BSE relaxes timeline for trading members to update mandatory fields for clients

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The Bombay Stock Exchange through notice dated 29.07.2021 has directed the trading Members to upload the UCC with all the 6 mandatory KYC fields for new clients prior to execution of trade w.e.f. August 01, 2021. With respect to the existing clients, the timelines for updating of 6 KYC attributes and additional information pertaining to custodial settled clients has been extended up to September 30, 2021.

In case the UCCs is/are not uploaded by the trading member / not approved by the Exchange in the UCC system prior to execution of trade, the trading member shall be liable for penalty @ Rs.10,000/- per code per day till the same is uploaded and approved in the UCC system of the Exchange and any other disciplinary action that the Exchange may deem fit. Further, to facilitate members to check the status of UCCs uploaded with respect to PAN verification by the Exchange, the Exchange has provided download facility in UCC system wherein the trading members can download the UCC records created. The downloaded file shall provide the information about PAN verification status viz. Approved / Not Approved. 

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