Uniform membership structure across segments

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..... bers whereas in derivatives segment, membership structure is that of Trading Member (TM) and / or Clearing Member (CM). After the introduction of derivatives in the year 2001, most of the Stock Brokers in cash segment had also become TM / CM in derivatives segment. Unification of membership structure across equity cash and derivatives segments of Stock Exchanges is vital to facilitate ease of doin .....

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..... ucture as Trading Member (TM), Self-clearing Member (SCM), Clearing Member (CM) and Professional Clearing Member (PCM) as prevalent in equity derivatives segment shall be implemented in cash segment with effect from April 01, 2019. b) The existing Stock Brokers in cash segment of a Stock Exchange who are already registered as SCM / CM in derivatives segment shall automatically become SCM / CM, a .....

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..... September 30, 2019. d) The existing PCMs in derivatives segment shall become PCMs in cash segment with effect from April 01, 2019. However, the existing Custodian Clearing Member in cash segment shall continue to act as Custodian Clearing Member in cash segment only. 5. The Stock Exchanges and Clearing Corporations are directed to: a) bring the provisions of this circular to the notice of th .....

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