The Multi Commodity Exchange (MCX) on September 27, 2024, notified regarding the Modification of Client Code.
The following has been stated:
• Maintenance of Error Account:
All the trading members with active clients are mandatorily required to create/maintain designated “Error Account”. Members, before placing order for their clients, are required to ensure that designated “Error account” is uploaded in the UCC database of the Exchange with Client Code as ‘ERROR’. In cases where the trading member fails to create/ maintain a single active designated “ERROR” account, a penalty of Rs. 10,000/- per month will be imposed.
• Penalty for fresh trade in ERROR Account:
The Members are required to ensure that no fresh trade is allowed/ permitted in Error account. Only square off trade allows from trade account. If any fresh trade executed in the Error account a penalty of Rs. 10,000/- per day of violation will be imposed.
[Notification No MCX/S&I/644/2024]
