Surrender of Membership

1. A Clearing Member who intends to resign from the Clearing Membership of the Clearing Corporation shall intimate to the Clearing Corporation a written notice to that effect.
2. Any Clearing Member of the Clearing Corporation objecting to any such resignation shall communicate the grounds of his objection to the relevant authority by letter within such period as may be specified by the relevant authority from time to time.
3. The relevant authority may accept the resignation of a Clearing Member either unconditionally or on such conditions as it may think fit or may refuse to accept such resignation and in particular may refuse to accept such resignation until it is satisfied that all outstanding transactions with such Clearing Member have been settled.
4. A non-defaulting Clearing Member may resign unconditionally within a period of 30 calendar days in the circumstances specified in explanation 2 to Bye Law 8 of Chapter XII of NCL Bye-Laws after making additional contribution as required by Clearing Corporation to Core Settlement Guarantee Fund. In such resignation cases, the provisions of clause (2) above shall not be applicable.
5. The resignation under clause (4) above shall be subject to fulfilment of the following conditions: 

                   a)  The non-defaulting Clearing Member has closed out/settled outstanding positions.

                   b)  The non-defaulting Clearing Member has paid the capped additional contribution to the Clearing Corporation.

                   c)  The non-defaulting Clearing Member has paid outstanding dues to SEBI.