The following persons are eligible to become members:
- Individuals
- Sole proprietorship
- Partnership Firms Registered under Indian Partnership Act, 1932
- Limited Liability Partnership firm(LLP)registered under limited liability partnership Act,2008
- Companies, Corporations or institutions incorporated under Companies Act, 1956 and 2013 or under any central or state legislation and are permitted under their Memorandum of Association or applicable constitution document for engaging in production / trading / consumption / broking in commodities / derivatives. The Applicants who are in the process of being incorporated under Companies Act, 1956 or enactment as mentioned above or in the process of amending their Memorandum of Association or their constitution document to include the activities mentioned above as permitted activities, may also apply. However, their membership will be effective only upon completion of the aforesaid process to the satisfaction of NCDEX.
- Such other persons / entities as may be permitted by the relevant authority of NCDEX.
- Minimum Age of Individual/proprietor/partner/directors should be 21 years
- Minimum education qualification of Individual/proprietor/one of the partner/one of the director should be at least a graduate or having an equivalent qualification or adequate experience in commodities/financial markets
- Two designated directors/partners should be at least HSC or equivalent qualification and should have minimum 2 years’ experience in commodities market.
- All corporate members should have minimum paid up capital of Rs. 30 Lakhs.
- Is an individual who has not citizenship of India:
- Is a body corporate who has committed any act which renders the entity liable to be wound up under the provisions of the law;
- Is a body corporate who has had a provisional liquidator or receiver or official liquidator appointed to the person;
- Has been adjudged bankrupt or a receiving order in bankruptcy has been made against the person or the person has been proved to be insolvent even though he has obtained his final discharge;
- Has been convicted of an offence involving a fraud or dishonesty;
- Has compounded with his creditors for less than full discharge of debts;
- Has been at any time expelled or declared a defaulter by any other Commodity / Stock Exchange / Clearing Corporation;
- Has been previously refused admission to membership unless the period of one year has elapsed since the date of rejection;
- Incurs such disqualification under the provisions of the Forward Contracts (Regulation) Act, 1952 or Rules made thereunder as disentitles such person from seeking membership of a commodity exchange.
- Exchange determines that it is not in public interest to admit him as Member of Exchange.
The applicant should comply the following requirement:
A person not eligible to become a member
No person shall be admitted as a Member of the Exchange if such proposed member :