{"id":71661,"date":"2016-09-20T12:59:48","date_gmt":"2016-09-20T07:29:48","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=71661"},"modified":"2016-12-06T15:52:16","modified_gmt":"2016-12-06T10:22:16","slug":"sebis-circular-on-ucc-and-mandatory-requirement-of-pan-for-trading-on-commodity-derivatives-exchanges","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/20\/sebis-circular-on-ucc-and-mandatory-requirement-of-pan-for-trading-on-commodity-derivatives-exchanges\/","title":{"rendered":"SEBI&#8217;s circular on  UCC and mandatory requirement of PAN for trading on Commodity Derivatives Exchanges"},"content":{"rendered":"<p style=\"text-align: justify;\">SEBI has issued a \u00a0Circular dated September 16, 2016 to all the Commodity Derivatives Exchanges regarding norms on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN).<\/p>\n<p style=\"text-align: justify;\">1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines,\u00a0instructions, circulars, or any like instruments, made by the erstwhile FMC or\u00a0the Central Government applicable to recognized associations under the FCRA\u00a0would continue to remain in force for a period of one year from the date on\u00a0which FCRA was repealed (September 29, 2015), or till such time as notified\u00a0by SEBI, whichever is earlier.<\/p>\n<p style=\"text-align: justify;\">2. Erstwhile FMC, from time to time, had prescribed various norms related to UCC\u00a0and Mandatory requirement of PAN. This circular is being issued to consolidate\u00a0and update such norms prescribed by erstwhile FMC.<\/p>\n<p style=\"text-align: justify;\">3. It shall be mandatory for the members of the commodity derivatives exchanges\u00a0to use Unique Client Code (UCC) for all clients transacting on the commodity\u00a0derivatives exchanges. The commodity derivatives exchanges shall not allow\u00a0execution of trades without uploading of the UCC details by the members of the\u00a0exchange. For this purpose, members shall collect after verifying the\u00a0authenticity and maintain in their back office the copies of Permanent Account\u00a0Number (PAN) issued by the Income Tax Department, to all their clients.<\/p>\n<p style=\"text-align: justify;\">4. PAN would be the sole identification number and mandatory for all\u00a0entities\/persons who are desirous of transacting on the commodity derivatives\u00a0exchanges.<\/p>\n<p style=\"text-align: justify;\">However, the investors residing in the State of Sikkim are exempted from the\u00a0mandatory requirement of PAN. The exchanges should, however, ensure a\u00a0system of proper verification to verify that such members \/ investors are<br \/>\nresidents of the State of Sikkim.\u00a0Further, PAN may not be insisted in the case of Central Government, State\u00a0Government, and the officials appointed by the courts e.g. Official liquidator, securities market. The intermediary shall verify the veracity of the claim of the\u00a0specified organizations, by collecting sufficient documentary evidence in\u00a0support of their claim for such an exemption.<\/p>\n<p style=\"text-align: justify;\">5. The commodity derivatives exchanges shall ensure that the members of their\u00a0exchanges shall:<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">collect copies of PAN cards issued to their existing as well as new clients\u00a0after verifying with the original.<\/li>\n<li>cross-check the aforesaid details collected from their clients with the\u00a0details on the website of the Income Tax Department.<\/li>\n<li>upload details of PAN so collected to the Exchanges as part of Unique\u00a0Client Code.<\/li>\n<li>verify the documents with respect to the unique code and retain a copy\u00a0of the document.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">6. The Member shall also be required to furnish the above particulars of their\u00a0clients to the commodity derivatives exchanges and the same would be\u00a0updated on a monthly basis. Such information for a specific month should reach<br \/>\nthe exchange within 7 working days of the following month.<\/p>\n<p style=\"text-align: justify;\">7. The commodity derivatives exchanges shall impose penalty on the member at\u00a0the rate of 1% of the value of every trade that has been carried out by the\u00a0member without uploading the UCC details of the clients. The penalty so<br \/>\ncollected by the Commodity Derivatives Exchanges shall be transferred to the\u00a0Investor protection Fund (IPF). Further, if the client details are not uploaded\u00a0within a month of the trade, the member is liable to be suspended.<\/p>\n<p style=\"text-align: justify;\">8. The commodity exchanges shall be required to maintain a database of client\u00a0details submitted by members. Historical records of all such submissions shall\u00a0be maintained for a period of 7 years by the Exchanges.<\/p>\n<p style=\"text-align: justify;\">9. The provisions of this circular shall come into immediate effect in supersession\u00a0of all earlier directives issued by erstwhile FMC with regard to matters related\u00a0to UCC and Mandatory requirement of PAN.<\/p>\n<p style=\"text-align: justify;\">10.This circular is issued in exercise of the powers conferred under Section 11(1)\u00a0of the Securities and Exchange Board of India Act 1992, to protect the interests\u00a0of investors in securities and to promote the development of, and to regulate\u00a0the securities market.<\/p>\n<p style=\"text-align: justify;\">11.The Commodity Derivatives Exchanges are advised to:<br \/>\ni. to make necessary amendments to the relevant bye-laws, rules and\u00a0regulations.<br \/>\nii. bring the provisions of this circular to the notice of the stock brokers of\u00a0the Exchange and also to disseminate the same on their website.<br \/>\niii. communicate to SEBI, the status of the implementation of the provisions\u00a0of this circular.<\/p>\n<p style=\"text-align: justify;\">12.This circular is available on SEBI website at www.sebi.gov.in under the\u00a0category \u201cCirculars\u201d and \u201cInfo for Commodity Derivatives\u201d.<\/p>\n<p style=\"text-align: right;\">Securities and Exchange Board of India<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEBI has issued a \u00a0Circular dated September 16, 2016 to all the Commodity Derivatives Exchanges regarding norms on Unique Client Code (UCC) <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-71661","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognized associations under the FCRA would continue to remain in force for a\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74111,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/29\/sebi-updates-guidelines-applicable-to-national-commodity-derivatives-exchanges-in-respect-of-investor-protection-fund\/","url_meta":{"origin":71661,"position":1},"title":"SEBI updates guidelines applicable to National Commodity Derivatives Exchanges in respect of Investor Protection Fund","author":"Saba","date":"September 29, 2016","format":false,"excerpt":"Investor Protection Fund (IPF) and its related matters 1. As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognised associations under the FCRA would continue to remain in force for\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7286,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/09\/03\/notification-to-repeal-the-fcra-1952-and-shift-the-regulation-of-the-commodity-derivatives-market-to-sebi-with-effect-from-28th-september-2015\/","url_meta":{"origin":71661,"position":2},"title":"Notification to repeal the FCRA, 1952 and shift the Regulation of the Commodity Derivatives Market to SEBI with effect from 28th September 2015","author":"Sucheta","date":"September 3, 2015","format":false,"excerpt":"In exercise of powers conferred by Sections 131 and 133 of the Finance Act, 2015, the Central Government appointed 28th September 2015 as the date on which the provisions of Part I (excluding Section 132) and Part II of Chapter VIII of the said Act shall come into force. As\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222206,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/16\/mapping-of-unique-client-code-ucc-with-demat-account-of-the-clients\/","url_meta":{"origin":71661,"position":3},"title":"Mapping of Unique Client Code (UCC) with demat account of the clients","author":"Bhumika Indulia","date":"November 16, 2019","format":false,"excerpt":"1. Vide SEBI circular no. SEBI\/HO\/MIRSD\/DOP\/CIR\/P\/2018\/153 dated December 17, 2018, Early Warning Mechanism was put in place to detect the diversion of client\u2019s securities by the stock broker at an early stage so as to take appropriate preventive measures. Early Warning circular, inter-alia, specified that Stock Exchanges \/ Clearing Corporations\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":250690,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/02\/sebi-issues-master-circular-for-commodity-derivatives-market\/","url_meta":{"origin":71661,"position":4},"title":"SEBI issues Master Circular for Commodity Derivatives Market","author":"Prachi Bhardwaj","date":"July 2, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued Master Circular No. SEBI\/HO\/CDMRD\/DMP\/P\/CIR\/2021\/589 dated July 01, 2021, for commodity derivatives market. This Master Circular shall supersede previous Master Circular SEBI\/HO\/CDMRD\/DNPMP\/CIR\/P\/2020\/118 dated July 10, 2020. 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