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Clearing & Settlement

Clearing & Settlement

The Exchange has an in house clearing department which monitors and performs all activities relating to delivery, fund settlement, margining and managing the settlement guarantee funds. It operates a well-defined settlement cycle to ensure no deviations or deferments from this cycle.

The clearing house collects margin from the members, effect of pay-in and pay-out and monitor delivery and settlement process.

The members are requested to forward all their clearing & settlement related correspondence on the following address.

Contact Details

Indian Commodity Exchange Limited (Clearing Corporation MCCIL)
Reliable Tech Park,
403-A, B-Wing, 4th Floor,
Thane – Belapur Road, Airoli, Navi Mumbai-400708, India.
Tel. No. : +91-22-40381500
Fax No. : +91-22-40381514

For Clearing & Settlement
Call us on +91-22-40381500 / 1540/1541/1542
Email :

Settlement Guarantee

The exchange acts as the counter party to all trading members. Clearing & Settlement is a system whereby Exchange guarantees the settlement of the trade on its platform. Since exchange facilitates anonymous trade transactions between Buyer and seller the counter party risk in the event of failure of a trading member to meet the settlement obligation rest with the exchange.

Clearing & Settlement Formats

    • Letter from member for release of Cash (BMC)
    • Format of Letter for Release of FDR & BG (BMC)
    • Format of the Renewal Bank Guarantee (BMC)
    • Submission of FDR & BG(BMC)
    • Format of Letter Confirming the Lien on renewed FDR(BMC)
    • Format of Letter for Submitting Cash(BMC)
    • Format of Letter Confirming the Lien on Fixed Deposit Receipt(BMC)
    • Format of Bank Guarantee(BMC)
    • Format Of Deed Of Pledge For Members For Deposit Of Securities
    • Submission of BG / FDR towards /Additional Deposit/ Additional Base Capital (ABC)
    • Format of Bank Guarantee
    • Format of Letter for Submitting Cash
    • Format of the Renewal of Bank Guarantee for Collaterals As Margin
    • Format of Letter Confirming the Lien on renewed FDR
    • Format of Letter Confirming the Lien on Fixed Deposit Receipt
    • Letter from member for release of Cash
    • Reset Password of Trader Admin Terminal
    • Format of Letter for Changing the Associated Clearing Bank
    • Format of request Letter For Release Of Additional Base Capital (Securities)
    • Format of letter for deposit of additional base capital (Securities)
    • Format of Letter for Release of FDR & BG
    • Application Form for Reset Password
    • Format of letter for release of additional base capital (Securities)
    • Format of Letter for Submission of FDR & BG
    • Format of request Letter For Deposit Of Additional Base Capital (Securities)
    • Letter from member for release of (Cash)
    • Format of Letter for Submission of FDR & BG(BMC)

Approved Banks

The Exchange has approved the following banks for issue of Bank Guarantees and Fixed Deposit Receipt to the applicant-members.

Sr. No. Bank Name Sr. No. Bank Name
1 Allahabad Bank 21 Indian Overseas Bank
2 Andhra Bank 22 IndusInd Bank Limited
3 Axis Bank Limited 23 Jammu & Kashmir Bank Limited
4 Bank of America 24 Karnataka Bank Limited
5 Bank of Baroda 25 Karur Vyasa Bank Limited
6 Bank of India 26 Kotak Mahindra Bank Limited
7 Bank of Maharashtra 27 Lakshmi Vilas Bank Limited
8 Canara Bank 28 Oriental Bank of Commerce
9 Central Bank of India 29 Punjab and Sind Bank
10 Citibank N.A. 30 Punjab National Bank
11 Corporation Bank 31 RBL Bank Limited
12 DBS Bank Limited 32 South Indian Bank Limited
13 DCB Bank Limited 33 State Bank of India
14 Dena Bank 34 Syndicate Bank
15 Federal Bank Limited 35 Tamilnad Mercantile Bank Limited
16 HDFC Bank Limited 36 UCO Bank
17 ICICI Bank Limited 37 Union Bank Of India
18 IDBI Bank Limited 38 United Bank Of India
19 IDFC Bank Limited 39 Vijaya Bank
20 Indian Bank   

Process For Change In Clearing Bank

  • Process for change in Clearing Bank

Financial & Collateral Management

  • To which address should the collateral related documents be sent?

    Indian Commodity Exchange Ltd. Reliable Tech Park, 403-A, B-Wing, 4th Floor, Thane – Belapur Road, Airoli, Navi Mumbai-400708, India.Tel. No : +91-22-40381500 , Fax No. : +91-22-40381511.

  • Which are the approved banks that can issue Bank Guarantee?

    Approved Scheduled banks and all the Clearing Banks of the Exchange. The list of such banks are notified in Circular No ICEX/C&S/2017-019 separately. BG issued by the Co-operative banks shall not be accepted.

  • What is the Period and validity of Bank Guarantee?

    The minimum and maximum period of BG would be 3 and 12 months respectively. The validity period would be 30days before the end of expiry date.

  • What should be the value of stamp paper on which BG is executed?

    The Bank Guarantee should be typed on a non-judicial stamp paper of Rs.300 or the value prevailing in the State where it is executed, whichever is higher.

  • Are the bank guarantee formats different for Base Capital / Security deposit and Additional Base Capital?

    The formats is notified in Circular No ICEX/C&S/2017-019 our website.

  • When are members disabled for requirements in Collateral deposits?

    Members are disabled once the base capital falls below required deposit as applicable to different members or margin utilisation is more than the collateral deposited.

  • What are the indications given to members for renewal of their collaterals?

    Members are duly alerted about the details of Bank Guarantee for renewal vide a communication / reminder letter. before 30 days and 7 days prior to maturity of the Bank Guarantee/FDR/WR.

  • What are the reports given for information on collaterals?

    A Clearing Member can view his/their collaterals on daily basis through CNS login

Settlement & Dues Accounts

  • Settlement Account- The Settlement account will be used to settle different obligation of members raised due to trading. In this account the member will not have cheque book facility for issuing cheques to any outsiders. He can only issue cheques for transfer of money from this account to his Client Account. Apart from any such transfer, only the Exchange will have the power to withdraw money from this account by way of direct debit instructions. In respect of all pay in, CTT, margin calls, delivery related charges like premium/discount, VAT, taxes etc the Exchange will send direct debit instructions to the bank advising them to debit the settlement account of the respective member by such payable amount. The nomenclature of the account will be member’s trade name-ICEX settlement A/C
  • Dues Account- Any other charges and dues payable to the Exchange will be handled through Dues account. It includes penalty charges, regulatory transaction charges, transactions fees, vault charges, warehousing charges, packaging charges etc. The nomenclature of this account will be (member’s trade name-ICEX Dues A/C. The other facilities and conditions will remain same as in Settlement account.


Initial Security Deposit (ISD)

Initial Security Deposit (ISD) The members of the Exchange are required to pay Initial Security Deposit as prescribed by the Exchange as per the below table before enablement of trading. Members are required to deposit Initial Security Deposit of Rs. 50.00 lakhs in the form of 50% in cash and balance 50% in the form of FDR and BGs issued by the Exchange approved banks. Members will be getting exposure on this Initial Security Deposit.

Particulars Self-Clearing Member Trading & Clearing Member Professional Clearing Member
Initial Security Deposit (Liquid Assets) 5000000 5000000 5000000

For more details on deposit structure refer Circular No ICEX/C&S/2017-019 on our website.

Data Request

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Debarred Entities

  • debarred-entities

Settlement Holiday List

Sr. No. Particulars Date Day
1 Republic Day 26-Jan-21Tuesday
2 Chhatrapati Shivaji Maharaj Jayanti 19-Feb-21 Friday
3 Mahashivratri 11-Mar-21 Thursday
4 Holi (2nd day) 29-Mar-21 Monday
5 Annual Closing of Banks 01-Apr-21 Thursday
6 Good Friday02-Apr-21 Friday
7 Gudi Padwa 13-Apr-21 Tuesday
8 Dr. Babasaheb Ambedkar Jayanti 14-Apr-21 Wednesday
9 Ram Navami 21-Apr-21 Wednesday
10 Ramzan ID (Id-ul-Fitr) 13-May-21 Thursday
11 Buddha Pournima 26-May-21 Wednesday
12 Bakri ID (Id-uz-Zuha) 21-Jul-21 Wednesday
13 Parsi New Year (Shahenshahi)
16-Aug-21 Monday
14 Moharum 19-Aug-21 Thursday
15 Ganesh Chaturthi 10-Sep-21
16 Dashera 15-Oct-21 Friday
17 Id – E – Milad 19-Oct-21 Tuesday
18 Diwali – Laxmi Pujan
04-Nov-21 Thursday
19Diwali – Balipratipada05-Nov-21Friday
20Guru Nanak Jayanti19-Nov-21Friday



  • The above list of Clearing and Settlement holidays for the calendar year 2021 due to banking holidays.

  • The Members are advised to maintain sufficient margins with the CC for their continued and uninterrupted trading on the trading days.

  • As the Banks will observe holidays on the above mentioned days, settlement of the Pay-in / Pay-out Obligation of that day shall be done on the next banking day.

  • The above list may be liable to change at the discretion of the CC/Directive from relevant authorities.

  • All the members are requested to take note of the same.

  • Kindly contact C&S department on 022-40381540/42/43 or send an E-mail at for any assistance.

FAQ - Margin Collection & Reporting

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FAQ - Early Pay In

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Know Your Collateral Deposit