Clearing Member Participants:
With a focus towards achieving utmost transparency in market mechanisms, CDC recently introduced the new mechanism for applicability and validation of Unique Identification Number (UIN) for sub-accounts opened and updated by Clearing Member Participants.
As per the new mechanism, UIN entered in CDS will be validated from NCCPL Centralized Database. Clearing Member Participants are now required to get the UIN registered with NCCPL for all new and existing Sub-Accounts (including joint accounts).
Non-Clearing Member Participants:
Moreover, CDC also outlined the following mechanism for input of Registration No./UIN in respect of Sub-Accounts opened and updated by Non-Clearing Member Participants for their corporate clients as under where validation through NCCPL Centralized Database shall not be applicable:
In case of a company / society, Registration Number as given on the true certified copy of Certificate of Incorporation / Registration should be entered.
In case of a trust, Registration Number as given on the true certified copy of Registered Trust Deed (if available) should be entered.
In case the Registration Number cannot be determined from the constitutive documents or where no such number is available, the UIN should be obtained from the corporate client or directly from the NCCPL based on the constitutive documents.