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TMI BlogUnique Client Code (UCC) and Mandatory requirement of Permanent Account Number (PAN)X X X X Extracts X X X X X X X X Extracts X X X X ..... andatory requirement of Permanent Account Number (PAN) 1. As per Section 131(4) 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associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed (Sept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, to all their clients. 4. PAN would be the sole identification number and mandatory for all entities/persons who are desirous of transacting on the commodity derivatives exchanges. However, the investors residing in the State of Sikkim are exempted from the mandatory requirement of PAN. The exchanges should, however, ensure a system of proper verification to verify that such members / in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Department. upload details of PAN so collected to the Exchanges as part of Unique Client Code. verify the documents with respect to the unique code and retain a copy of the document. 6. The Member shall also be required to furnish the above particulars of their clients to the commodity derivatives exchanges and the same would be updated on a monthly basis. Such information ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall come into immediate effect in supersession of all earlier directives issued by erstwhile FMC with regard to matters related to UCC and Mandatory requirement of PAN. 10. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, to protect the interests of investors in securities and to promote the development of, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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