Frequently Asked Questions on ICSI-USE MOU

1. What is United Stock Exchange of India?

United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. USE is the trading platform for Currency Futures now.

2. Who can trade on currency futures?

Any Resident Indian or Company can become a member of USE and trade in the currency futures market. At present, Non Resident Indians (NRIs) and Foreign Institutional Investors (FIIs) are not permitted to trade in the futures market in India.

3.     Why has ICSI partnered with USE?

Realizing the high growth potential of the Indian financial markets, ICSI-USE  have agreed to collaborate in variety of educative initiatives such as:

1. Holding and organizing seminars on financial markets and corporate governance to empower the users.

2.    Creating infrastructure of knowledge based technical studies on financial markets.

3.    Creating awareness about the complex financial instruments and using derivatives for effective hedging keeping accounting standards in perspective.

4.    Conduct various kinds of certification programmes and literature on financial markets and corporate governance.

5.   Hosting events such as simulation exercises (mock trading on exchanges), seminars, and training in financial markets to empower ICSI members and general investing public in rightfully analyzing the financial markets.

6.   Conducting research and other related activities in financial markets and impact of corporate laws and Secretarial standards on financial markets.

7.   Imparting and conducting special training and education programmes in financial markets.

8.   Organizing short term courses on various asset classes, currency, interest rates, commodity, debt, mutual funds, and derivatives.

9.   Organizing panel discussions, webcasting and presentation of experts on various aspects of financial markets and using electronic media for imparting knowledge.

10. Collaborating for joint certification of ICSI professionals on topics of professional interest.


4. What is the distinctive benefit offered by USE to ICSI Members?

Membership of United Stock Exchange of India is available free of cost to all ICSI Members for the first three months from the signing of this MOU. The MOU was signed on March 07, 2011 at New Delhi.


5. What are the different types of membership available?

There are 2 types of memberships available with USE:

TRADING MEMBERSHIP: Trading Members have the privilege of trading on one’s own account as well as on the accounts of their clients but do not have the facility to clear and settle debts.


CLEARING MEMBERSHIP: Clearing Members are entitled to clear and settle trades for all trading members through the clearing corporation of USE – ICCL (a wholly owned subsidiary of Bombay Stock exchange with fully automated post trade services).


6. Who can take membership of the exchange?

Any Proprietor, Partnership or Corporate Firm fulfilling the eligibility requirements laid down by SEBI can take membership of the exchange. Following are the requirements as per SEBI guidelines.

  • For Trading Membership, the member should possess a liquid net worth of 1 Crore Rupees, while for a Clearing Membership the liquid net worth of 5 Crore Rupees is required.
  • The Designated Directors should have an experience of minimum 2 years in the capital market.
  • Minimum 2  NISM (series – 1) certificates


7. How can I attain NISM Certification?

There is NISM online exam for the currency segment. The member can login and register online on the website of Bombay Stock Exchange and take a slot as per his/her convenience. The link for the same is

8.    How do ICSI members register themselves as trading members of USE? (Procedural Requirements)

The procedure for becoming a Trading Member with the exchange basically involves 2 steps i.e. filling the Application form and the Commencement of Business (COB) Form.

As a first step the applicant would be required to fill in and submit the Application Forms to the Exchange. These forms can be downloaded from USE website, the link for which is

These forms would be submitted to SEBI, who would scrutinise the forms and then issue Certificate. After this the applicant would be required to submit the Commencement of Business Forms (COB) available on USE website.

Upon Completion of this formality the applicant becomes a full fledged member.

9. What activities can I undertake on the platform?

The member can use this platform for meeting his need for all three functions i.e. for hedging, speculating and arbitraging. Spread contracts are also available on the USE platform.

10. Would I have to undertake any hidden costs?

At the time of inception to trade, Trading member is required to pay a security deposit of 1 Lakh Rupees to the exchange which is fully refundable upon surrender of the membership.

Similarly a Clearing member would have to pay security deposit of 50 Lakh Rupees which constitutes 25 Lakhs as cash and other 25 Lakhs as non cash component. This is a non interest bearing deposit.

The software and connectivity would be provided by the exchange free of cost. Members having BSE connectivity would also be able to use it for USE software for free. As of now, there are no transaction charges on the exchange.

11. For further Information and queries please contact:

Directorate of Academics & Professional Development


Institute of Company Secretaries of India



Tel:   011-45341032,45341039





Membership Department



United Stock Exchange of India Ltd.


Email: Tel: 022- 42444902




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