Membership of the Exchange
Every person desirous of becoming a Member of the Exchange shall apply to the Exchange for admission as a Member of the Exchange, in the prescribed form which shall be provided by the Exchange at such fee as Exchange may decide from time to time and the membership shall be subject to compliance with these Rules.
No person shall be eligible to become a Member of the Exchange unless he:
- is not less than 18 years of age;
- if a partnership or body corporate, is duly incorporated under the Laws of Malawi;
- complies with the capital adequacy norms as may be prescribed by the Exchange, from time to time;
- complies with the registration and other provisions as may be prescribed by the Exchange from time to time; and
- pays such fee, charges, deposits and other monies, as may be specified by the Exchange.
Classes of Membership
The Exchange may classify the membership of the Exchange in different categories for different commodities, securities or instruments or derivatives thereon permitted to be traded on the Exchange and provide for different rights and privileges for trading, clearing and settlement of contracts in any commodity or group of commodities, securities or instruments or derivatives thereon to the members of different categories.
All such trading members must be affiliated with either the Trading-cum-Clearing member or corporate Trading-cum-Clearing member who has clearing rights on the Exchange.
Only corporate trading and clearing members may appoint sub-broker who shall be permitted to act on their behalf as agent
No sub-broker shall be engaged as such before he is registered with the exchange and has executed a specific contract with a specific Corporate Trading and Clearing member.
The following persons are eligible to become members:
- Sole Proprietorships
- Partnership Firms
- Co-operative societies registered with the registrar of co-operative societies of respective states / Union Territories
- Companies, Corporations or institutions incorporated under Companies Act
- Such other persons / entities as may be permitted by the relevant authority of AHCX.
Rights and Priviledges of Members
The membership of the Exchange shall entitle a member of the Exchange to exercise such rights and privileges attached to such membership as he specifically applies for dealing on the Exchange, subject to these Rules and the Regulations as applicable from time to time.
The provisions of these Rules and of the Regulations applying to individuals shall apply mutatis mutandis to firms, banks, other financial institutions and bodies corporate who are registered as a member of the Exchange.
A Member of the Exchange shall not assign, mortgage, pledge, hypothecate, or charge his right of membership or any rights or privileges attached thereto, or novate his obligations as a member and any such attempt shall not be effective as against the Exchange. The Exchange shall expel any Member of the Exchange who acts or attempts to act in violation of the provisions of this sub-rule.
The membership rights of the Exchange are transferable subject to the terms and conditions that may be prescribed by the Exchange in this regard from time to time and also subject to prior approval of the Exchange.
Membership application shall be made to:
The Head of Operation
P / Bag 1921