Commodity Derivative Introduction Advantages Open an Account Reports Contact Us Downloads	Open an Account - Requirements Multi Commodity Exchange (MCX) Services : Agreement: (a) The Trading Member (TM) has to sign an agreement with SHCIL to clear his trade in the format prescribed by MCX and suitably modified by SHCIL. The agreement has to be signed on Rs 100 stamp paper, before the TM begins his trading. (b) The member is also required to submit an undertaking on Rs 300 stamp paper. View format. Along with the agreement the trading member should also submit :   Board Resolution appointing SHCIL as clearing member   Attested copy of Memorandum & Articles of Association Consent: At the application stage, a TM must mention that Stock Holding Corporation of India Ltd. (SHCIL) will clear his trades.   Letter of consent from SHCIL can be obtained, which the TM has to forward to MCX. Application Form: The TM has to fill an application form provided by SHCIL, giving details of addresses, phones, accounts etc. Approved e-mail addresses should be mentioned in the application for receiving daily bills. MARGINS: A TM is required to pay the following margins to SHCIL for getting exposure as well towards daily MTM and other settlement: Initial Margin(IM) Minimum base capital of Rs. 2 lakhs in either of the following ways : entire Rs. 2 lakhs in cash OR Minimum Rs. 1 lakh in cash and balance in cash equivalent * Note: The TM can take exposure on the same and can also take higher exposures by depositing additional base capital in the form of cash/BG/FDR. Minimum increment of Rs 50,000 is required for additional base capital in the ratio of 50 : 50. Mark-to-Market Imprest The mark-to-market imprest is required to be maintained at 20% of the Initial Margin. The MtM Imprest maintained by the trading member shall be retained by SHCIL for daily settlement of Profit/Loss, premium and mark-to-market margins and shall be replenished by the member on a daily basis. If the imprest balance is insufficient to cover the above, the same shall be recovered from the client. If a TM is willing to provide BG as collateral, he can avail the bank guarantee from an approved bank, in the format provided by SHCIL. BG should be for a minimum period of one year with three months claim period. In case a TM provides FDR as collateral, it should be in the name of Stock Holding Corporation of India Ltd. A/C (TM's name). The FDR should be for a minimum period of six months. * Cash equivalent includes Bank guarantees (BG) and fixed deposit receipts (FDR).
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