Nsccl Warns Members Over Outstandings

The National Securities Clearing Corporation (NSCCL) has warned its members that if they fail to pay up outstanding dues in a week, they will be debarred from the facilities of the clearing corporation. Moreover, trading facility given to them by the exchange will also be withdrawn. The exchange in a notice issued to its members has stated if outstanding dues in case of individual member is more than Rs 2.5 lakh and that of partnership firm Rs 5 lakh or above, and if the delay is more than two months, then the clearing facilities to the member will be withdrawn after giving a weeks notice.

 

The clearing facility would be then be restored only after the clearing dues including interest. The notice further adds that the withdrawal of clearing facility will be in addition to any other action that the clearing corporation may take in this regard.

The notice also says that if the cheques issued by the clearing member to NSCCL is respect to his dues is returned, then a fine of Rs 500 will be levied per cheque.