CLEARCORP DEALING SYSTEMS (INDIA) LIMITED · “CROMS” means C learcorp Re po Orde r Ma tching Syste m i. e., the Repo Dealing Sy stem av ailable to memb ers of Clearcorp’ s Repo

CLEARCORP DEALING SYSTEMS (INDIA) LIMITED

BYE - L AWS

CHA P TER DESCRIPT ION PAGE N O .

I Defin ition s 2- 13

II Business Segments 14

III Committ ee s for Managing op erations 15

IV R e gu lat i o ns 16

V Members 17

VI D e alin g Sy st em 1 8-19

VII Clearing and Settlem ent of Trad es 20

VIII Dispute Resolution /A rb it ration 21-22

IX Default 23-24

X D isciplin ary Proceed ings, Penalties , Suspen s i on and Ex puls ion 25-28

XI Mis cellaneou s 2 9-30 (Updated as on March 29, 2010)

Re gd. Of f i ce : 5 th , 6 th & 7 th Fl oor , Tra d e W o rld - ‘ C ’ W i ng, Ka ma la City , S.B.M a r g , L o wer Pa rel (W ),M u mb ai-40 0013


Bye-Laws of Clearcorp Dealing Systems (India) Ltd. As on March 29, 2010

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C HAPTER I: DEFINITI ON S

1. AD V ER SE POS I TION

“Advers e Po sition ” in r e sp ect o f the buy e r of a secu rity s h all mean that

the cu rren t pr ic e of the secu rity has fallen to a level low er than th e p r ice

at wh ich it w as tr aded / trans a ct ed. In cas e the curren t price has moved to a

level high er than the trad ed/transact ed price, the s e ller s h all be treated as

holdin g “Advers e positio n”.

2. ASSOCIATE MEMBER

“Associate Me mb er” ref e rs to a catego ry of limit ed purpos e me mb er sh ip

extended by Clear co rp to cer t ain ty pe s of en tities who ma y no t b e

per mitted to ma intain th eir Current A ccoun t/SGL Account with RBI and

theref ore requ ir ed to s e ttle th eir tr ad es th rough a D e sig n ated S e ttleme nt

Bank .

3. AU C TI ON MA R KE T

“Au c tion M a rket” refers to the ma r k et wherein the initial b o rrow ing of

funds is ma de by me mb er s of CBLO seg ment ag ainst th e per missibl e

borrow ing limit as co mputed and f ixe d by Clear ing Corpor atio n an d

notified to Clearcorp.

4. BASKET REPOS

“Bas ket Repos ” refers to a tran saction wher ein R e pos an d R evers e R e pos

are facilitated in th e Bask et Rep o M arket with in var i ous s ecurity baskets

as notif ied by Clear co rp fro m ti me to ti me .

5. B A SKET REPO MARKET

“Bas ket Re po M a rket” ref ers to th e mark et wherein dealing in B asket

Repos is facilitated.”

6. BID

“Bid” refers to an or der fo r buy ing currency / mo ney ma rket instru me nt

(CBLO)



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7. BILATERAL LIMITS

“Bilateral Limits” refers to the limits which banks set against each other on the

dealing system for doing forex trades.

8. BOARD

“Boar d ” means Board of D i rect ors of C learcorp Dealing Sy ste ms (India)

Limited. 9. BORROWERS

“Borrow e rs” r e fer to th e me mb ers intending to borrow or me mb ers who

have placed in the sy stem an ord er to borr ow fu nd s in th e CBLO

Dealing S eg men t and / or in th e Rep o D ealing S eg me n t.

10. BUSIN ESS DAY

“Bus ines s D ay ” refers to the seg ment to which it r elates and shall me an a

calendar day wh en Clear corp is open for condu c t of busine ss in th at

seg ment.

11. BUYIN G ME MBER

“Buy ing Me mb er” me an s a M e mb er wh o u nder t ak es to purchas e se curity ,

CBLO and/ or foreign currency fo r a cons idera tio n.

12. BY E- LAWS

“By e -Law s” me ans the By e Laws of C l earcorp f or the ti me being in forc e. 13. CASH TRADES

“Cash Trades” refers to the Forex Trades where the value date for settlement is the same as the relative trade date. For example: For a deal done on 5th February, 2004 which is a Thursday, the value date for settlement also will be 5th February, 2004, Thursday.

14. CBLO

“CBLO ” refers to Collater a lised Borr ow ing and Lendin g Obligatio n

notif ied as mo ney ma rket instr ume n t by RB I.



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15. C B L O(D EA LI N G) SE G ME N T

“CBLO (Dealing) Seg ment” me ans th e seg ment relating to tr ad in g/dealing

in CBLO th roug h the dealing sys t em.

16. C E N T RAL C O UN TE RPAR TY

Clearing C orporation wh ich ac ts as a buy er to every s e ller and s e ller to

every buy er th rough n ovation in respec t of tr ades r e po r t ed to it for

clearing and settleme nt.

17. CLEA RI NG AND SETTLEMENT

“Clearing and S e ttleme nt” means Clear ing or Settleme n t or Clear ing and

Settleme n t of Trad es and refers to the proces s through wh ich Memb ers’

obligations to deliver/receive f u nd s/secur ities/CBLO s arising out o f

Trades entered into by the m are effected an d achieved by C l earing

Cor poration through th e pr ocess d efined as “S ettleme n t ” under its By e-

Laws , Rule s and Regulatio ns.

18. C L EA RCOR P

“C learco rp” mean s Clear c orp D ealing Sy ste ms (India) Ltd.

19. C L EA RI N G CORP ORAT I ON

“Clearing Cor por ation” mean s Th e C l earing Cor poration of Ind i a Ltd., the

holdin g co mp any of Clearcorp, w h ich interalia facilitates clearin g and

settleme n t of tr ades co nclud e d on th e dealin g sy s t em o f Clearcor p.

20. COUN TER PARTY

“Cou nter party ” me ans th e o ther party with who m a Memb er h a s entered

into a trade.

21. CROMS

“CROMS” means C learcorp Re po Ord e r M a tching Sy ste m i. e., the Rep o

Dealing Sy stem av ailable to me mb ers of Clearcorp’ s Repo Dealing

Seg ment. The ter ms “C ROMS” or “R ep o D ealing Sy ste m” or “Repo

Sy ste m” occu ring in the By e-law s, Ru les and R e gulations an d/or any

co mmun ic ations issued ther eunder shall have on e and the sa me meanin g.



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22. CURRENC Y

“Currency ” means any leg a l tend er of a coun try recog nis ed by th e

Go vern me nt of I ndia.

23. CU T OFF TI ME

“Cut-Off Ti me” me ans with r e sp ect to var ious activities the dead li ne

pres crib ed by Clearcor p.

24. DEALIN G SYSTEM

“Dealing Sy ste m” me ans the ele c tronic sy s t e m ma d e a v ailab l e b y

Clearcorp to th e me mb ers of its various bus i nes s seg ment s to

und e rtake dealing tr an saction s in ter ms of the prov is io ns of its By e Laws,

Rules and Regulations.

25. DEALIN G MEMBER

“Dealin g M e mb er” me ans a me mb er of Clear corp who has been per mit ted

to conduct various ki nds of tr ansactions o n the dealing sy stem of the

dealing seg ment to which it has b een admi tt ed by C l earcor p.

26. DEALING SEGMENT

“Dealin g Seg men t” refer s to the v a rious business segments of Cl earco rp to

wh ich it ad mits its me mb ers to carry o u t v ariou s kinds of trans actions .

27. DEFAU LT

“Default” me an s the fa ilure by a me mb er to hono ur it s oblig atio ns in terms

of By e-Laws, Rules an d Regulatio ns and/or any o ther agreeme n t w ith the

Clearcorp.

28. DESIGN AT ED OFFI C E

“Des ign a ted O ff i ce” me an s an off i ce agr eed to by a Me mb er as its

Designated Office from where it proposes to carry out its operations on the Dealing

Systems.

29. DISCOUNT “Discount” means the value deducted from Spot rate to arrive at the forward rate.



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30. EX CHANGE RA TE

“Exchange Rate” r e fers to the p r ice of one n a tional cu rren cy in ter ms o f

another.

31. FOREIGN EXCHANGE

“Fo r eign Exchange” shall have the me a n ing ass i gned to it in th e Foreign

Exchange Man a geme n t A c t, 1999 and shall inclu d e all per mitted foreign

curren cies.

32. FOREX

“Forex ” refer s to all kinds of fo reign ex chan ge Trades for the buy i ng and

selling of on e currency against anoth er cu rren cy .

33. FOREX DE ALING SEGMEN T

“Fo r ex D ealing Segment” means the se gment relati ng to dealing in forex

trans actions throu gh the d ealing sy ste m.

34. FOREX TRANSACT ION

“Fo r ex Trans action” refers to p urch a se or sale of the curren cy of one

nation with that of anoth er. For e ign ex chang e rates ref e r to th e nu mb er of

units of o ne curr ency need ed to p urch ase one un it of another or th e value

of one currency in terms o f another.

35. FORWARD TRADES “Forward Trades” refer to the Forex Trades where the value date for the settlement

falls beyond the Spot date. For example for a deal done on 3rd February, 2004

which is a Tuesday, if the value date for settlement is any date beyond 5th

February, 2004, such a Trade shall be treated as a forward Trade.

36. FX-SWAP DEALING SEGMENT

“FX-SWAP Dealing Segment” means the segment related to dealing in USD/INR

swap transactions which include Cash-Tom, Tom-Spot, Cash-Spot and Spot-

forward.



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37. IN FI N E T

“ INFINET” refers to a w i de area s a tellite and terres t rial b a sed netw ork

based on V ery S mall A p er ture Tech nolo gy (VSAT). INFINET is a Closed

Us er Gr oup (CUG ) networ k for th e ex clusiv e u s e of th e Indian banking

and financial sector.

38. LEND ERS

“Lenders” r efer to the me mb ers in tendin g to len d funds or me mb ers w h o

placed an order in the sy stem to lend agains t th e offers ma de by th e

borrow ers in th e auctio n ma r k et of CB LO D ealing Seg ment and/or in the

Repo D ealing Seg ment.

39. MAR G IN

“Margin” me ans funds/securities d e posited/r e quir ed to be dep o s ited by

Me mb ers w ith C l earing C orp oration in ter ms of Clear ing Corporatio n’s

By e- laws, Rules and Regulations.

40. MATCHIN G

“Match ing” r e fers to th e proc es s of ens uring that the orde r attribu t es are

identical o r elig ible to be p a ired togeth er as per the ord e r ma t c h i ng rules

relating thereto s o as to po te ntia lly resu lt into tr ad e(s).

41. MA T C H E D DEAL

“Match ed D eal” ref ers to ma tc h i ng of b id and offer and/or bo rrow/le n d

orders on the basis of parame ter s set for tr ad es conclu ded on Forex /

CBLO / Re po D ealing S eg men ts.

42. MEMBE R

“Memb e r” includ ing Associate M e mb er is an en tity ad mitted as M e mb er

of Clearcorp u nder its By e- laws , Ru les an d Regulation s to trans act

b us i n es s in the segment to which it has been admitted .

43. MEMBE R ID

“Me mb e r ID ” refer s to th e Identif i cation Code allotted to each M e mb er o f

Clearcorp to es tablish th e identity . ID shall be unique to every M e mb er .

Me mb er I D s h all include Memb ers h ip ID wherever r e ferre d to in By e

Laws , Rule s and Regulatio ns.



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44. NEGOTIATED D EA LIN G SYSTEM

“Negotiated D ealing Sy s t e m” (hereinaf t er r eferre d to as “NDS ”) mean s the

dealing and settleme nt sy st em in tr oduced and ma intained by RBI for th e

purpos e of dealin g and s e ttleme nt of secu rities Trad es .

45. NOTIFI CATION, NOTICE OR COMMUNICATION

The w ords “Notificatio n”, “No t ic e” or “Co m muni catio n” r efer to any

inti ma tion that may be served on a Me mb er at its busin ess addr ess an d/or

its las t k n ow n addr ess in any on e or mo r e or all of th e fo llo w in g w ay s :

a. deliv ering it by post

b. sendin g it by registered po st

c. s e ndin g it und e r cer tificate of po stin g

d . s e n d in g it by ex pr ess d e liv ery po s t / cour ier s e rv ices

e. s e ndin g it by telegram

f . aff i x i ng it o n th e do or at th e last k now n b u s in ess and / or las t kn o wn

address

g. or al co mmu nication

h. adv e rtis ing it at least on ce in any pro minent daily new sp a per

i. s e ndin g a me ss age through the RBI N e gotiated D ealing Sy ste m

j. s e ndin g a me ss age through Clear corp ’s D ealing Sy stem

k. s e ndin g a me ss age through the RBI INFIN ET Sy stem

l. The notif ication on Cl earco rp we b s ite.

m. posting a me ssage through me mb er rep ort ser v er .

n. an electronic ma il o r f a x or any o th er electr onic network

o. any other accepted mo d e of co mmu n icat ion .

Any co mmu nication sen t by C learcor p to th e me mb ers s h all be dee med

to have been properly d e livered or s erved , if the s a me is s e n t to the

ord i nary bu sin e ss addres s and /or ord i nary place of residence and/or last

known addr ess of the par ty in any o n e or mo re of the w ay s me ntioned

abov e.

46. OFFER

“Offer” refers to an ord er for sellin g cu rren cy / Instru me nt s/CB LOs .



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47. OFF MA RKET PRIC E

“Off M a rket Price” is a price which is no t in line w i th M a rket Price.

48. O RDER

“Order ” means “Bid” o r “Offer” o r “Borrow” or “Lend” p l aced by a M e mb er

on th e D e aling Sy st em.

49. PREMIUM “Premium” means the value added to Spot rate to arrive at the forward rate

50. PRIC E

“P rice” means pr ice of a s ecur ity net of accrued inter e st, taxes , le vies etc.

51. REFER ENCE RA TE

“Refere n ce R a te” me ans th e daily ben c h mar k co nver s ion rate for

IN R/USD an nou n ced by RBI

52. REGU LATIONS

“Regu l ations ” in cludes rules, code of con duct and s u ch oth e r pres cr ibed

proc edures, cir c ulars, no tifications, d i rectives and o rder s as is sued by

Clearcorp fro m ti me to ti me u nder By e-Laws, Ru le s and Regu lations o f

Clearcorp.

53. R E J ECTI O N

“Rejection ” mean s process throu gh w h ich C l earcorp would con v ey its

inability to accep t a M e mb er’s Order on the Dealin g Sy stem.

54. REGU LATOR

“Regu l ator” mean s Res e rv e Bank of Ind i a (RBI) or any oth e r ag ency

appointed by RBI .

55. REPO

“Repo ” me ans an ins tru me nt for b orrow ing funds by selling securities w i th

an agree ment to repurchas e , for the purpo s e of th ese By elaw s Ru les and

Regu lations , th e same secu rities on a mu tu ally agr eed f u tur e date at an

agreed price which in cludes interes t f or the fund s borrow ed.



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56. REVERSE REPO

“Rever se R e po” me ans an ins tru me nt fo r lend ing funds by purch asing

securities with an agr e ement to res ell, for th e purpos e of thes e By el aw s

Rules and Regu lations, th e same se cu rities on a mu tually ag reed future

date at an agr eed price which inclu d e in teres t for the funds lent.

57. REPO DEALING SEGMENT

“Repo D e aling S eg men t” me an s th e s eg ment relatin g to tr ading/dealin g in

Repos and Reverse Repo s th ro ugh Clearcorp’s Rep o Sy stem.

58. REPO RATE

“Repo R a te” refer s to th e in teres t rate at wh ich the me mb er wh o has input a

borrow ord er in th e Repo Sy s t em is w illing to bor row at that time.

Cor r es pondingly , the Repo Rate also d e no tes th e inter e st rate at which th e

me mb er who has inpu t a lend order on the Rep o Sy stem is w illing to len d

at that ti me .

59. REPO SYS T EM

“Repo Sy ste m” r e fers to CROMS provide d by C l earcorp to me mb ers of its

Repo D ealing Seg ment f or tr adin g / dealing in various kinds of ma rk et Rep o

and Reverse Repo tran sactions in v a rious kinds of Go vern me nt S ecurities.

60. REPORTIN G FRIDAY

“ R e p ort in g Friday” re fe rs t o the d es i gn ated day of a calend a r fortnight

pres crib ed by RBI for ma intain ing various statutor y p r e- emptions su ch as

Cash Reserve Ratio, S t atutory Liqu id ity Ratio or such other statutory

ratios as may be s t ipulated by the RBI from ti me to time.

61. RI S K EX P OS U R E L I MI T

“Risk Expo su re Limit” means th e ma x i mu m a mou nt of risk expressed in

ter ms of mo net a ry valu e in res p ect of a M e mb er as s e t by Clearing

Cor poration in ter ms o f its By e-law s , Rules and Reg ulation s.



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62. RU LES

Un less the co ntext indicates otherwise, “Ru l es” me ans th e R u les of

Clearcorp.

63. SECURITIES

“Securities” means the Governme nt s ecu rities as defin e d in the Pub lic

Deb t Act, 1944 or such o ther s ecur ities as ma y be notified by th e Central

Go vern me nt fro m time to time un der th at A c t.

64. SECURITY BASKETS

“Security Bask ets” repr es en ts a clus ter wh erein diff eren t secu rities w ith

so me si mi l a r attr ibutes as ma y be d ecided by Clearcorp fro m time to ti me

are grouped tog e ther into a securities basket to f acilitate b o rrow ing and/or

lending of funds w hereby any , s o me o r all of the secur ities co mp ris i ng a

bask et shall flow f rom the bo rrower to the le nder on th e settleme n t dat e of

the first leg , which wo uld th en fall due f or r e turn fr o m con cerned lender

to the res pective borrow er on settle me n t date of the s econd leg being the

ma turity date as conclud e d as par t o f t h e or ig in al r e po tr ad e

65. SEGMEN T

“Seg me nt” me an s d i ffer ent clusters or groups id entified with in Clearcorp

for trading an d as ma y b e class ified an d ap pr oved by the Bo ard fr o m ti me

to ti me .

66. SELLIN G MEMBER

“Selling M e mb er” me ans M e mb er w ho has u nder t aken to sell s ecurity ,

CBLO and foreig n curren cy for a consideration.

67. SETTL EME N T CONSIDERATION

“Settleme n t Cons ideratio n” wou ld mean th e total amoun t of

funds/securities to b e paid /received by a M e mb er aris ing ou t of a Tr ade.

68. SETTLEMENT DATE

“Settleme n t Date ” me ans th e date o n w h ich a Trade is due f or settle me n t .



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69. SPECIAL REPOS

“Sp ecial R e p o s ” ref ers to a tran saction wher ein borr ow ing and/or len d ing

of f unds is f acilitated in th e Special Repo M a rk et on ly against sp ecific

securities as notif i ed by Clearco rp fro m ti me to time.

70. SPECIAL REPO MARKET

“S pecial Rep o M a rket” ref e rs to the Market where Special Rep os are

facilitated.

71. SPOT TRADES

“Spot Trades” refers to the Forex Trades where the value date for settlement is the

second business day from the relative Trade date. For example, for a deal done on 3rd

February, 2004 which is a Tuesday the value date for settlement will be 5th February,

2004, Thursday, the interim day being a valid business day.

72. STOCK BALANCES

“Stock Bala nce” r e fers to th e quantity of a security /i es as d i splay e d in the

Repo Sy s te m as th e qu antity available in that s ecurity /ies for u nder t aking a

Rep o transaction using th e Re p o Sy stem.

Explan ation

The S t ock B a lance for a s ecurity /is is co mputed b a sed on the me mb er’s

initial in put data and / or its s ub s equent mo dificati o n by the me mb er which

is th er eafter upd a ted b a sed on repo trans action s undertaken by the me mb er

and/or outs t and ing or ders in the Rep o Sy ste m in that s ecur i ty at any po int

of ti me . T h e Sto c k Balance rep r es ent clea r b a lances which ar e av ailable

for u nder t aking tr ades o n the Rep o Sy ste m s o as to en sure that before a

repo transaction is undertak en by a me mb er , adeq uate qu an tity in the

concerned s ecur i ty is a v ailable in th e Repo Sy ste m f or s ecur i ty allocatio n

upo n con clus ion of a r e po tr ade. Th e Stock B a lance, co mpute d as abov e,

has no rela tio n to the actual q u antity held by the me mb er i n its SG L

Account with RBI and / or classification of the secur ity by th e me mb er in

its books. Actu al deli v e ry of secur ities as req u ir ed for settleme nt o f the

concerned repo trade w ould take p l ace as s p ecifica lly provid e d in thes e

By elaw s , Rules and Reg u lations.



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73. SWAP

“Sw a p” means a Trade invo lving s i mu ltan e ous buy ing and selling of a

foreign cu rren cy amo u n t for tw o d i ffer ent s e ttleme nt dates.

74. TOM TRADES

“Tom Trades” refers to the Forex Trades where the value date for settlement is

the next business day from the relative trade date. For example: For a deal done on

4th February, 2004 which is a Wednesday, the value date for settlement will be 5th

February, 2004, Thursday.

75. TRAD E

“Trade” mean s, u n les s th e contex t in dicates otherwis e, bu y ing and / or

selling, borrow ing and/or lending of Securities / CBLO / curren cy by a

Me mb er. Wh er ever th e ter ms “deal”, “Trad es or “contracts” o ccur in th e

By e- laws , Rules and Regulatio ns ; they shall have o n e and the s a me

me aning , unless th e con t ext indicates oth erw ise.

76. T R AD I NG / DEALI N G SESSION

“Tradin g /D ealing Sessio n” would refer to the ma rket h ours fix e d by

Res e rve Ba n k of Ind i a / Clear corp when M e mb er s ar e per mi tted to

conclud e Tr ades on the D ealing Sy s t e ms of Clearcorp.

77. W ORK IN G DA Y

“Work ing day ” me ans the sa me as Bu s iness day .

78. VA LU E DA T E

“Valu e D ate” s h all have the same meanin g as S e ttleme nt Date.

Note: Th ese Defin itions apply to Byelaws, Ru le s and Regu la tions .



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CHA PTER II: BUSINESS SEGMENTS

1 . Clearcorp ma y es tablis h such nu mb er of bus i nes s seg ments as ma y b e

deter min ed by th e Bo ard fro m ti me to ti me .

2 . The s ecur ities/in strume nts / curren cies which w ill be eligib le fo r

ad mi s s io n to be dealt in differen t bus i ness seg ments w ill be sp ec ified by

the Boar d fr o m ti me to ti me .



C HA PTER II I: C OMMITTEES FOR MANA GIN G OPERATIONS

15

The Boar d s h all h a ve pow e r to ap poin t Co mmi ttee(s) for looking after /

ma nagin g any aspect o f the Clearcorp’s bus i nes s ope r ations w ith suc h

pow ers and r e sp ons ibilities as ma y be d e le gated by th e Boar d.



CHAPT ER I V : R E G U L A TI O NS

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1. The Board ma y frame Regulations from ti me to t i me for the

functioning and op erations of Clearcorp an d to re gulate t h e

fu nctio ning, operations and condu ct o f the Memb er s of Clearc orp.

2. W ithout prejudice to th e generality o f t h e foregoing, t h e Board ma y prescr i b e

Regulations from time to t i me ; int e r ali a , w i t h respect to:

(1) Nor ms, pro c edures and terms and cond i tions for ad mi ssion,

co nti n uation or ces s ation of M e mb ers;

(2) Nor ms, pr ocedures and terms and co ndition s re lati ng t o deal ing on D e a ling Sy stem (s);

(3) Nor ms, pro cedures and terms and co ndit i on s t o be complied with

for Clea ring and Sett leme nt o f trades c onclud e d o n t h e Dealing

Sy stem;

(4) Prescri p tio n from ti me to ti me , and ad mi nist r a tion o f pe nal t ies,

fin e s and other con s equences, including s u spensi o n /expulsion of

Memb ers from Clea rcorp for defaults o r breach o r violation of the

By e - laws , Rules and Regulations , d i rectives or o r der s of C l e a c o rp;

(5) Nor ms, pro c edures an d terms an d conditions for mo n i tori n g of

ma rg i n s, limi t s and imposition of charges a nd rest ricti ons as

app licable from ti me to time;

(6) De te rmina t ion fr o m ti me to time, of f ees, sy st em usage

char ges, transac t i o n charges, de posits, pen a l and other charges a nd

other monies p a y a bl e t o C l ear c or p by M e mbe r s ;

(7) Supervis ion of the d e aling operati ons and promulgati on of su ch

b u si n e ss ru l e s and Co des of Co nduct as it ma y d e em fi t;

(8) Settle me nt of d i sputes , co mp la i n t s , c l a i m s arising between

Memb er s inter-se rel a t i ng to se cu ri ti es , C BLOs , fo re ign exchan ge,

mo ney market and derivative ins t ru me nts an d such other dealing

seg men t s and instru me nts t h at are transacted th rough the d e al ing

p l a t form including s e t t l e men t by ar bi tr ati o n a n d/ o r s u ch other

dispute r e solution me ch anism as Cle a rcorp ma y d e c i d e f r om time

to t i me ;

(9) Di ssemi nation of i n formation and an nounce m ents;

(10) An y other ma tter as ma y b e decided b y the Board.



CHAPTER V: MEMBERS

17

1. Clearc o rp ma y a d mi t M e mber s in ac cor d ance w i th t h e Rule s a n d

Regula t ions to be prescr i b ed b y the Board and on co mpliance of such

terms an d cond i tions as per By e la ws, Rules a n d Re gul a ti ons, the

M e mb er shall pa y such fe es, deposits an d other mo nies as ma y be

specifie d b y the Bo ard from time to ti me , on admi ssi o n as Mem b er.

An y fee s , deposits , rem ittance, ot her monies avai lable w i t h

Cl e a rc orp but belonging to an y Memb er under By e-laws, Rules and

Regulations shall be su bj ec t to a f i r s t an d paramo un t l i en for a n y sum

du e or rea s onably expected t o be du e to Clearcorp and f o r all it s c l aims

aga i nst the Mem b er for due fulfi l me n t of engage me nts, obli g atio ns

and liabil ities of Memb ers arising out of or incide ntal to any Trades,

whi c h a r e ma de su bject to By e-laws, Rules and Regulations of

Clea rcorp. C l earco rp shal l be entit led to adjust or a ppro p riate such

fees , deposit s and other mo nies towa rd s such du es and clai ms , to the

ex clusion of t h e ot h e r claims against t h e M e mb e r ,without a n y re fe renc e

to the M e mb er .

2. Me mbe r s ma y tr ansa c t eit h er on th eir own acco unt or on behalf

of t h e constit u ents unles s o t h e rwis e specified by Clear cor p f r om time

to time.

3. I n the e v en t of an y su ch c h ange in control or r e organ i sa ti o

n , amal g a ma ti on / merg e r of the Memb er, Cl ea rco r p shall h a ve a right t o

call for such infor m ation, d a ta and document a tion as ma y b e dee med

necessar y for re viewing suc h me mber ship and the me mber shal l

provide the same to Clearc o rp a nd a l so exte nd all the ne ce ssar y co -

operat i on in th is reg a rd.

4. An y pe rson ad mi tted to M e mb ers h ip of Clearcorp sh all be bo und by

all By e- laws , Ru l e s , Regulatio ns as amended from tim e to ti me as if

such B y e-laws , Rules an d Reg u l a tions are te rms and conditions of on

e sing l e in depend ent contract between Clear c orp on the one p a rt an d the

M e mb er on the other part.



18

CHAPTER V I: DE ALING SYSTEM

1. Clearcorp shal l n o t be l i ab le for an y unautho rised deals on its deal ing

sy s t em b y any ent ity act i ng in the name of t h e me m b e r .

2. Clearcorp may d e ter m ine and announce from ti me to time

operational parameters for dealing through the Dealing Sy stem/Platform

which t h e me mber s h a l l adher e t o .

3. Clearcorp may accept on it s deal ing s y stem only those orders which

co mply wit h the pro v isi o n s p r escribed in these By e-l a ws, Rules and

Reg u lat i ons.

4. Clearcorp may , at it s discretion , approve , defer , or reje ct orders re ceived

by it for ma tching.

5. Deals ma y be effected t h rough auct ion, o r der dri v en, quo te driven

a nd/or such other s y s t em as ma y b e pu t in pla c e by Clea rcorp fo r su ch

purpo s e .

6. De als ma y be e f f ecte d by electr onic me dia or computer net w ork or such

other m e dia as sp ecified by Clea rcorp from time to t i me .

7. Business H o urs

7. 1 The b u siness hou rs fo r tran sac t io ns in v a rio u s s e g ments shall be

app l icable as stated i n th e Reg u lations of the co ncern e d seg ment.

7. 2 Clearcorp would normally fun c tion on all the day s , excluding Su nday s

and those da y s that are de cla r ed as holiday s unde r the Negotia ble

Instr u me nts Act, 18 81.

8. Sus pen s io n an d Proh i b iti o n

8. 1 Clearcorp, upon notificati o n, ma y p r oh i b it, suspend at an y time the

dealing sy stem fo r such period as it may determi n e and at t h e

expira tion of suc h period , Clearcorp m a y re-activ ate the d e aling

s y s t em su bject to such conditions as it deems fit.

8. 2 Clearcorp, at i t s discretion, ma y s u sp end a memb er from its d e aling

s y s t em for viola t i o n of an y o f the p r ovisions of By e-L a w s , Ru les and

Regulations and t h e suspension shall continue until Clearcorp decided to

withd r aw such susp ension.



19

9. Invio l ability of Transa cti o n

9. 1 T r ad e s co ncl u d e d on C l e a r c o r p’ s Dea l i ng S y stem/Plat f orm subject to

the By e - Laws , Ru les and Reg u lations of Clea r corp, sha l l be i nvi ol abl e .

9. 2 Clearc o rp may , to pr otect the inte r e sts of t h e me mber s a n d for

pr oper regu l a ti o n of deal ma tchi n g , suo mo t o an nul deal(s) a t any time ,

if Clearco r p is sa tis fi ed f o r re aso n s to be r e c o rde d in wri ting th at

su ch de al(s ) i s /are vitiated by fraud, ma terial mi stake, mi srepresentatio n

or ma rk et or price manipulat io n an d othe r misde mean or.

10. Re cord f o r e v ide n ce

The re c o rd of Clea r c or p as maintained b y a c e ntral proce s sing unit or a

cl uste r of processin g units or co mp u t er p r oc essin g un i t s, i ncluding

the hard/soft copies ther eof, or maint a ined in an y oth e r ma n n er

including record of tel e pho ni c co nversations shall co nstitut e

co nclusive evidence in r e lat i on to an y Trades done through Clearcorp

Dealing Sy stem/plat f o r m. F o r the purpo ses of any dispute s r e ga rding

the tr ades such re cor d s a s ma i n taine d by Cl ea r c or p shall const itu te

concl u sive evid ence in any dispute or c l ai m be tw een t h e Memb ers

in ter se or betwee n Me mber s and Clea rc or p.

11. Memb er only par t ie s t o t r ade s

Clearcorp s h all not in an y ma nner recogn i z e no r rely o n , any t r ansa ction

other than t h ose of its own M e mbers. E v er y Member shal l b e direc t ly

a nd wholly lia bl e to Cl ear cor p in r e spect of all its c onst i tuents,

unles s it is e xpre s sly speci f i ed othe rw ise by Cle a r c or p in all

transactions executed on behal f of such constit u ents. Clea rcorp shall ha ve

no liabil i ty to any party othe r t h an t h e Memb er.

12. Fees and C h arg e s

Clearc o rp may pr e s cribe f r o m time to ti me the f e e s , c h ar ges t o be

le vied o n the Me mb er s in respec t of de ali n g on the tradin g platform.



20

CHAPT ER V II: CLEARING AND SETTLE MENT OF TRADES

CLEAR I NG AND SE TTLEMENT OF TRA D ES

1. Me mb e r s o f Cle a r cor p ma y clea r an d se tt le tra d es con c lude d o n its

de aling s y s t em throug h Cl earing Corpo r at ion a s provided in its By e -

law s , Ru les and Regulations .

2. In conn ecti o n w ith such sett leme nt, Cl ea rco r p ma y set l i m its or

m a rgin req u irements o n its dealing s y s t em at the inst a n ce of C l earing

Corp orat ion .

3. Clearco r p ma y a l so set limits on its de aling s y s t em, eit h er on its own or

at t h e instanc e of Regulator to pr otect the inter e st of the ma r k e t .

4. I n ca se of a n y bre a ch of t h e li mits se t i n cla u ses 2 & 3 abo v e, Cle a r c or p

shal l ha ve the r i ght to deactiva t e the me mbe r fr om it s dealing sy stem.



21

C HA PTER V I II: DIS PU TE RES O LU TION / ARBITRATION

1. All Claims , differenc es o r disputes b e tween th e Memb ers inte r-se ar ising

out o f o r in rel a tio n to d e alings, contra cts or transactions executed or

r e ported as sp ecified b y Cl earcorp and ma de su bj ect to the By elaws , Rules

and Regulation s or w ith r e f e re nce to a n y t hi ng incide nta l ther et o or in

pur sua n ce ther eof or rela t i ng to their v a lid i t y, con s tru c tion , inte rpretation

, fulfi l l me nt or the right s, o b li g a tions and liab i lit ies o f t h e parti e s t h ere t o

and incl ud i n g an y qu esti o n o f as to suc h dealings, tr ansa cti o ns and

contr acts have been ent e red into or not sh al l b e s u bmit t e d to a r b i t r a t ion

in a c c o r dan c e with the provisions of Dis p ute R e s o l u ti o n / A r b i t r at i o n

of Cl ea ri ng C o rp o r ati o n.

2. All Cl a i ms , diff erences o r disputes between th e M e mb er(s) on the o n e

hand and o n the other hand Clearcorp arising out of or in relation to

dealings, contracts or transactions executed or repor ted as spec if i e d by

C l e a r c o r p or wi t h re fer e n c e to an y t h i ng i n cidental the r et o or in pursuan ce

thereo f or relating t o their validity , constru c tio n, interp re tati o n , ful f i l l me nt

o r the rights , o b li g a tions an d l i abi l i t i e s o f the parties thereto and incl u d ing

an y q u e stion of whether s uch deali n gs , transact ions and contracts have

b e en en tered i n t o o r no t shall be s u bmitted to arb itra tion in acco rdan ce with

the provi si o n s of Dis p ute Resolution/Arbitration of Cl ea ri ng C o rp o r ati o n .

3. In all de ali n gs, contrac t s and transac t ions, w h ich ar e ma de sub j e c t

t o t h e Dispute Resolution / Arbitratio n provi si on s o f Clearing

Co rp oration, th e p r ovisions relating to arb i t r at ion as pro v ided in the

B y e l aws and Rules of Cleari n g Corp oration shall form and sha ll be

d eeme d to form part of th e d e ali n g s , co ntrac t s an d transactions and

th e parties s h al l be dee m ed to have enter e d into a n ar bitr a t i o n agre eme n t

in w r iting by which all claims , dif f er ences o f the natu re referred to in

B y elaws( 1 ) and (2) abov e shall be submitted t o arb itra tion as per the

prov i s ions of the B y e l a w s and Rule s of Clea ri ng Co rporation .



22

C HA PTER V I II: DIS PU TE RES O LU TION / ARBITRATION _________________________________________________________________

Juris d ictio n

4. All pa rties to a referenc e to arbitrati on and the person s , if any ,clai mi ng

under them, shall be d eeme d to hav e submitt ed t o the exclu s i v e

j urisd i c tion of t he courts i n Mu mb ai or an y othe r co urt as ma y be

p r escrib ed b y the Cl earcor p fo r the p u rpose of gi v i n g effec t to the

provi sions o f the Arb i trati o n and Conci l iatio n Act , 19 96.



23

CHAPT E R IX : DE F AU L T

1. DEC L ARATION OF DEF A U LT

A Member may be declared a defaulter by direction/circular/notification of

Clearcorp if:

1) it i s unabl e to fu l f i l l it s Cleari ng o r Settleme nt o b li gations at

Clea ring Corporati o n for deals c oncl u ded on Clear c or p’s De ali n g

Sy stem and se ttl e d wi th Clearing Corporation; o r

2) it admi ts or disclos e s its inab ili t y to fu l f i l or discharg e it s

d u t i es , obligation s an d l i abi l i ties; or

3) it fails to pay any sum due to Clearco rp a s Cle a r c or p ma y fr o m

ti me to time pre s cr ib e; o r

4) it fails to a b ide b y the Dispute R e solut i o n m e chanism or arbi t r at io n

award as laid dow n un der By elaws , Rul e s and Regu lati o n s ; o r

5) Proceed i ngs hav e been commenced fo r w i ndi ng up agai n st it;

6) It has be en suspen ded /declared as a defaul te r b y Clearing

Corp ora tion;

7) If a Memb e r ma kes bids and/or offers which resul t s in creating a

false or m i sleading appearan ce wit h respec t to p r ice s ;

8) U nde r a ny o t he r c i rc u m stan ce s a s ma y be de cided by Clearcorp fro m

ti me to time after du e notice in writ i n g t o t h e Memb er.

2. MEMBE R ‘S DU TY TO IN F O RM

A Memb er shall be bo un d to notify Cl earcor p im me diat ely o n the

occu rrence of any of t he c i r c umsta n ces specified in By e - law No. 1 of thi s

Chapte r .

A Memb er shal l fo rth w ith in form Cl earcor p in writing a s and when an y

no tice is rece ived b y the Mem b er, i n connection wi th institu ti on of an y

winding up proceedings agains t it and n o M e mb er shall initi ate an y

p r ocee di n g s for winding up wi thout t h e prio r written con s ent of

C l e a rco r p . The M e mb er furthe r und ert a kes t o i n form C l earco rp in

writing o n the onset of any circumstance whi c h i s li k e ly to res u lt in



24

to it b e ing woun d up or which is li k e ly to, or ma y r e n d er it liable to, any

winding u p proceed i n g s .

3. NOTICE OF D E C L A R ATION OF D E F A U L T

Upon a Member bei n g d e cl ared a defau lter , Cle a r c or p shall f o rthwith

i ssue a no t i ce to a ll t h e Memb ers.

4. DEF A U LTER TO GIVE IN F O R M A T ION

A defaulter shall sub m it to Clearco rp such statemen t of accounts;

information and par t ic ular s of it s aff a ir s a s Clear cor p ma y from ti me to

ti me require and if so desi red shal l app e a r before Clearcorp at its

me etings held i n connection wit h its default.

5. IN DEMNITY

5.1 W i t h out p r ejud ice to t h e other rights a nd reme di es available

to Clea rcorp, a Memb er shall indemnif y an d k e ep indemn ified,

Clea rco r p against an y loss/ d a ma ge suffered b y Clea rco r p i n

prov iding the se rvices by Clear corp to the Me mb e r and a n y other

loss, da ma g e , c o st, expe nse s (inc luding reas o n ab l e atto rn ey fees)

a r is ing from a M e mb er’ s default, misco nduct or negligence on

the part o f th e Memb er or an y e mp l o y ee, a g ent, s e r v an t or

r e p r ese n ta t i ve of th e Mem b er . This sha l l be a conti n uing

indemn ity n o t wit h st and i ng cess atio n of me mb e r shi p.

5.2 Clea rcorp s h al l hold harmless its members ag ai n s t any de faults on part of Clea rcorp.



25

C HA PTER X: DISCIPLINARY PR OC EEDIN GS, PENA LTIES, SUSPEN SION AND EX PU LS ION

1. DISC IPLINAR Y JU RIS D IC TION

Clearc o rp may exp e l or su spend under cen s ure and/o r warn and/or

wit h dra w all or any of the M e mbership righ t s of a Me mb er if

it b e g u il ty of contravention , non -complianc e, d i sobedience, dis r egard

or evasion of an y of the By e Laws, Ru les an d Regulations o f

Cl earco rp or of any resolu ti o n s , orders , n o tices, d i rections or d e cisions

o r rulings of Clearcorp oro f any othe r Commit tee or o fficer o f Cl ea rco r p

aut h oris ed in that beha l f or of any conduct, proceeding or me thod of

business which the Board in its absolute discretion deems i n con s i s ten t

wi th j u st and equitable princi p l es or detri ment a l to t h e inte res t s,

reputation of Clearcorp or pre j u d ici a l or s ubv e r s i ve t o i t s o b j e c t s

and purp o ses.

2. PENALT Y FOR B R E A CH OF B Y E-LAW S , RULES AND REG U LATIONS

2.1 E v er y M e mber shall b e liab l e to suspension, exp u l s ion or

wi thdr awal of al l or any o f its me mb e r shi p ri g h t s and/or to pa y ment

o f fine and/or to b e censured,reprimanded or warned for contravening ,

disobeyi ng , disregardin g or wilfu l ly ev ading a n y o f By e- laws , Rules

and Regulations or an y res o luti on s , o r ders , n o tices, d i rections,

decis i ons or ru lings hereunder o f Clearcorp, or of the Board,

E x e c utive Co mmit tee, Managing Di rec t or or an y o f f i cer of Clearcor p.

2.2 Clea rcorp ma y at its di scre tion ch arge such pe nalty as it ma y dee m

f i t for del ay e d an d/or no n-p a y ments ar i s ing o u t of defau lt,

cl ose ou t and liquidation b y a Memb er;

2.3 T h e Memb er declared as defaulte r shall reimburse Clearcorp all

o u t of pocket exp e nses inc l ud i n g leg a l and an y oth e r ex pend i t ur e

i n cur r ed by Clea rcorp in connection with a de fault o r any o t h e r activity

undertaken by C l e a r c o r p with o r o n behal f of such a Memb er.



26

C HA PTER X: DISCIPLINARY PR OC EEDIN GS, PENA LTIES,

SUSPEN SION AND EX PU LS ION

3. MEMBERS H I P SUSPENSI ON

3.1 A Memb er shall be liab l e for im m e diate su sp ension fr o m M e mb ershi p

up on it’s:

a) Being susp ended from usi n g RBI INFIN E T;

b) Being susp ended from usi n g RBI RT GS;

c) Being su sp ended from M e mbership of Clea ring C o rpor ation ; d) Being su spended fro m any busin ess segment of Clea ring

Corpo r a tion;

e) Being su s p ended/order e d for susp ension fro m un dertaking

activ ity b y a regula t o r y bod y , Court, Law Enfo rcemen t Agency

or an y oth e r st atu t or y bo d y /agenc y au t h o r ised to do so ;

f) Being wound up or ordered to b e woun d up under extant L a ws

or where the winding up has commenced ag ains t such M e mber;

g) Being susp ended from an y bus ines s segmen t of Clea rcorp . h) Fai l ure to a b ide by B y e- laws , Rules and Reg u lations of Clearcorp.

i) Becomi ng liable fo r disciplinary proceedings or such

proceedings as are i n itiate d and/or pro posed to be i ni t iated

a g ai nst a M e mber.

A Me mbe r shal l also be l i able f o r im m e di ate suspens i on of its

m e m b ership rights for a n y other cause which in the op inion of

Clea rcorp wa rrants such susp ension;

Such suspensi on ma y be in f o r c e t i ll such ti me a s the sa me is

spec if i cally re mo ved b y Clea rcorp on Clearcorp being sat i sfied that

the cond i tions fo r susp ension no l o nger e x ist.

3.2 Suspension ma y be o f t w o ty pes – (a) temporar y i.e., for a pe riod

of a maxi mu m of sev e n b u si n e ss day s or such nu mber of da y s

as ma y b e decided b y C l earcorp b) long ter m i. e., for a peri o d

exceeding t h e on e menti o ned under (a ) a bove ;

3.3 Upon su spension of memb ership, Cl ea rco r p s h all no tif y such

suspension to o t he r Me m b ers;



27

C HA PTER X: DISCIPLINARY PR OC EEDIN GS, PENA LTIES,

SUSPEN SION AND EX PU LS ION

3.4 After such d i sablement, Clearcorp shal l com m u ni cat e th e

info r mation to other me mb ers. Man a ging Director of Clearc o rp or

a Co mmitt ee of not less than two off i cials nomi n ated b y the

Managing Directo r ( M D ) ma y disab l e a Mem b er f r o m a c c e ssin g

th e f a c ili tie s of C l e ar cor p if in th e opinion of the M D o r the

Committ ee of officials circu mstan ces exi s t warrant i ng disablement

pendin g su spension. P r ovid e d that, w ithin 4 hours after such

disablement, the MD or t h e Co mmitt ee of officials as t h e ca se ma y

be shall recor d in writi ng the r e asons fo r such disablement

provided however that the same shal l be repo r t ed at t h e n e xt Board

or t h e Com m ittee me eti n g whichever i s earl i e r . Afte r s u ch

disabl e ment, Cle a r c or p sha l l commu n ic ate the infor mati o n to other

me mber s.

3.5 Not w ithst a nding an y t hi ng co ntain e d in an y o f the By e l aws, i f a

M e mber is re straine d from u n dertak ing an y ac ti v i ty includ ing

the dealing in securiti es b y any reg u lat o r y / s tat u to r y bod y , court,

su ch M e mb er shall ipsofacto s tand suspended from t h e me mb ersh ip

of Clea rc orp.

4. R E CO NSI D ERA T IO N/R E VIE W

The Boa r d ma y , o n i t s own or on appeal by the Memb er concern e d,

reconside r and rescin d, rev oke or mo d i fy its orde r fin i ng,

cen s uring, warning or wit h dra w in g all or an y o f t h e m e mb ership

ri g h ts of the Me mb er. In l i k e manner, th e Board may rescind ,

rev oke or modify a resolu ti o n expel l ing or susp ending an y Memb e r .

5. CONS EQUENC ES OF S U SPENSION

The su spension o f a Memb er shall among others ,h a ve the foll o w ing

consequences:

(a) Suspension shal l b e effec t ive immedi ately u pon the M e mb er

bein g notified to that e ffe ct b y Cle a rcorp unless otherw i s e

sp ec i f ical ly menti o ned. Upon su spen s i on , M e mbers s h all not have

access to t h e Dealing Sy stem/ Platfo r m of Clearcorp .



28

C HA PTER X: DISCIPLINARY PR OC EEDIN GS, PENA LTIES, SUSPEN SION AND EX PU LS ION

However, the su s p end e d M e mber wi ll co nti n u e to be liable t o

Cl e a rco r p in respect of all its o u t s ta nding T r ades and / or othe r

dues, if an y , arising o u t of actio n s undertak en b y Clea rcorp for

and on b e hal f of suc h Memb er pri o r to such suspension ;

(b) Suspension of Membership Rights

A suspend ed Mem b er shall d u r ing the ter ms of i t s suspension,

b e deprived of and excluded from a ll rights an d privi l eges o f

me mb ership but ma y b e proceed e d against b y Clea rcorp for an y

o f fence committ ed b y it before suspensio n in such m a nner as

m a y be nec e ssar y t o pro t ect the interes t of C l earcorp ;

6. CONS EQUENC ES OF EX PULSION

The exp u lsion of a Memb er shall, a mong others , have t h e

foll o w ing consequences n a me ly :

Memb ersh i p R i ght s forfeited:

The expelle d Me mb e r shall forf eit its ri ght of me mber ship to

Clear corp and all righ ts an d privileg es as a Memb er of Clearcorp

incl ud i n g an y right to e n fo rc e a ny c l a i m or an y in te re st in an y

p r ope rty or fun d s aga i nst Clea rc orp bu t t h e l i abil ities o f su ch a

Me m b er to Cl earcorp sha l l cont inue and rema in un af fe c t ed b y such

e x p u lsion;



29

C HAPTER X I : MISC ELLANEOUS

1. Sa ve as o t h e r w ise s p ec if ica l l y prov id ed in the B y e Law s ,

Rules a n d Regulations b y Clea rco r p in resp ect of dealing arrange ment,

in p r omoti n g, faci l i tating , assis ting , regulat ing, m a n a ging a n d operat i n g

t h e d e aling s y stem/ platform. C l earco r p shall not b e deemed to h a ve

incurr ed an y liab i lity , and accordingly n o clai m or recourse i n resp ect

of or in relatio n t o an y trad ing/dealing in secu rities , forex transact

i o ns, de riv a ti v e s and such other seg ments and

instru ments as Cl e a rco r p ma y prov i d e deali n g sy stem/ platform for,or any

m a tter conn ected there w ith shal l l i e aga i nst C l earco r p i t s Direct o r s,

emplo y ees, officers or an y au thorized person (s) ac t i ng f o r Clea rcorp

in g ood fa ith.

2. No claim, suit, pros ecu t ion or ot her leg a l proceed i ng shall li e

aga i n s t Clearc o rp, it s Dire ctor s, e mploy ee s, officer s or any

a u t h or ise d per s on(s) acting fo r Clearcorp in respect o f an y t h i n g wh i c h

is d o n e or intended to b e do ne in g ood fait h i n pursuance of an y o r der

or other binding directive i ssu ed to Clearco r p un der an y law o r delegat e d

legi slat ion for the ti me bei n g in force or an y t hin g done pu rsuant t o

th e provis i ons of t h e By e - laws, Rules and Regulations .

3. Cle a r cor p shall hav e the unfe tte re d di s c ret i on t o par t wi t h / d is c l o s e

or dissemi nate such information concerni ng the Members trades

co ncluded on t h e de a l ing sy s t e m/platfo r m of Cle a r cor p as d eemed

n e c e ssa r y to Re gulato r y , Gover n me n t al or ot he r agenc i e s .

Clear corp ma y also provide aggr egat ed informati o n to t h e p r e ss an d

me dia.

4. Clearcorp s h all not b e hel d respon si b l e or liable for an y fa i l u r e of

co mp uter s y stems, telecommunication network a nd other equip ment

i n st all e d a t t he Memb er’s o ffic e pre m ises. Clearcorp shall have the

right to inspect and supervise all computer systems, soft ware programmes,

t e le -com m unication equip ment, etc .a s prescr ibed by Cle a r c o r p at it s

o ffice a nd/or office /premi ses of the Member wh ere su ch equ i pment ma y

be installed a nd the Member shal l no t ma ke an y altera tions, mo d i fica t ions

a nd chang e s to such equ i pment wit h out the pr i o r written consent of

Clear c or p.



30

C HAPTER X I : MISC ELLANEOUS

_____________________________________________________________________________________ 5 . No fai l ur e or del a y on the p a rt of Clea rcorp in the exercise of an y p o wer,

right or priv ileg e here under shall o p erate as a waiv er t h ereof, nor shall

an y fa ilure or del ay in ex ercis e of such p o wer, ri ght or privil ege

preclude Clear cor p f r om fur t he r e x erci se the r eof.

Documents

CLEARCORP DEALING SYSTEMS (INDIA) LIMITED · “CROMS” means C learcorp Re po Orde r Ma tching Syste m i. e., the Repo Dealing Sy stem av ailable to memb ers of Clearcorp’ s Repo