The mark-to-market gains and losses are settled in cash before the start of trading on T+1 day. If mark-to-market obligations are not collected before start of the next day's trading, the clearing corporation collects correspondingly higher initial margin to cover the potential for losses over the time elapsed in the collection of margins
The Clearing Corporation of the Exchange, on an ongoing basis and at least once in every 6 months, conducts back-testing of the margins collected vis-?-vis the actual price changes.
The Exchange ensures that each client is assigned a client code that is unique across all members. The unique client code is assigned with the use of Income Tax Permanent Account Number (PAN) number.
European options can be exercised by the buyer of the option only on the expiration date. In India, all the currency options in OTC market are of European type.
American options can be exercised by the buyer any time on or before the expiration date. Currently American options are not allowed in currencies in India.
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