The Economic Times daily newspaper is available online now.

    Sebi lays down mechanism to map unique client code with demat account

    Synopsis

    "Stock exchanges and depositories shall map the existing UCCs with the demat account of the clients latest by December 31, 2019," the regulator said in a circular.

    Sebi-BCCL-1200
    New Delhi: Capital markets regulator Sebi on Friday put in place a mechanism for stock exchanges and depositories to map the unique client code (UCC) with the demat account of a client.

    "Stock exchanges and depositories shall map the existing UCCs with the demat account of the clients latest by December 31, 2019," the regulator said in a circular.

    Sebi said "UCC allotted by the trading member (TM) to the client shall be mapped with the demat account of the client."

    "A client may trade through multiple TMs in which case each such UCC shall be mapped with one or more demat account(s)," it added.

    Sebi has asked the bourses to share the UCC data having PAN, segment, TM/CM (clearing member) code and the allotted UCC with the depositories.

    The UCC data is to be shared with the depositories on a one-time basis by November 30, 2019, and subsequently the incremental data in respect of new UCCs shall be shared on a daily basis, Sebi said.

    Besides, depositories need to map the UCC data in the demat account based on the PAN provided in the UCC database.

    Additionally, clients can make a request to their depository participants to delink or add UCC details which will then be processed by the depository through depository participants.

    Before any addition of UCC in the demat account, the depositories shall validate the same with the stock exchanges and client.

    The regulator has also asked exchanges and depositories to have a mechanism in place to address clients' complaints with regard to UCC mapping with their demat accounts.

    "Stock Exchanges and Depositories shall have a mechanism in place to ensure that inactive, non-operational UCCs are not misused and also a mechanism to ensure that inactive, non-operational UCCs are weeded out in the process of mapping clients' UCC with their demat account," Sebi said.

    The framework has been put in place pursuant to discussions with exchanges and depositories in order to facilitate ease in reconciliation, it added. PTI SRS

    ABM ABM 11151941 NNNN





    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in