modification ofcircular download no. NSE/CD/12277 dated April 17, 2009 members arehereby informed that the format of the irrevocably authoritysubmitted by the members / custodians to the clearing banks foroperation of their clearing account is hereby modified.
The modified format of the authorization letter is provided inthe attached Annexure.
This circular shall be applicable with immediate effect.
For any further clarifications members may contact the followingofficials of the Clearing Corporation: Ms. Meghana Mukadam, Mr.Samir Naringrekar and Mr. Kumar Priyanshu
Phone No. 022-26598167 / 70
Fax No: 26598376
For National Securities ClearingCorporation Limited
Formatof Authorisation Letter to be submitted by the Member to theClearing Bank for Operation of Clearing Account
[Clearing Member name and address]
[Clearing bank name and address]
Sub: Operation of Clearing Bank for National Securities ClearingCorporation Limited (NSCCL)
Ref: Our Primary / Secondary* Clearing Bank Account No:_________with [Clearing Bank name & address]
With reference to the above, we note that:
1. National Stock Exchange of India Ltd. has formed NationalSecurities Clearing Corporation Limited (NSCCL) as a wholly ownedsubsidiary to undertake clearing and settlement activity for itsMembers. NSCCL has established a clearing and settlement system,whereby its members will be able to undertake the clearing andsettlement of deals admitted.
2. The bank has been nominated / appointed as a Clearing Bankfor the purpose of Clearing and Settlement by NSCCL.
3. As per the Byelaws, Rules and Regulations of NSCCL, themember shall authorise the Clearing Bank to access their clearingaccount for debiting & crediting their accounts as per theinstructions received from NSCCL from time to time. The memberfurther shall authorise NSCCL to debit the Clearing Bank Accountfor the purpose of appropriating the dues payable to SEBI or suchother regulatory authority as maybe specified from time totime.
4. Having due regard to the above, we hereby irrevocablyauthorise the Clearing bank to debit and credit our above referredclearing bank account from time to time as per the instructionsreceived from NSCCL. Further, we authorise the Clearing Bank toreport balances and other information relating to this account toNSCCL as may be required by NSCCL from time to time. Thisirrevocable undertaking will be with immediate effect.
5. We further hereby undertake to abide by such other or furtherguidelines / instructions as may be communicated / decided byNSCCL.
* Strike out whichever is not applicable
May 23 2013, 09:33
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May 22 2013, 10:44
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