Article (3) Membership

3.1 The Guarantee Fund membership shall be open to Participants who contribute to the Guarantee Fund account, in accordance with the provisions of this Resolution.
3.2 All contributing Participants shall be wholly and individually liable for the fulfillment of their obligations arising from securities transactions for which the BSE has carried out clearing and settlement, in accordance with the BSE's CSDR Rules and Procedures.
3.3 The subject of joint and individual liability referred to above shall not include the obligations of the Participants to pay fees for services rendered, or the payment of any fines or charges imposed.