"Board" means Board of Directors of National Commodity & Derivatives
"Bye Laws" means the Bye Laws of the National Commodity & Derivatives
Exchange Limited for the time being in force.
"NCDEX" or "Exchange" means National Commodity & Derivatives Exchange
"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.
"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.
"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.
"Commodities" shall have the meaning assigned to "goods" in the Forward
Contracts (Regulation) Act, 1952.
"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.
"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.
"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.
Settlement Fund means a fund established and maintained in accordance with the
relevant provisions of the Bye Laws.