The Bombay Stock Exchange (BSE) on July 05, 2024, notified regarding the enhancement of operational efficiency and Risk Reduction - Pay out of securities directly to client demat account.
The following has been stated namely: -
• It is in reference to SEBI circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 dated June 05, 2024, all the eligible UCCs (across all segments) shall have the indication of Primary / Secondary in the demat accounts as the payouts shall be directly transferred to the demat accounts identified as Primary.
• All Trading Members are requested to:
o Make relevant changes in the Demat account details available in the UCC database, if any.
o Update the Primary / Secondary indicator for demat accounts for all existing UCC details (wherever not updated).
o Updation of the relevant fields can be done via the modification file format.
• It states that all the requisite information shall be updated in the system by August 02, 2024.
• It states that in case the Primary / Secondary Indicators for demat accounts are not updated by the Trading Members by the aforesaid date, records where only Demat Account 1 is updated and other Demat account fields are blank, then it shall be construed that the Demat account details provided in Demat Account 1 are the Primary Accounts.
[Circular no. - 20240705-37]
