NCDEX Spot Exchange commences membership drive
NCDEX commences recruitment drive for membership of NCDEX Spot Exchange Ltd across India.
By PTI |
MUMBAI: The National Commodity and Derivatives Exchange (NCDEX), which plans to set up electronic spot exchanges in five states soon, has commenced a recruitment drive for membership across the country.
NCDEX has already formed a 100 per cent subsidiary, NCDEX Spot Exchange Ltd (NSEL), to provide an online trading platform for spot trading in commodities.
NSEL has invited applications for trading-cum-clearing membership (TCM) and trading membership (TM) from all over India and the membership drive is in full swing, an exchange official told media.
The TCM membership shall entitle members to trade both for themselves and on behalf of their clients and also clear the trades done through other trading members.
They, however, need to clear their trades through another Trading-cum-Clearing Member (TCM) or a Professional Clearing Member (PCM).
The exchange has asked those interested to pay an interest free security deposit of Rs five lakh each for TCM membership and trading-cum-clearing membership. They will also have to pay Rs one lakh as interest free security deposit for clearing the trade of each trading member, according to an exchange circular issued earlier.
NCDEX has already formed a 100 per cent subsidiary, NCDEX Spot Exchange Ltd (NSEL), to provide an online trading platform for spot trading in commodities.
NSEL has invited applications for trading-cum-clearing membership (TCM) and trading membership (TM) from all over India and the membership drive is in full swing, an exchange official told media.
The TCM membership shall entitle members to trade both for themselves and on behalf of their clients and also clear the trades done through other trading members.
They, however, need to clear their trades through another Trading-cum-Clearing Member (TCM) or a Professional Clearing Member (PCM).
The exchange has asked those interested to pay an interest free security deposit of Rs five lakh each for TCM membership and trading-cum-clearing membership. They will also have to pay Rs one lakh as interest free security deposit for clearing the trade of each trading member, according to an exchange circular issued earlier.
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