 "Upload missing client contact details in a week: Exchanges tell brokers")
The BSE and the National Stock Exchange have asked brokers who have not yet furnished contact details of clients to do so within a week.
Both exchanges have said that failure to do so will be 'viewed seriously,' according to separate notice on their websites.
“It may be noted by the members that the main objective of this facility is to reduce the no. of complaints related to unuthorised trading in the accounts of the clients and this would help the trading member to restrict the same by taking timely actions,” said the BSE notice dated 11th August.
"Members are hereby urged to obtain the mobile number and email ID for all the clients who have transacted during FY 2014-15 and upload the same latest by August 19, 2014...As regards other clients who may wish to trade, members are urged to first obtain their mobile number and email ID and upload the same...," said the NSE notice dated 12th August.
The move follows a directive from the Securities and Exchange Board of India (Sebi), added the latter notice.
The stock market regulator had asked exchanges to send alerts through emails and text messages on trading activity during the day. A Sebi circular on the matter was released in August 2011.
The regulator had sought separate phone numbers and email addresses for each client. Common contact details would only be permitted for those clients who belong to the same family, according to the circular.
Both exchanges have said that failure to do so will be 'viewed seriously,' according to separate notice on their websites.
“It may be noted by the members that the main objective of this facility is to reduce the no. of complaints related to unuthorised trading in the accounts of the clients and this would help the trading member to restrict the same by taking timely actions,” said the BSE notice dated 11th August.
"Members are hereby urged to obtain the mobile number and email ID for all the clients who have transacted during FY 2014-15 and upload the same latest by August 19, 2014...As regards other clients who may wish to trade, members are urged to first obtain their mobile number and email ID and upload the same...," said the NSE notice dated 12th August.
The move follows a directive from the Securities and Exchange Board of India (Sebi), added the latter notice.
The stock market regulator had asked exchanges to send alerts through emails and text messages on trading activity during the day. A Sebi circular on the matter was released in August 2011.
The regulator had sought separate phone numbers and email addresses for each client. Common contact details would only be permitted for those clients who belong to the same family, according to the circular.