The National Stock Exchange (NSE) on October 18, 2023, issued a circular regarding the Trading Supported by Blocked Amount in Secondary Market - Revised batch upload file format UCC.
This circular 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 Circular ref. no. NSE/INSP/57314 dated June 27, 2023.
To facilitate Trading Members in accessing this facility, we have made specific enhancements to the Unique Client Code (UCC) file structure:
• For clients interested in utilizing the ‘Unified Payments Interface (UPI)’ for this facility, we have included an "Opt for UPI" field in the UCI file structure.
• Trading Members can provide up to 5 Bank and Demat account details for their clients (at least one Bank and Demat account is mandatory). Trading Members shall ensure that NRE bank account details are not provided.
• Under the UPI mechanism, the primary holder's name and PAN will undergo verification against the 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 the client will not be eligible for utilizing the ‘Unified Payments Interface (UPI)’.
• To use the UPI facility, clients must designate at least one Bank and one Demat account as their primary account, out of the multiple accounts they have updated. Other Bank and Demat accounts are 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.
• Bank account details include Bank Account Name, IFSC Code, and Bank Account Number
• Demat account details include Depository Name, Depository Participant ID, and Beneficial Owner Account Number.
The effective date for uploading data or modifying existing data via the revised file format and other details will be communicated in due course.
[Circular No. 42/2023]
