8.Ensuring timely pay-in and pay-out of funds to and from the clients9.Resolving complaint of clients if any at the earliest.10.Avoiding receipt and payment of cash and deal only through account payee Cheques.11.Sending the periodical statement of accounts to clients.12.Not charging excess brokerage13.Maintaining unique client code as per the regulationsThe system allows the trading members to enter orders with various conditions attached to them asper their requirements. These conditions are broadly divided into the following categories:
The maximum brokerage chargeable by a trading member in relation to trades effected in thecontracts admitted to dealing on the Currency Derivatives segment of NSE is fixed at 2.5% of thecontract value. The transaction charges payable to the exchange by the trading member for thetrades executed by him on the Currency Derivatives segment would be as prescribed by theExchange from time to time. The trading members would also contribute to Investor ProtectionFund of Currency Derivatives segment at the rate as may be prescribed by the Exchange from timeto time.
Clearing and Settlement
National Securities Clearing Corporation Limited (NSCCL) undertakes clearing and settlement of alltrades executed on the Currency Derivatives Segment of the NSE. It also acts as legal counterpartyto all trades on the Currency Derivatives segment and guarantees their financial settlement.
Settlement of currency futures contracts
Currency futures contracts have two types of settlements, the MTM settlement which happens on acontinuous basis at the end of each day, and the final settlement which happens on the last tradingday of the futures contract.
Mark to Market settlement (MTM Settlement):
All futures contracts for each member are marked-to-market (MTM) to the daily settlement price of the relevant futures contract at the end of each day. The profits/losses are computed as thedifference between:
The trade price and the day's settlement price for contracts executed during the day butnot squared up.
The previous day's settlement price and the current day's settlement price for broughtforward contracts.
The buy price and the sell price for contracts executed during the day and squared up.
Final settlement for futures
On the last trading day of the futures contracts, after the close of trading hours, NSCCL marks allpositions of a CM to the final settlement price and the resulting profit/loss is settled in cash. Finalsettlement loss/profit amount is debited/ credited to the relevant CM's clearing bank account onT+2 working day following last trading day of the contract (Contract expiry Day).
Settlement prices for futures
Daily settlement price on a trading day is the closing price of the respective futures contracts onsuch day. The closing price for a futures contract is currently calculated as the last half an hourweighted average price of the contract in the Currency Derivatives Segment of NSE. The finalsettlement price is the RBI reference rate on the last trading day of the futures contract. All openpositions shall be marked to market on the final settlement price. Such marked to market profit /loss shall be paid to / received from clearing members.