Settlement of Admitted Deals
Admitted deals executed on a trading day, shall be cleared on a netted basis, by MCCIL. Subject to the above, settlement obligations of all clearing members shall arise.
The clearing members shall be responsible for all obligations arising out of such trades including the payment of margins, penalties, charges, any other levies and settlement of obligations of the trades entered by them as trading members and also of those trading members, clearing member participants and custodial participants, if any, for whom they have undertaken to settle as a clearing member.
Where the clearing member is not a trading member of the Exchange then the trades of those trading members, clearing member participants and custodial participants for whom the clearing member has undertaken to settle shall be considered for determining the obligations as a clearing member.