To All Members,
This is with reference to the recent developments in compliance with SEBI circular no. SEBI /HO/MRD/MRD-PoD-2/P/CIR/2023/99 dated June 23, 2023, and Exchange notice no. 20230626-68 dated June 26, 2023, concerning "Trading supported by Blocked Amount in Secondary Market." This circular introduces an additional process for trading in the secondary market, specifically utilizing funds locked in an investor's bank account. Kindly note that this service is exclusively available to ‘Individuals’, ‘Portfolio Management Services (PMSI)’, ‘High Networth Individuals (HNI)’ and ‘HUF’ category clients and would currently be available for ‘Equity Segment’ only.
To facilitate Trading Members in accessing this facility, we have made specific enhancements to the Unique Client Code (UCC) file structure:
1.For clients interested in utilizing the ‘Unified Payments Interface (UPI)’ for this facility, we have included an "Opt for UPI" field in the UCC file structure.
2.Trading Members can provide up to 5 Bank and Demat account details for their clients (atleast one Bank and Demat account is mandatory). Trading Members shall ensure that NRE bank account details are not provided.
3.Under the UPI mechanism, the primary holder's name and PAN will undergo verification against the provided Bank and Demat account details provided by the client. If disparities or mismatches are detected, the record will not be validated by the NPCI/Depositories and client will not be eligible for utilizing the ‘Unified Payments Interface (UPI)’
4.To use the UPI facility, clients must designate at least one Bank and Demat account as their primary account, out of the multiple accounts they have updated. Other Bank and Demat accounts to be marked as “Secondary”. Although clients can update multiple Bank and Demat accounts, payouts will only be processed in the primary account opted by them. Subsequent, to the successful payout, the clients can change their primary account/s subject to validation done by NPCI/Depositories.
5.Bank account details include Bank Account Name, IFSC Code, and Bank Account Number.
6.Demat account details includes Depository Name, Depository Participant ID, and Beneficial Owner Account Number.
Additionally, we have incorporated other revisions into the updated structure. The revised batch upload/modification file format for the UCC is attached as Annexure with changes highlighted - "UCC Batch File format."
The effective date for uploading data or modifying existing data via the revised file format and other details will be communicated in due course.
We strongly advise all Trading Members to take note of above and prepare for the upcoming changes.
In case of any queries/clarifications, you may reach us on the following contact details.
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Contact Nos.
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Email ID
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022- 2272 8435/5785
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bse.inspection@bseindia.com
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For and on behalf of BSE Ltd.
Hiteshkumar Desai Jyoti Thukral
General Manager Sr. Manager
Inspection Inspection |