Clearing Banks are appointed by the Exchange which act as
a funds settling agency for the settlement of the transactions entered
through the Exchange, collection of margin money for all these transactions
and any other funds movement between members and the Exchange, and
between members, as may be required by the Exchange from time to time.
A vault (or strong room) is a secure space where the member of the
Exchange can store their bullions for holding or delivery purpose.
The Vaults are appointed by the Exchange for smooth delivery of the
bullions (Gold and Silver) traded on the Exchange. It is intended
to protect valuables from theft, unauthorized use, fire, natural disasters,
and other threats. Vaults play an important role in the delivery process
of the Exchange. Based on the delivery order received from the Exchange,
the Vault will issue the requested quantity to the authorized representative
who has to present himself personally at the Vault along with the
requisite photo identity proof in original, the copy of which was
sent /communicated to the Exchange by its Member. The Vault officials
will, upon final scrutiny/checking of the identity, deliver goods
to the representative of the Member. active under the intimation to
the Exchange.
Depository Participants (DPs) are appointed by the Exchange to hold the demat units of the commodities traded in the Exchange. The appointed DPs are called Empanelled DPs of the Exchange. They plays vital role in the settlement process of demat trading. Hence, every Exchange member needs to open a pool and beneficiary account with the Empanelled DPs for the purpose of clearing trades done on NSEL.
CTCL Software Vendors Exchange offers a facility to its members for using front-end
software i.e., Computer-to-Computer Link (CTCL) facility for trading
on the Exchange’s trading system known as National Electronic
Spot Trading System (NEST). CTCL software is a replacement of the
NEST front-end software which is currently used by members to trade
on the NSEL trading system. Members can use their own software running
on any suitable hardware / software platform of their choice. Members
would be able to customize the software to meet their specialized
needs from the risk management and control point of view.
The Exchange has appointed
the following for development of CTCL software :
Financial Technologies (India) Ltd.
Boston House, 6th Floor,
Suren Road, Chakala
Andheri (E),
Mumbai- 400093 India
Tel.: +91-22- 6709 9600
Fax: +91-22- 6709 9066
Back Office Software Vendors
Back office software vendors are the companies who have already developed back office software for NSEL operations. The file formats, required for developing the back-office software, are available on the FTP Server of the Exchange. The Exchange is providing various reports to all the members on a daily basis, by placing all these reports in the respective directory of the member on the FTP Server of the Exchange at the end of the trading day. The members can avail the back office software from the vendors and generate net position, trade details, obligation status, margin requirements etc. by importing the trade file, bhav copy and contract master, and process the same in their back office software. It is desirable on the part of all the members to have back office software; otherwise they may find it difficult to manage their day-to-day operations and to deal with their clients.
