The Forward Markets Commission of India has tightened its existing penalty structure for delays in uploading client details for trading commodity futures – as it has found that some members have executed trades on behalf of clients without uploading their Unique Client Code (UCC) details.

Date: Nov 7, 2011

Tags: India, Commodities, Enforcement

The Forward Markets Commission of India has tightened its existing penalty structure for delays in uploading client details for trading commodity futures – as it has found that some members have executed trades on behalf of clients without uploading their Unique Client Code (UCC) details. 

The Commission has directed all the national exchanges to impose a penalty of over 1% of the value of every trade that has been executed by members without uploading UCC details. Further, these members will be liable to be suspended if the UCC details are not uploaded within a month of the trade.

The Commission has also issued fresh directives to ensure that Client Code Modification (CCM) facility is not misused by trading members.