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  1. "Board" means Board of Directors of National Commodity & Derivatives Exchange Limited.

  2. "Bye Laws" means the Bye Laws of the National Commodity & Derivatives Exchange Limited for the time being in force.

  3. "NCDEX" or "Exchange" means National Commodity & Derivatives Exchange Limited.

  4. "Clearing Bank(s)" means such bank(s) as NCDEX may appoint to act as funds settling agency, for the collection of margin money for all deals cleared through exchange and any other funds movement between clearing members and the Clearing House and between clearing members as may be directed by the Clearing House from time to time.

  5. "Clearing Member" means a member of the Clearing House of the Exchange engaged in providing Clearing facilities and includes Professional Clearing Member and  all categories of clearing members as may be admitted as such by the Clearing House. The Trading Member while performing function of clearing and settling trades shall mean Clearing Member even if referred to as  Trading Member.  

  6. "Clearing House" means a division of the Exchange or any agency identified by the relevant authority or any independent entity such as Clearing Corporation set up and empowered suitably to act as a facilitator for processing of deliveries and payments between clearing members /trading members and participants for trades effected by them on the Exchange.

  7. "Commodities" shall have the meaning assigned to "goods" in the Forward Contracts (Regulation) Act, 1952.

  8. "Trading Member" means a broker and the member of the NCDEX who has been granted membership by the NCDEX with the Bye Laws and Rules of NCDEX but does not denote the shareholder of the Exchange.

  9. "Regulations", unless the context indicates otherwise, includes business rules, code of conduct and such other regulations prescribed by the Relevant Authority from time to time for the operations of the Exchange and these shall be subject to the provisions of the Forward Contracts (Regulation) Act, 1952, Rules framed thereunder, the directives of Forward Market Commission or any other similar regulatory authority and such other directives and provisions as may be specified from time to time by the Relevant Authority.

  10. "Relevant Authority" means the Board or such other authority as specified by the Board from time to time as relevant authority for a specified purpose.

  11. Settlement Fund means a fund established and maintained in accordance with the relevant provisions of the Bye Laws.
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