What is the procedure for shifting a clearing account from one designated Clearing Bank to another?
The Clearing Member is required to lodge his request with the Clearing Bank where he is maintaining a clearing account, seeking permission to shift his clearing account to another designated clearing bank and send an acknowledged copy of the same to the Clearing Corporation. The Clearing Member is required to obtain a "No Objection Certificate" (NOC) from his existing bank. On receipt of the NOC from the existing bank, the Clearing Corporation shall issue a letter of introduction to the clearing bank the member wishes to shift his clearing account to. The Clearing Member is required to submit an acknowledged copy of the letter sent to the new clearing bank to the Clearing Corporation, on opening the clearing account with the designated clearing bank.