Derivatives Membership Guide
Types Of Membership

A) Trading Cum Clearing Member (TCM) / Trading cum Self Clearing Member (SCM)
  • Who can become a member of the Derivatives segment as a TCM / SCM ?
    Any member of the cash segment of the Exchange is eligible to become TCM or SCM of the Derivatives Segment.
  • What are the criteria of becoming a TCM / SCM of the Exchange ?
    * Networth Rs. 3 Crores for TCM (as per the format prescribed by LC Gupta committee report) Rs 1 Crore for SCM (as per the format prescribed by LC Gupta committee report)
    * Minimum security Deposit Rs. 50 Lakhs – (whole of Rs.50 lakhs can be given in the form Bank Guarantee/ FDR/cash) (This amount is payable after SEBI registration is received and at the time of commencement of business in Derivatives Segment)
    * SEBI Annual Charges Demand Draft of Rs.50, 000/- drawn in favor of Securities & Exchange Board of India.

  • What is the difference between Self-Clearing Member and Trading cum Clearing Member ?
    The only difference between SCM and TCM is that SCM does not have the rights to clear the trades of other members he can only clear his trades, whereas TCM can clear the trades of any other member


B) Trading Member

  • Who can become a member of the Derivatives segment as a Trading Member ?
    Any entity can become a Trading Member of the Derivatives Segment subject to its complying with the networth criteria and other criteria prescribed by the Exchange in this regard
  • What are the criteria of becoming a Trading Member of the Exchange ?
    * Networth Rs. 25 Lakhs (as per the format prescribed by SEBI )



Equity Derivatives deposit and fee structure:

Sr Deposit / Fees Deposit / Fees Amount
1 Membership Deposit NIL
2 Admission Fees* 50,000/- Plus Applicable Taxes*
3 Processing Fees NIL
4 Annual Subscription Fees* 1,00,000/- Plus Applicable Taxes*

*Applicable taxes. Cheque to be drawn in favour of 'BSE Ltd '

a) New Member Application as per checklist specified in :

1) The complete application forms, for procuring SEBI registration certificate Derivative segments (for applicants who are not member of any recognized Stock Exchange/Clearing Corporation) can be downloaded from the alongside link Application Booklet

2) The complete application forms, for procuring membership at BSE (for applicants who are members of any recognized Stock Exchange/Clearing Corporation) can be downloaded from the alongside link Application forms for Stock brokers & Clearing members of Recognised stock Exchanges.

b)Existing registered Members of the Exchange applying only as Trading member has to submit the docs as per checklist (see bottom of the page) specified in :

c)Existing member of the Exchange applying as Trading cum Clearing or Trading cum Self Clearing has to submit the separate docs (one for BSE and one for ICCL) as specified in both the attached checklist (see bottom of the page) specified in :

1) 'Appl Docs for Registration in Currencey Equity Derv-Trading member 1.1'

2) 'Appl Docs for Registration in Currencey Equity Derv-Clearing member 1.1'

Checklist for: