To All Members,
Sub: Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account
This is with reference to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 dated June 05, 2024, Exchange Notice No. 20240605-64 dated June 05, 2024, Notice No. 20240705-37 dated July 05, 2024, Notice No. 20240823-55 dated August 23, 2024, Notice No. 20240911-56 dated September 11, 2024, Notice No. 20241004-58 dated October 04, 2024, Notice No. 20241008-32 dated October 08,2024, Notice No. 20241010-26 dated October 10,2024 and Exchange Notice No. 20241109-9 dated November 09, 2024 on “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”.
Pursuant to SEBI's communication of November 8, 2024, regarding “Pay-out of securities directly to client demat account”, note that in the first phase, payouts of Depository Receipt (DR) category clients will continue as per extant practice of Clearing Corporations (CCs) transferring securities to the clearing member's pool account. This is a temporary measure for the first phase only. Further details concerning DR handling in phase-2 will be communicated in due course.
In the existing UCC database of the Exchange, “FDI/DR” is a combined category. To facilitate the regulatory requirements pertaining to Depository Receipt (DR) category, the "FDI" and "DR" categories are segregated in UCC file format for all the client types namely “INDIVIDUAL /NON-INDIVIDUAL / INSTITUTION” and for client status “CLIENT” and “INSTITUTION”. Please note that the existing "FDI/DR" category will no longer be available for new or existing accounts w.e.f. January 11, 2025. The concerned trading members are advised to modify the appropriate categories in UCC database for existing clients.
Furthermore, a revised batch upload file format is enclosed as Annexure.
In case of any clarifications, members may contact us on details given as under:
For and on behalf of BSE Ltd.
Spandan Jayadevulu Poonam Pisat
Senior Manager Manager
Investigation Investigation |