Clearing Bank acts as an important intermediary between clearing member and clearing corporation. Every clearing member needs to maintain an account with clearing bank. It’s the clearing member’s function to make sure that the funds are available in his account with clearing bank on the day of pay-in to meet the obligations. In case of a pay-out clearing member receives the amount on pay-out day.
The following banks are providing clearing bank services at BSE’s Indian Clearing Corporation Limited (ICCL)
Bank of India
HDFC Bank Ltd.
Oriental Bank of Commerce
Standard Chartered Bank
Centurion Bank Ltd
Axis Bank Ltd
ICICI Bank Ltd
Indusind Bank Ltd
Union Bank of India and
Hongkong & Shanghai Banking Corporation Ltd
The following banks are offering clearing bank services at NSE’s National Securities Clearing Corporation Ltd. (NSCCL)
Axis Bank Ltd
Canara Bank
HDFC Bank
IndusInd Bank
ICICI Bank
Bank of India
IDBI Bank
Hongkong & Shanghai Banking Corporation Ltd.
Kotak Mahindra Bank
Standard Chartered Bank
Union Bank of India
State Bank of India and
Citibank N.A.
Multiple clearing banks facilitate introduction of new products and clearing members will have a choice to open an account with a bank which offers more facilities.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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