This has reference to SEBI Circular ref no: SEBI/HO/MIRSD/DoP/P/CIR/2022/119 dated September 19, 2022 and Exchange circular ref No: NSE/INSP/53756 dated September 20, 2022 regarding “Validation of Instructions for Pay-In of Securities from Client demat account to Trading Member (TM) Pool Account against obligations received from the Clearing Corporations.”
As per the said circular, “Depositories, prior to executing actual transfer of the securities for Pay-In from client demat account to TM Pool account, shall validate the transfer instruction for the purpose of Pay-in. The Depositories shall validate the depository transfer instruction details with clearing corporation obligation details based on UCC, TM ID, CM ID, Exchange ID, ISIN, quantity, settlement details etc.”
In view of the above, you are advised to ensure that details viz., UCC, TM ID, CM ID, ISIN etc., are required to be submitted in delivery instructions to your Depository Participant (DPs) and any discrepancy between instruction and obligation details will result in rejection of transfer instruction. Further, the rejection of such instructions might result in default of Pay-in obligation. The submission of aforesaid UCC details in Account Transfer and Inter Depository Market transactions with Early Pay-in instructions are made mandatory from November 12, 2022 and for Non Early Pay-in instructions would be mandatory effective from November 26, 2022.
Further, you are advised to ensure that the correct UCC details are mapped with your Demat account for the purpose of Pay-in Obligations. You are requested to make a request to your depository participants to modify or add your correct UCC details which shall be processed by the Depository through depository participants.
National Stock Exchange of India Limited
