Participant Clearing Member means and includes banks, financial institutions, primary dealers and other RBI / SEBI regulated entities, admitted by relevant authority, who may clear and settle their own deals only in derivative contracts based on interest rates and such other underlying as may be specifically permitted by the relevant authority from time to time, put through a Trading Member of the Stock Exchange in the relevant segment, by effecting delivery and in making and receiving payment for the same in the manner as may be prescribed from time to time.