Description

NCL announces the procedure for obtaining membership in the Electronic Gold Receipt (EGR) segment following SEBI approval, outlining requirements for Self-Clearing, Clearing, and Professional Clearing members.

Summary

NSE Clearing Limited (NCL) has issued this circular following SEBI approval to carry out clearing and settlement of trades in the Electronic Gold Receipt (EGR) segment of NSE. The circular details the procedure for obtaining membership in this segment, including eligibility, deposit requirements, and application processes for new and existing NCL members.

Key Points

  • Membership in the EGR segment is open to Self-Clearing Members, Clearing Members, and Professional Clearing Members.
  • Existing NCL members registered in other segments can apply for Additional Segment membership in EGR.
  • New entities not currently members of NCL must apply for fresh membership.
  • Applications must be submitted online via the NCL Member Portal.
  • Members admitted to EGR segment must also apply for enablement by submitting required documents.
  • This circular is issued in furtherance to NSE circular NCL/CMPL/73974 dated April 29, 2026.

Regulatory Changes

NCL has received approval from SEBI to conduct clearing and settlement of trades in the Electronic Gold Receipt (EGR) segment of NSE. This formalizes the EGR segment membership framework and aligns with the SEBI (Stock Brokers) Regulations, 2026.

Compliance Requirements

  • Entities wishing to become Self-Clearing, Clearing, or Professional Clearing members must apply to NCL for EGR segment membership.
  • Deposit requirements (Corporate/LLP):
    • Clearing Member: Cash – Rs. 25 lakhs, Non-Cash – Rs. 75 lakhs
    • Self-Clearing Member: Cash – Rs. 15 lakhs, Non-Cash – Rs. 85 lakhs
    • Professional Clearing Member: Cash – Rs. 25 lakhs, Non-Cash – Rs. 75 lakhs
  • Deposit requirements (Individual/Partnership):
    • Clearing Member: Cash – Rs. 25 lakhs, Non-Cash – Rs. 75 lakhs
    • Self-Clearing Member: Cash – Rs. 15 lakhs, Non-Cash – Rs. 85 lakhs
  • Net worth requirement: Base Net Worth or Variable Net Worth (whichever is higher) as per Chapter X of SEBI (Stockbrokers) Regulations, 2026.
  • Annual clearing fees: As specified by SEBI.
  • Admission fees: Not applicable.
  • Existing NCL members must use the Additional Segment membership format and apply online at https://ims.connect2nsccl.com/NCLMemberPortal/.
  • New entities must follow the Admission Process available on the NCL website.

Important Dates

  • Circular Date: April 29, 2026
  • Reference Circular: NCL/CMPL/73974 dated April 29, 2026
  • No specific deadline mentioned; members are advised to ensure compliance at the earliest.

Impact Assessment

This circular enables broader market participation in the Electronic Gold Receipt segment by formalizing the membership structure for NCL. It is relevant to brokers, clearing members, and financial entities interested in gold-backed digital instruments. The impact is moderate — it opens a new avenue for segment participation but does not impose new obligations on existing members outside the EGR segment.

Impact Justification

Operationally significant for entities seeking to participate in the EGR segment; introduces new membership pathway following SEBI approval but does not affect existing market participants broadly.