MEMBERSHIP DEPARTMENT

Circular No. 653

Ref. NSE/MEM/11534 October 23, 2008

Dear Members,

Sub: Change in Clearing Member affiliation in the Currency Derivatives segment

Trading Members on the Currency Derivatives segment intending to change their association/affiliation from one Clearing Member to another in the Currency Derivatives segment are required to submit the following documents:

1. Letter from the Trading Member, requesting the change in affiliation as per Annexure I

2. Letter from the disaffiliating / outgoing Clearing Member as per Annexure II

3. Letter from the affiliating / incoming Clearing Member as per Annexure III

4. Draft Clearing Member – Trading Member Agreement, (format available on nseindia.com>members>format).

Trading Members / Clearing Members are requested to take note of the above and ensure its due compliance accordingly.

For National Stock Exchange of India Ltd.

Rehana D’Souza

Manager

Membership

ANNEXURE I

(On the letterhead of the Trading Member)

To, Date:

Membership Department

The National Stock Exchange of India Ltd.

Exchange Plaza

Bandra Kurla Complex

Bandra (E)

Mumbai 400051

Dear Sir,

Sub: Change in Clearing Member affiliation in the Currency Derivatives segment.

I/We am/are a trading member of the Currency Derivatives segment with SEBI registration No. INE23________ and having an arrangement of clearing and settlement with M/s. _______________, a clearing member of NSCCL.

I/We wish to disassociate / disaffiliate myself / ourselves from the said clearing member M/s. _____________, w.e.f. _________ (i.e. at close of market hours). Further, I/We wish to associate / affiliate myself / ourselves with M/s. __________________, another clearing member of NSCCL, who shall clear and settle trades done on Currency Derivatives segment on my/our behalf w.e.f. ___________(at start of market hours). M/s. ________ (incoming clearing member) have vide their letter dated ______ undertaken that they would take over all my/our open positions from M/s. ________ (outgoing clearing member), for the purpose of settlement.

An agreement dated_______ has been entered between M/s. ___________ (incoming clearing member) and me/us in this regard.

In view of the above, you are requested to transfer all my/our open positions on the Currency Derivatives segment from _____ (outgoing clearing member) to ________ (incoming clearing member) after the close of market hours of _________.

Yours faithfully,

Authorized Signatory

ANNEXURE II

(On the letterhead of the Outgoing Clearing Member)

To, Date:

Membership Department

National Securities Clearing Corporation Ltd.

Exchange Plaza

Bandra Kurla Complex

Bandra (E)

Mumbai 400051.

Dear Sir,

Sub : Change in Clearing Member affiliation in the Currency Derivatives segment.

I/We am/are a clearing member of the Currency Derivatives segment with SEBI registration No. INE23________ and have been undertaking the clearing & settlement functions on behalf of M/s. _______________, a trading member on Currency Derivatives segment. It is agreed between M/s. _____________ (trading member) and us that they would not be engaging our services as their clearing members w.e.f. ______ (at close of market hours) and thereafter we would not be engaging ourselves in such activity on behalf of M/s. ______ (trading member).

In view of the above, I/We would clear and settle the transactions of the above said trading member till ________(at close of market hours). Our obligation in respect of M/s.____ for the trades done in the Currency Derivatives segment till _____ would be met by us till the said trading member’s open positions expire or get taken over by another clearing member, whichever is earlier.

Yours faithfully,

Authorised Signatory

(Name & Designation)

ANNEXURE III

(On the letterhead of the Incoming Clearing Member)

To, Date:

Membership Department

National Securities Clearing Corporation Ltd.

Exchange Plaza

Bandra Kurla Complex

Bandra (E)

Mumbai - 400051.

Dear Sir,

Sub: Consent to act as Clearing Member for M/s. _____ on the Currency Derivatives segment.

I/We hereby agree and undertake to act as Clearing Member in the Currency Derivatives segment to clear and settle the trades on behalf of M/s. ______________________ (name of the trading member) on Currency Derivatives segment.

You are requested to transfer the open positions, if any, of M/s. _______ (name of the trading member) on the Currency Derivatives segment w.e.f. ________(at start of market hours). I/We undertake to clear and settle the open positions as well as any margin obligations of the above said trading member w.e.f.________.

A copy of the agreement dated_______, between M/s. ___________ (trading member) and us is enclosed.

Yours faithfully,

Authorised Signatory

(Name & Designation)