Procedure for Shifting Clearing Member Account
The clearing member may close an existing clearing account with one DP and open a new clearing account with another DP. The clearing member will have to submit an account closure form to its old DP and an account opening form along with other documents for shifting of the clearing account to the new DP. The existing clearing account will be closed by the old DP after balances are moved out by the clearing member. The clearing member will be assigned a new BP Id (CM-BP-Id) by NSDL and a new clearing account will be opened by the new DP.
- The clearing member will submit the application for closing the clearing account to the old DP in duplicate.
- The old DP will verify that the application for closing the clearing account is duly filled and if in order issue an acknowledgement to the clearing member on the duplicate copy.
- The clearing member will submit the following documents to the new DP
- Application for opening a clearing account
- Letter from clearing corporation regarding allotment of CM-Id. Application for shifting of clearing account in the prescribed format
- Acknowledgement copy of the application for closure of the account from the old DP.
- The new DP will verify that the application for opening the account supported by the above-mentioned documents is duly filled.
- If the application is in order, the new DP will execute the agreement and give a copy of it to the clearing member.
- The new DP will forward the copy of the account opening form along with the above mentioned documents to NSDL.
- NSDL will allot the clearing member a new CM-BP Id.
- The new DP will open the clearing member account after the new CM-BP-Id is downloaded to its DPM and intimate NSDL.
- The new DP will verify that the application for opening the account supported by the above-mentioned documents is duly filled.
- If the application is in order, the new DP will execute the agreement and give a copy of it to the clearing member.
- The new DP will forward the copy of the account opening form along with the above mentioned documents to NSDL.
- NSDL will allot the clearing member a new CM-BP Id.
- The new DP will open the clearing member account after the new CM-BP-Id is downloaded to its DPM and intimate NSDL.
