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No multiple trading codes to single client: FMC
August 11, 2008 15:02 IST
Commodity market regulator Forward Markets Commission has directed national exchanges -- MCX, NCDEX and NMCE -- not to give multiple trading exposure to a single client from January 2009.
"The National Exchanges were directed on July 23 to ensure that multiple client codes are not given to a single client," Forward Markets Commission said.
A separate sting or suffix may be provided after the unique client code to represent different characteristics and branches of the client, if any, it said, adding that these directions would come in force from January 2009.
To keep a tab on defaulters, the regulator has advised members of the exchange to maintain a detailed record of all their clients including their permanent account number, passport number, driving licence and Kissan Card.
It further said that a mapping of client IDs used at the time of order entry in the trading system should also be preserved for a period of seven years.
The exchanges should ensure that "no client is allowed to trade without having unique identification number from January", it noted.
FMC said that it has in-principal given approval to MMTC and India Bulls Financial Services in Gurgaon and Haryana for setting up of national multi commodity exchange.
Meanwhile, it has also give approval to launch futures trading in coriander seed on the NCDEX.
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