What are the different types of clearing members?

Trading Member Clearing Member (TM-CM)

A Clearing Member who is also a TM. Such CMs may clear and settle their own proprietary trades, their clients' trades as well as trades of other TM's & Custodial Participants

Professional Clearing Member (PCM)

A CM who is not a TM. Typically banks or custodians could become a PCM and clear and settle for TM's as well as of the Custodial Participants

There are also some basic eligibility norms for clearing members. The must have a Net worth of at-least Rs.10 crores and a deposit of Rs. 50 lakhs to NSE Clearing which forms part of the security deposit of the CM.