Key Updates to MITC:
- Unique Client Code (UCC): Your trading account has a Unique Client Code (UCC), which is different from your demat account number. Please do not allow anyone, including your stock broker or their representatives, to trade in your account without specific instructions from you. Keep your internet and mobile trading login credentials confidential.
- Collateral Requirements: You are required to place collaterals as margins with the stock broker before trading. Collaterals can be in the form of funds transferred into specified stock broker bank accounts or margin pledges of securities from your demat account. Please refer to the stock broker's website for the correct bank account details and do not transfer funds to any other account. Cash payments are not accepted.
- Risk Management Policy: The stock broker’s Risk Management Policy outlines how trading limits are assigned, while the tariff sheet specifies the charges applicable to you.
- Securities Transfer: All securities purchased will be transferred to your demat account within one working day of payout. If securities are purchased but not fully paid, they may be subject to a limited period pledge (CUSPA pledge) for seven trading days after payout.
- Fund Deposits: All funds received from you will be deposited with the Clearing Corporations allocated in your name, and excess funds will be returned as per applicable norms during quarterly/monthly settlements.
- Contract Note: You will receive a contract note from the stock broker within 24 hours of executing a trade.
- Demat Debit and Pledge Instruction (DDPI): You may authorize a one-time DDPI for limited access to your demat account, allowing the transfer of securities sold in your account for pay-in.
- Financial Status Monitoring: The stock broker is expected to know your financial status and monitor your accounts accordingly. Please share all financial information as requested and keep your email ID and mobile phone details updated.
- Dispute Resolution: In case of disputes with the stock broker, you can raise a grievance using the dedicated investor grievance ID or approach the stock exchanges and/or SEBI directly.
- Prohibited Schemes: Please note that any assured/guaranteed/fixed returns schemes are prohibited by law, and participation in such schemes does not provide any protection or recourse from SEBI or stock exchanges.