Manager - TCM Operations

About the role

The Manager – TCM Operations (Clearing) will oversee the end-to-end clearing, settlement, and post-trade operations for the Trading Cum Clearing Member (TCM) business. Responsibilities include managing exchange obligations, pay-in/pay-out processes, margin management, collateral monitoring, and ensuring compliance with SEBI and Exchange regulations.

Responsibilities

• Manage daily clearing and settlement activities across NSE, BSE, MCX, and other exchanges.
• Maintain accurate trade obligations, settlement schedules, and clearing activities.
• Timely process pay-in and pay-out of funds and securities.
• Handle settlement shortages, auction obligations, close-outs, and related exceptions.
• Monitor settlement cycles and adhere to exchange timelines.

Requirements

• Monitor exchange margin requirements, collateral balances, and client obligations.
• Ensure timely allocation and reporting of collateral to Clearing Corporations.
• Coordinate with Risk and Finance teams for margin shortages.
• Manage pledge, re-pledge, unpledge, and collateral release transactions.
• Reconcile margin reports received from Exchanges and Clearing Corporations.

Qualifications

• Bachelor's Degree in Commerce, Finance, Accounting, Economics, or Business Administration.
• MBA / PGDM / M.Com preferred.
• NISM Certifications preferred.
• Additional certifications in Capital Markets Operations or Compliance will be an advantage.

Experience

• 5–8 years of experience in Clearing & Settlement Operations within Stock Broking Firms, Trading Cum Clearing Members (TCM), Clearing Members, Custodians, and Capital Market Intermediaries.
• Strong exposure to post-trade operations, margin management, and settlement processes.
• Experience in handling multiple market segments including Equity, F&O, Currency, and Commodity.

Technical Skills

• Strong knowledge of NSE, BSE, MCX, and Clearing Corporation operations.
• Thorough understanding of Clearing & Settlement lifecycle.
• Expertise in margin management and collateral processing.
• Working knowledge of CDSL and NSDL operations.
• Experience with OMS, RMS, Back Office, and Exchange Clearing systems.
• Strong reconciliation and exception management skills.
• Proficiency in Microsoft Excel, MIS reporting, and operational analytics.

Behavioral Competencies

• Strong analytical and problem-solving capabilities.
• High attention to detail and accuracy.
• Able to work under strict market timelines and deadlines.
• Strong stakeholder management and communication skills.
• Process-driven and compliance-oriented mindset.
• Leadership and team management capabilities.

Key Performance Indicators (KPIs)

• 100% timely settlement of exchange obligations.
• Reduction in settlement shortages and exceptions.
• Accuracy of margin and collateral reconciliation.
• Timely resolution of reconciliation breaks.
• Zero regulatory or exchange penalties due to operational errors.
• Successful completion of audits and inspections.
• Process improvement and automation initiatives delivered.
• Compliance adherence and risk control effectiveness.