24/02/2013 15:31

Clearing Accounts is concerned with the monitoring and verification of clearing accounts related activities. The main function of clearing accounts is:

• Margin Settlement
• Data collection and processing and preparation of statements.
• Collection and disbursement of payments.
• Banking.
• Clearance.
• Demated spot trade settlement.
• EX DP
• Preparation of  Accounts.

Settlement of Member’s Margin:

• Collection of security deposit as margin within trade.
• Disbursement of security after maturity.
• Maintenance of margin account such as demoted shares, FDR, Bank Guarantee.
• Preparation of charges against margin.

Data collection and processing and preparation of statements

• Collection & processing of trade related data and for preparation of necessary statements.
• Calculation of Laga charge, Hawla charge and Tax at source.
• Preparation of Receivable and Payable Statements after all adjustments.
• Preparation of Accounting Statements.

Collection and disbursement of payments:

• Collection of payment from selling broker as per Receivable Statement.
• Issuance of cheque to the buying members as per Payable Statement.
• Issuance of cheque to the members against security deposit after adjustment/maturity
• Reconciliation with accounts.

Banking (General):

• Assurance of deposit of cheques.
• Assurance of payment order.

Banking (Fund):

• Management of funds relating to clearing accounts.
• Maintenance of FDR Account.

Clearance:

• Preparation of daily clearance report and submission of report to IT.
• Submission of weekly and monthly clearance reports (Defaulter List to SEC.
• In case of Defaulters.
• Stop all payments.
• Preparation of Buying In/Selling Out order.
• Preparation of the accounts regarding Buying In /Selling out.
• Preparation of resumption order and provision of it for IT.
• Submission of report to SEC regarding the settlement of defaulter members.

Demated spot trade settlement.

• Assurance of deposit by the buying members to the bank.
• Assurance of share availability of the selling members their clearing accounts.
• Collection of data and preparation of Statement.
• Issuance of payment.

EXDP:

• Looking after all the reports provided by CDBL every day.
• Assurance of available demated shares buying in / Selling out by DSE.
• Collection of necessary documents.

Preparation of Accounts:

• Daily & monthly ledger.
• Daily and monthly clearing accounts.
• Daily and monthly clearing reconciliation.
• Maintenance Tax account daily and monthly.
• Transfer of fines, interest and other charges monthly.