Clearing Members (CM) are members of the Clearing Corporation. They carry out risk management activities and confirmation/inquiry of participant trades through the trading system.
Trading-cum-Clearing Member (TCM) has the right to trade on its own account as well as on account of its clients. He can clear and settle the trades for self and for others through the Clearing House.
Professional Clearing Members (PCM) is a clearing member who is not a trading member. Typically, banks and custodians become professional clearing members and clear and settle for their trading members and participants.
Participants are clients of a trading member- like financial institutions. These clients may trade through multiple trading members but settle through a single clearing member.
SEBI had earlier allowed spread of sub-brokership as well as Authorised Person's network to expand the brokers' network. However, SEBI Board in its meeting held on June 21, 2018 decided that sub-brokers as an intermediary shall cease to exist with effect from April 01, 2019. All existing sub-brokers would migrate to become Authorised Persons (APs) or Trading Members if the sub-brokers meet the eligibility criteria
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