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Mapping of Unique Client Code with Demat Account of the clients

SEBI, the capital markets regulator, established a system for stock exchanges and depositories to link a customer's unique client code (UCC) to his or her demat account opening. "By December 31, 2019, stock exchanges and depositories must map current UCCs to customers' demat accounts," the regulator said in a circular.

"UCC allocated to the customer by the trading member (TM) should be mapped with the client's demat account," SEBI said. "A client may trade via numerous TMs," it said, "in which case each such UCC should be mapped to one or more demat account(s)."

SEBI has required bourses to disclose UCC data with depositories, including PAN, segment, TM/CM code, and the assigned UCC. SEBI said that the UCC data would be supplied with depositories on a one-time basis by November 30, 2019, and that incremental data in respect of new UCCs will be given daily after that.

Furthermore, depositories must link UCC data in demat accounts to the PAN supplied in the UCC database. Clients may also request that their depository participants delink or add UCC information, which will be handled by the depository through depository participants.

Before any UCC is added to a demat account, the depositories must confirm it with the stock exchanges and the customer. The regulator has also requested that exchanges and depositories set up a system to handle customer complaints about UCC mapping with their demat accounts.

SEBI said, "Stock exchanges and depositories should have a mechanism in place to make sure that dormant, non-operational UCCs aren't exploited, as well as a way to ensure that inactivated, non-operational UCCs are ferreted out during the linking of customers' UCCs to their demat accounts."

It stated that the framework was put in place as a result of consultations between exchanges and depositories to make reconciliation easier.

Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account 

 

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