United Stock Exchange : Membership

New Membership

All transactions on USE must be carried out through registered members. All non-member participants can access the exchange as clients of members. Membership is therefore granted to market participants with high credibility and an excellent track record. Members will need to meet all requirements prescribed by the Securities Exchange Board of India (SEBI) as also the requirements stipulated by USE itself. This is to ensure that traders are protected against any counterparty risk and also to help develop and build market confidence.

Types of Membership

Two types of membership are available with USE. They are as follows:

Trading Membership (TM):

Trading Member has the privilege of trading on one’s own account as well as the accounts of their clients. However, they will not be able to clear and settle these trades.

Clearing Membership (CM):

Clearing Members are entitled to clear and settle trades for all trading members through the Clearing House of USE, ICCL. ICCL is a fully owned subsidiary of Bombay Stock Exchange.

Membership Benefits

As a member, one enjoys direct access to the electronic trading system and receives research material published by, or on behalf of USE. Members can also benefit from awareness programs conducted by USE and stay abreast with the latest trends in capital markets.

Application Form

Gain from the opportunities and expertise of India’s newest stock exchange – United Stock Exchange. Download the Application forms and send them to us with the required documents and we will get in touch with you shortly thereafter.

To find out more about the benefits of Membership, please call or email our representative at the contact details mentioned below:

For New Membership Contact :

Membership Department

Address:
25th Floor (West Wing) Phiroze Jeejeebhoy Towers, Dalal Street ,Fort
Mumbai 400 001,
MH

Phone No: 022-42444999

Fax No: 022-22722303

E-mail: membership@useindia.com

Membership Criteria

Applicants are required to submit the application form along with the membership documents and required fees & deposits as specified in clause 9 of the application form to our corporate office in Mumbai. The required amount should be paid by way of demand draft favouring "United Stock Exchange of India Limited" payable at Mumbai.

Applicants must submit the respective documents for registration of membership under any one of the following specific categories with SEBI and the exchange:
- Membership documentation for Proprietor
- Membership documentation for Partnership Firm
- Membership documentation for Corporate
- Membership documentation for Bank
USE reserves the right to accept or reject any application or amend the terms and conditions without assigning any reason. Mere eligibility does not confer any right to membership of the exchange

In case the amount is not paid as per the schedule provided by the exchange, then the exchange reserves the right to reject / terminate the membership and the applicant would forfeit the money paid to the Exchange.

The membership of the currency derivatives segment shall be in United Stock Exchange of India Limited.

Trading members and sales executives in the currency futures market must have passed a certification program which is considered adequate by SEBI. The approved users and sales personnel of the Trading Member should have passed the certification program.

The membership has to be registered with SEBI and any additional conditions for registration will be made known to prospective members.

The grant of membership and continuation of membership is subject to necessary approvals from Exchange and SEBI.

Networth Requirements

Trading Members will be subject to a balance sheet networth requirement of Rs. 1 Crore.
Clearing Members will be subject to a balance sheet networth requirement of Rs. 10 Crore.
Self-Clearing Member will be subject to a balance sheet networth requirement of Rs. 5 Crore.
Banks will require to have a minimum networth of Rs. 500 Crores.
The definition of balance sheet networth would be the same that in the equity derivatives market.

Fee and deposit structure

Membership Fees for Trading Members
Interest Free Deposit ( Exchange Refundable )	Rs. 1 Lakh*
SEBI Processing fee	Nil
ICCL Processing fee	Nil

*At the time of commencement of trading

Membership Fees for Clearing Members
Interest Free Deposit ( Exchange Refundable )	Rs. 50 Lakh ( Rs. 25 Lakh Cash & Rs. 25 Lakh Non Cash )*
Annual SEBI Fee	Rs. 50,000
ICCL Processing fee	Rs. 10,000

*At the time of commencement of trading

Downloads

Membership Kit Download

Membership Kit

Membership Compliance

Change in Director(s) or Partner(s).

Change in Shareholding pattern or Partnership pattern

Change in Trade Name or Registered Address

Surrender of Membership

Application for issue of Status Report

USE Network Connectivity

USE Network Connectivity

Commencement of Business Documents

COB Documents