Presentation on theme: " Presently, for the purposes of NCSS Money Settlement, Clearing Members (CMs) are required to designate Only One Bank Account in the Designated Branch."— Presentation transcript:
Presently, for the purposes of NCSS Money Settlement, Clearing Members (CMs) are required to designate Only One Bank Account in the Designated Branch of a Settling Bank and entered into a Tripartite Agreement with NCCPL and Settling Bank. In order to provide further facilitation to CMs to manage their NCSS Money Settlement more efficiently and effectively, CMs have been allowed to designate more than one bank account in any of the Designated Branch of a Settling Bank. To avail this facility, CMs shall be required to enter into a Tripartite Agreement with the required Designated Branch of Settling Bank and NCCPL. Accordingly, CMs can settle their NCSS Money Obligation with any of the Designated Branch of Settling Bank.
EXECUTION OF TRIPARTITE AGREEMENT With the implementation of this facility, CMs will be allowed to maintain Multiple Settling Bank Account with NCCPL. For addition of any new Settling Bank, CM shall be required to enter into Tripartite Agreement with any of the Designated Branch of Settling Banks. Accordingly, additional Settling Bank Account shall be inducted by NCCPL as an additional Settling Bank of the CM.
NCSS SETTLING BANK SCREEN: Existing Settling Bank Account of CMs will be considered as Main Settling Bank Account for NCSS Money Settlement. In order to designate any other bank account, a new “CM Settling Bank Screen” has been made available in the CM Module of NCSS. CMs who have more than one Settling Bank Account, will be allowed to identify the required Settling Bank Account on SD-1 i.e. a day before the Settlement Date as per the Designated Time Schedule.
IDENTIFIED SETTLING BANK All NCSS money settlement and collateral requirements shall be processed through the identified settling account for that Settlement Date. The identified Settling Bank Account shall be applicable only for a single Settlement Date. REVERT TO MAIN SETTLING BANK At the end of relevant Settlement Date, NCSS shall automatically revert to the main Settling Bank Account of a CM for onward NCSS money settlement. However, CMs who desires to continue their NCSS Money Settlement other than main settling bank account, will be required to identify the required bank account on daily basis on SD-1.