Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN)

Last updated: 10 March 2021

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The Securities and Exchange Board of India (SEBI) has issued amendments to its 2016 circular concerning Unique Client Codes (UCC) and the mandatory requirement of Permanent Account Numbers (PAN) for commodity derivatives trading. These changes, effective from April 1, 2021, aim to streamline compliance by incorporating the use of e-PAN. Members must now verify the authenticity of e-PANs with the Income Tax Department's website and maintain soft copies.

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DNP/CIR/P/2021/30 March 08, 2021 The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges and Clearing Corporations having CommodityDerivatives Segment Sir/Madam, Sub: Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN). 1. SEBI had issuedcircular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/87 dat

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FAQ :

The circular amends existing provisions regarding Unique Client Code (UCC) and the mandatory requirement of Permanent Account Number (PAN) for trading on commodity derivative exchanges, particularly to incorporate the use of e-PAN.

The provisions of this circular shall come into effect from April 1, 2021.

For e-PANs, members must verify their authenticity with the details on the Income Tax Department's website and maintain a soft copy of the e-PAN in their records.

Members must use UCC for all clients, collect and verify PAN or e-PAN details, cross-check these with the Income Tax Department's website (especially for e-PANs), and upload the PAN or e-PAN details as part of the UCC.

No, only the provisions that have been modified by this circular are changed. All other provisions in the SEBI circular dated September 16, 2016, shall continue to remain in force.