Compliance Blueprint

Who reads this section? Compliance officers signing the half-yearly compliance certificate. Internal and statutory auditors building their checklists. Ops leads slotting recurring items into the master calendar. Regulators verifying the broker’s compliance posture. New to the site? Try Choose Your Role first.

Operators come here to find “what must I do, by when, and what evidence proves I did it”. Rows are grouped by domain so each ops or compliance function can scan their own bucket. Each row links to the specific circular driving it on the per-issuer sub-pages.

TL;DR

• 400 compliance touchpoints inventoried across 16 domains.
• Each row is verifiable — has a named evidence artefact (file / report / log / certificate / attestation).
• Covers operational (daily / weekly / monthly / quarterly), one-time / strategic (admission, registration, FY closure), and edge cases (NRI, minor, joint, non-individual, transmission, dormancy, closure).
• 132 circular references didn’t match the per-issuer sub-pages — flagged inline for re-verification.
• AI-generated; read the linked circular before acting.

Conceptual overview

Every broker must do a long list of things on a recurring schedule and a longer list of things triggered by events (a client onboards, a suspicious transaction surfaces, a margin shortfall happens, a system glitch occurs, a quarter closes). This page is the inventory: what to do, who owns it, what proves it was done, what happens if it wasn’t. The blueprint does NOT explain how to do each — that’s the role of per-domain deep-dive pages (separate sub-projects). It also doesn’t cover vendor selection — see the Vendor Atlas.

KYC lifecycle (41 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
KYC-001	Capture six-attribute KYC at onboarding	SEBI, NSE, BSE, MCX, CDSL, NSDL	event-triggered	Ops Lead	New client account-opening request submitted	Account-opening form (AOF) on file with Name, Address, PAN, valid mobile, valid email, income-range fields populated; UCC upload acknowledgement from exchange	Account creation blocked at UCC level; subsequent freeze of demat under NSDL/CDSL reason code 08; SEBI inspection finding	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, NSDL/POLICY/2022/041, CDSL/OPS/DP/POLCY/2021/127	Six attributes are the floor. PAN 4th-letter test (P for individual, H for HUF, T for Trust, etc.) drives segregation of HUF and non-individual onboarding pipelines.
KYC-002	Upload KYC record to KRA	SEBI	event-triggered	Ops Lead	KYC pack assembled post-IPV / VIPV / Aadhaar e-KYC; before activation	KRA acknowledgement number (CVL/NDML/DOTEX/CAMS/KFintech) with status Registered or Validated; KRA download log	Client cannot trade until KRA validation; SEBI inspection observation; KRA mismatch attracts repeat data-correction load	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41, SEBI/HO/MIRSD/FATF/P/CIR/2023/0144	Intermediary may permit transactions once KYC is completed at the intermediary, even before KRA validates; unverified clients cannot transact further until validated.
KYC-003	Upload KYC record to CKYCR (CERSAI)	SEBI, CERSAI	event-triggered	Ops Lead	New KYC or KYC modification; on or after 1 Aug 2024 dual upload mandate	CKYC reference / KIN issued by CERSAI; CKYC upload XML in archive; SFTP / API response payload	SEBI/CERSAI inspection observation; PMLA Rule 9 non-compliance; potential fine on reporting entity	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79, CKYC/2020/04, CKYC/2020/11	KRAs upload to CKYCRR; intermediaries continue dual KYC fetch path. File specs per CKYC/2025/16 Data Hygiene.
KYC-004	Search CKYCRR before fresh KYC upload	CERSAI	event-triggered	Ops Lead	Pre-onboarding KYC check	CKYC search log returning KIN or no-match response; multi-parameter search audit trail (Mobile, PAN, last-4 Aadhaar+Name+DOB+Gender)	Duplicate CKYC records create reconciliation cost; CERSAI legacy-data notes call this a substantive concern	CKYC/2026/08, CKYC Search Communique (December 2025)	Sequential search → download → fresh-upload mandated. SFTP bulk-search permitted for non-API REs with migration timeline.
KYC-005	Apply OTP-based consent on CKYC download	CERSAI	event-triggered	Ops Lead	RE attempts download of an individual CKYC record from CKYCRR	OTP-validation API response (Download API v1.3); customer-consent record tied to mobile in CKYC profile	Download fails without OTP validation; data access blocked	CKYC/2025/02, CKYC/2025/04	API v1.2 decommissioned 31 May 2025 (8 pm). SHA upgraded to SHA2. Aligns with DPDP Act consent requirements.
KYC-006	Conduct In-Person Verification or VIPV	SEBI	event-triggered	Ops Lead	Onboarding without DigiLocker/Aadhaar OTP eKYC path	Geo-tagged time-stamped video file with random-utterance prompt; authorised-official attestation; image capture with metadata	KYC rejected at KRA; potential client-grievance escalation; SEBI MIRSD inspection finding	SEBI/HO/MIRSD/DOP/CIR/P/2020/73, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Exempt for DigiLocker-fetched OVDs and Aadhaar OTP eKYC paths since April 2020.
KYC-007	Validate Aadhaar via UIDAI for eKYC	SEBI, MeitY	event-triggered	Ops Lead	Customer chooses Aadhaar OTP eKYC route	UIDAI eKYC XML response with Aadhaar last-4 stored; authentication audit log per UIDAI sub-AUA agreement	Authentication failure halts onboarding; data localisation breach attracts MeitY action	SEBI/HO/MIRSD/DOP/CIR/P/2020/73, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Aadhaar must be masked at storage (first 8 digits “X”, last 4 visible) — CDSL holding instruction CDSL/OPS/DP/POLCY/2024/580.
KYC-008	Verify PAN with Income Tax database	SEBI	event-triggered	Ops Lead	PAN captured on AOF	NSDL e-Gov PAN-verification API response with status / name match; KRA PAN-validation flag	Account creation blocked on invalid PAN; deactivation under SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104	SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41	PAN-Aadhaar linkage status decoupled from trade-permission per SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41 (May 2024); freeze removed for previously suspended accounts (NSDL/POLICY/2024/0074).
KYC-009	Trigger risk-based re-KYC	SEBI, RBI	event-triggered	Compliance Officer	2 years (high-risk) / 8 years (medium-risk) / 10 years (low-risk) since last KYC	Re-KYC pack with refreshed OVDs; KRA update acknowledgement; customer intimation log (3 advance + 3 reminder)	SEBI inspection finding; PMLA non-compliance; potential account restriction	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, SEBI/HO/MIRSD/FATF/P/CIR/2023/0144, RBI/2025-26/36	RBI Amendment Directions 2025 extended low-risk re-KYC deadline to 30 Jun 2026; broker-side overlap for joint clients.
KYC-010	Process address change request	SEBI, NSE, BSE, CDSL, NSDL	event-triggered	Customer Service Lead	Customer-initiated address update (online/physical)	New OVD scan; updated KRA record with KRA modification reference; CKYC update acknowledgement; depository ISR-1 (physical) or e-Sign trail	SEBI/RTA service-request circular violation; investor grievance	SEBI/HO/MIRSD/POD-1/P/CIR/2023/193, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37	Updates propagate to all KRA-linked REs; CKYC bulk update file v1.3 referenced for batches.
KYC-011	Update bank account on client record	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Client requests change in primary bank for pay-in/pay-out	Cancelled cheque or bank statement on file; penny-drop verification log; UCC bank-update record; ledger reflecting new bank	Pay-out failure; SEBI Master Circular running-account violation; client grievance	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/POD-1/P/CIR/2024/118	Industry practice — penny-drop on every new bank; cooling-off period (24-48h) before first payout.
KYC-012	Update nominee in trading/demat account	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Customer adds/changes/removes nominee	Annexure-A (nomination) or Annexure-B (opt-out) on file; e-Sign Aadhaar / DSC / 2FA audit; depository BO-master nominee fields populated	Account freeze for trading/debit if no nomination or opt-out; investor grievance under SEBI Investor Charter	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15, CDSL/OPS/DP/POLCY/2025/32, NSDL/POLICY/2025/0042	Up to 10 nominees with percentage-allocation. Phase I effective 1 Mar 2025; phased extensions to Aug/Dec 2025.
KYC-013	Add new trading segment to existing client	SEBI, NSE, BSE	event-triggered	Ops Lead	Existing client requests F&O / Currency / Commodity activation	Segment-activation form; financial-proof artefact (ITR / 6-month bank stmt / salary slip for derivatives); UCC segment-flag update	Unsuitable client activation triggers RM-policy breach; SEBI MIRSD inspection finding on suitability	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Default registration on all active exchanges post 1 Aug 2023; segment-level financial-proof retained for derivatives.
KYC-014	Update mobile number on account	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Customer-initiated mobile-number change	OTP-verified new mobile; KRA mobile-update reference; depository BO-master mobile field updated; SMS/email confirmation to old and new mobile	Failure to deliver settlement/contract-note SMS attracts investor-charter breach; SEBI surveillance gap	SEBI/HO/MIRSD/POD-1/P/CIR/2023/193, NSDL/POLICY/2022/041, CDSL/OPS/DP/POLCY/2021/127	Old mobile retained 7 days for revocation per industry practice.
KYC-015	Update email on account	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Customer-initiated email-id change	OTP-verified new email; KRA email-update reference; depository BO master updated; confirmation to old and new email	Contract-note delivery failure; SEBI inspection observation	SEBI/HO/MIRSD/POD-1/P/CIR/2023/193, NSDL/POLICY/2022/041	Required as part of six-attribute mandatory set since 1 Apr 2022.
KYC-016	Process name change post unfreeze	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Marriage / legal name change / spelling correction	Gazette notification or marriage certificate; updated PAN reflecting new name; KRA name-update reference; depository ISR-2 form	Mismatch causes KRA rejection and chronic re-KYC loop; investor grievance	SEBI/HO/MIRSD/POD-1/P/CIR/2023/193, SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655	PAN name update at NSDL e-Gov is prerequisite — without it, KRA flag remains mismatched.
KYC-017	Correct date of birth on KYC record	SEBI	event-triggered	Customer Service Lead	DOB mismatch flagged at KRA or by client	PAN/passport scan supporting correct DOB; KRA DOB-correction request and acknowledgement; CKYC update via Bulk Update file	Persistent DOB mismatch blocks KRA validation; segment activation impeded	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41, CKYC/NOTIF/2024/01	CKYC bulk-update v1.3 supports DOB correction; care needed not to flip minor-to-major status accidentally.
KYC-018	Flag dormant trading account	SEBI, NSE, BSE, MCX	monthly	Ops Lead	No trades across all exchanges for 12 months	UCC inactive flag in NSE/BSE/MCX systems; client intimation log; segregated funds/securities reporting	Holdings/fund-upload exemption lost without flag; SEBI inspection observation	NSE/INSP/43488, NSE/INSP/46506, NSE/INSP/49743	12-month rule across exchanges per NSE/INSP/43488 base. MCX uses 24-month definition for member-level inactivity (not in current circulars index — see OPEN_QUESTIONS). BSE INSP equivalent referenced in BSE master inactive-client framework.
KYC-019	Reactivate dormant client after inactivity	SEBI, NSE	event-triggered	Ops Lead	Dormant client returns to trade after >12 months	Fresh KYC documentation, IPV log, suitability re-check; UCC inactive-flag removal record	Trading from non-reactivated account is unauthorised; SEBI inspection finding	NSE/INSP/49743, NSE/INSP/43488, NSE/INSP/46506	Fresh KYC/IPV required only after 1 year of inactive status (i.e. 2 years post last trade); IPO/MF/DP-only activity exempt from re-KYC.
KYC-020	Process voluntary account closure	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Customer submits closure request (online/physical)	Closure form with signature/e-Sign; clearance of ledger debit; transfer/return of holdings; closure confirmation letter; UCC and BO-master closed status	Open account with credit balance attracts running-account-settlement non-compliance; investor charter grievance	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSDL/POLICY/2025/0157, CDSL/OPS/DP/POLCY/2024/580	Settle ledger and demat in same workflow; deactivate UCC across all exchanges.
KYC-021	Suspend account for KYC non-compliance	SEBI, CDSL, NSDL	event-triggered	Compliance Officer	Six-attribute KYC incomplete past deadline OR KRA validation failure past 30 Apr 2026	NSDL/CDSL freeze reason code 08 applied; client intimation log; reactivation pathway documented	Account frozen for debit and credit; client recourse only through completion of KYC	NSDL/POLICY/2026/0016, SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104	Reason code 08 = KYC Non-compliant. Reason code 39 was earlier used for PAN-inoperative (now removed).
KYC-022	Process forced closure under regulatory direction	SEBI	event-triggered	Compliance Officer	SEBI/exchange debarment order; sanctions match; fraud detection	Order copy; closure file with regulator reference; client communication; funds/securities return audit	Continued operation past order attracts contempt + SEBI Sec 11B action; reputational risk	SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96	Brokers’ institutional mechanism (Chapter IVA) ties detection to closure trigger.
KYC-023	Process transmission for deceased single holder	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Notice of demise received with documentary evidence	Death certificate; nominee KYC + Aadhaar/PAN; Annexure-C / Annexure-D transmission form; client-master flagged “Deceased”; CKYC “Deceased” flag via Update screen	Delayed transmission attracts investor-grievance; SEBI ODR/SCORES escalation	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04, SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65, CKYC/2025/18, CDSL/OPS/DP/POLCY/2025/637	Affidavit/indemnity/notarisation barred when nominee present (Jan 2025 SEBI nomination overhaul). New CKYC deceased-flag effective 19 Dec 2025.
KYC-024	Process transmission to legal heirs without nominee	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Demise of sole holder with no nomination on file	Succession certificate / probate / letters of administration / legal heirship certificate; standardised transmission request form; threshold check (Rs 5 lakh demat per BO across DPs)	Mishandling attracts grievance under SEBI ODR + civil litigation exposure	SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04	Simplified-transmission threshold Rs 5 lakh demat / Rs 15 lakh physical per BO across DPs.
KYC-025	Process transmission for deceased joint holder	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Demise of one joint holder; surviving holder(s) initiate	Death certificate; deletion-of-name form; updated demat reflecting surviving holders; UCC update	Operational lapse attracts CDSL/NSDL inspection finding; investor grievance	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15, SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65, NSDL/POLICY/2022/053	Survivor mode operates regardless of holding mode for transmission; survivorship clarified in Feb 2025 amendments.
KYC-026	Process transmission from nominee to legal heir	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Nominee approaches DP/broker to onward-transfer to legal heir	Heirship document; CBDT-tagged “TLH” reason in SFT reporting (per Sep 2025 SEBI circular); demat debit instruction	Mis-tagged transfer triggers nominee tax assessment (capital gains) — investor grievance + civil liability	NSDL/POLICY/2025/0126, CDSL/OPS/DP/POLCY/2025/637	Nominee acts as trustee for legal heir per Sep 2025 SEBI circular (SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/130). TLH reason-code prevents misallocation of capital-gains tax.
KYC-027	Capture nominee opt-out via video declaration	SEBI	event-triggered	Customer Service Lead	Customer chooses to opt out of nomination	30-day video declaration on file with random utterance; Annexure-B opt-out form with e-Sign / wet signature	Account freeze for debit if no opt-out and no nomination	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15	Video declaration introduced Jan 2025. Industry practice — randomised on-screen prompt to defeat replay attacks.
KYC-028	Convert account to BSDA on eligibility	SEBI, CDSL, NSDL	event-triggered	DP Manager	Demat portfolio value falls within Rs 10 lakh threshold	BSDA conversion log; AMC slab calculation (nil up to Rs 4L, Rs 100 between Rs 4-10L); intimation to client	Failure to offer BSDA = SEBI MIRSD inspection observation; investor charter breach	SEBI/HO/MIRSD/POD-1/P/CIR/2024/91	BSDA threshold raised from Rs 2 lakh to Rs 10 lakh w.e.f. 1 Sep 2024; auto-conversion to regular demat above Rs 10 lakh.
KYC-029	Validate KYC attributes under risk-management framework	SEBI	as-required	Compliance Officer	KRA validation cycle on new and modified records	KRA validation status (PAN / name / address verified); FAQ-aligned attribute-validation log	Unvalidated client transactions blocked; SEBI inspection observation	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41, SEBI/HO/MIRSD/FATF/P/CIR/2023/0144	Validation cadence simplified May 2024; legacy records carry over with reduced friction.
KYC-030	Centralise FATCA/CRS self-certification at KRA	SEBI	event-triggered	Compliance Officer	New client onboarding / change in tax residency status / 90-day upload window for existing records	FATCA-CRS self-certification scanned; KRA upload reference; reasonableness-check note on file	Reporting Financial Institution (RFI) breach under Income-tax Rule 114F-H; PMLA reporting gap	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12	Effective 1 Jul 2024; 90-day window from then for legacy uploads; intermediary retains reasonableness-check responsibility.
KYC-031	Flag deceased customer in CKYCRR	CERSAI	event-triggered	Ops Lead	Confirmation of demise (death certificate received)	CKYCRR “Deceased” flag set with date-of-demise, documentary evidence, remarks; bulk update file v1.3 reference	Other REs cannot react to demise → fraud/identity theft risk; CERSAI inspection observation	CKYC/2025/18	Effective 19 Dec 2025, 8 pm. Flagged records become non-downloadable; search returns ‘X’-prefixed KYC identifier.
KYC-032	Use masked CKYC identifier in workflows	CERSAI	continuous	Ops Lead	All CKYC search/upload/download responses	System logs showing masked KYC identifier in search responses and confirmed-match responses; only download yields unmasked identifier with authentication	Storing/transmitting unmasked CKYC identifier violates DPDP-aligned data-minimisation; CERSAI inspection finding	CKYC/2024/04, CKYC/2024/06, CKYC/2024/08	Production go-live deferred to 20 Jan 2025 (8 pm). No further extensions.
KYC-033	Capture residential-status field at onboarding	CERSAI	event-triggered	Ops Lead	Individual / related-person of LE record creation	CKYCRR Personal Details capturing Resident Individual / NRI / Foreign National / PIO; OVD aligned to residential status	Mismatched residency causes FATCA/CRS reporting errors; CKYC rejection	CKYC/2025/03_Revised	Effective 30 May 2025, 8 pm. Foreign National can use foreign-govt-issued documents and embassy letters as address proof.
KYC-034	Capture differently-abled-status fields at onboarding	CERSAI	event-triggered	Ops Lead	Customer disclosure of disability / UDID	Four CKYCRR fields populated (Differently Abled Status, Type of Impairment, Percentage of Impairment, UDID Number); bulk file v1.3 used	Failure to capture violates Hon’ble SC order dated 30 Apr 2025 on digital-KYC accessibility	CKYC/2025/11	Effective 30 Sep 2025, 8 pm.
KYC-035	Conduct enhanced due diligence on third-party CKYC vendor	CERSAI	as-required	Compliance Officer	Outsourcing of CKYC search/upload/download to third-party vendor	Vendor due-diligence file; access-control review log; outsourcing-agreement aligned to SEBI/CERSAI guidelines	RE liable for unauthorised downloads / unauthorised updates regardless of vendor failure; CERSAI advisory states no absolution	CKYC/2025/10	Aligns with SEBI outsourcing guidelines; review internal access controls.
KYC-036	Apply CKYC scan and image quality standards	CERSAI	continuous	Ops Lead	Scanning of OVDs and photograph at onboarding	150-200 DPI resolution; photo 200x230 px max 100kb; file size cap 350kb individual / 5MB LE; permitted formats .tif/.tiff/.pdf/.jpeg/.jpg	CKYC upload rejection; reupload load	CKYC/2025/16, CERSAI/2023-24	Data-hygiene reiteration; aligns with master list (Pin Code, District, State, Country) standardisation.
KYC-037	Onboard NRI client with PIS letter	SEBI, RBI	event-triggered	Ops Lead	NRI seeks to trade equity on secondary market	PIS approval letter from AD-Bank; NRE/NRO bank linkage proof; passport + visa + overseas address proof	Non-PIS trading by NRI is FEMA non-compliance; broker exposure under FEMA Section 13	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, RBI Master Direction DBR.AML.BC.No.81/14.01.001/2015-16	PIS distinct from FPI route; required for delivery-based equity. Bank issues one PIS letter per investor.
KYC-038	Maintain NRI position-limit monitoring data flow	SEBI, NSE, BSE	continuous	Compliance Officer	NRI derivatives positions taken / position-limit aggregation cycle	PAN-based position aggregation report at exchange; broker submission to exchange aligned with cadence	Breach attracts SEBI Sec 15A penalty + exchange position-limit fine	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/109	Effective 1 Sep 2025. PAN-based linkage; exchange-level aggregation.
KYC-039	Reject CP code mechanism for NRI (July 2025)	SEBI, NSE, BSE	continuous	Compliance Officer	Post 1 Sep 2025 — NRI client orders cannot route via CP code	UCC mapping showing direct broker linkage; absence of CP-code tagging on NRI trades	Trades rejected at exchange; client grievance + SEBI inspection finding	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/109	Industry interpretation of “operational efficiency” SEBI circular — direct member-side handling replaces CP-code intermediation for NRI position limits.
KYC-040	Apply FATCA-mandatory flow for NRI onboarding	SEBI	event-triggered	Ops Lead	NRI onboarding regardless of US/India tax residency	FATCA-CRS self-certification with US-Person Yes/No; TIN if applicable; KRA upload of self-cert	RFI under-reporting attracts Income-tax penalty; FATF/OECD inter-government breach	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	FATCA mandatory regardless of US-person status — declaration required to disprove.
KYC-041	Maintain FPI exemption from CKYCRR upload	CERSAI, SEBI	continuous	Compliance Officer	Onboarding of Foreign Portfolio Investor	FPI registration certificate; account file noting CKYC-exempt status per Jan 2022 PML rule sub-rule (1A) exemption	Wrongful CKYC upload of FPI exposes data; CERSAI/SEBI inspection observation	CKYC/2022/01	Gazette CG-DL-E-04012022-232403 dated 4 Jan 2022. Sub-rule 9(1A) of PML Rules does not apply to FPI.

AML / PMLA / Sanctions (25 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
AML-001	Register reporting entity on FINnet 2.0	FIU-IND, SEBI	one-time	Principal Officer	New broker registration / migration from legacy FINnet 1.0	FINnet 2.0 registration acknowledgement with RE-ID; PO and DD credentials; DSC enrolment	Cannot file STR/CTR/CCR/NTR/CBWTR; PMLA Section 13 action; reporting-entity inspection adverse finding	FIU-IND-FINNET2-REG-2023, FIU-IND-FINGATE-USERMANUAL-REPORTS	SEBI mirrored as SEBI/HO/DDHS/DDHS-POD1/CIR/P/2023/67 (9 May 2023). All capital-market REs migrated.
AML-002	Appoint Designated Director under PMLA	FIU-IND, SEBI	event-triggered	Designated Director	Board resolution at incorporation / Director resignation / change	Board resolution; intimation to FIU-IND with name/DIN/contact; FINnet 2.0 DD profile updated	PMLA Section 13(2) — Rs 10,000 to Rs 1,00,000 per failure per day; reputational damage	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022	DD must be at Whole-Time / Managing Director level. Cannot delegate liability.
AML-003	Appoint Principal Officer under PMLA	FIU-IND, SEBI	event-triggered	Principal Officer	Initial PMLA registration / PO transition	Board approval; PO appointment letter; FINnet 2.0 PO profile updated; minimum 3 years AML/legal/compliance experience evidenced	PMLA Section 13(2) per failure per day; FIU-IND can withhold RE registration	FIU-IND-PO-GUIDANCE-25022025, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Management-level seniority; minimum 3 years AML experience; exclusive employment with single RE.
AML-004	Submit STR to FIU-IND on FINnet 2.0	FIU-IND	event-triggered	Principal Officer	Suspicious-transaction pattern identified by surveillance / employee report	STR filed on FINnet 2.0 (TS7 Brokerage Transaction Format) with reference number; DSC-signed XML; SMS receipt from FINnet	PMLA Section 13(2) Rs 10,000 to Rs 1,00,000 per day per failure; reputational risk; SEBI Sec 11B action	FIU-IND-REPORTING-FORMAT-V114, FIU-IND-FINGATE-USERMANUAL-REPORTS, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	No threshold for STR; must file within 7 working days of forming suspicion.
AML-005	File CTR on FINnet 2.0	FIU-IND	monthly	Principal Officer	Aggregate cash transactions > Rs 10 lakh in a calendar month OR connected cash series > Rs 10 lakh	CTR filed by 15th of succeeding month; FINnet 2.0 reference; DSC-signed XML	PMLA Section 13(2); SEBI MIRSD AML-inspection adverse finding	FIU-IND-CTR-BANKING-FORMAT, FIU-IND-REPORTING-FORMAT-V114	Stock brokers seldom deal in cash; CTR usually nil-filed but registration and capability must exist.
AML-006	File CCR on FINnet 2.0	FIU-IND	event-triggered	Principal Officer	Counterfeit currency note discovered in client cash deposit	CCR filed via FINnet 2.0 with serial-number details; police FIR copy; FINnet acknowledgement	PMLA Section 13(2); RBI Detection of Forged Notes reporting overlap	FIU-IND-REPORTING-FORMAT-V114, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Rare for capital-market REs but capability required under FIU-IND format suite.
AML-007	File NTR on FINnet 2.0	FIU-IND	monthly	Principal Officer	Non-profit organisation receipts >= Rs 10 lakh in a month	NTR filed by 15th of succeeding month; FINnet 2.0 reference; client KYC linkage	PMLA Section 13(2)	FIU-IND-REPORTING-FORMAT-V114	Applies when broker has NPO clients; nil-filing common.
AML-008	File CBWTR on FINnet 2.0	FIU-IND	monthly	Principal Officer	Cross-border wire transfer >= Rs 5 lakh with origin/destination in India	CBWTR filed by 15th of succeeding month — sender (“P”) and receiver (“R”) legs reported separately; FINnet acknowledgement	PMLA Section 13(2)	FIU-IND-CBWT-FAQ, FIU-IND-REPORTING-FORMAT-V114, FIU-IND-EFT-REPORTING-FORMAT	Applies to NRI/FPI fund flows facilitated by broker; merchant remittances on behalf of clients in scope.
AML-009	Classify client AML risk (Low/Medium/High)	SEBI, FIU-IND	continuous	Compliance Officer	Onboarding; subsequent material change; periodic review	Risk-score sheet on client master with rationale; risk-bucket persisted in CRM; review log	Misclassification undermines EDD / re-KYC cadence; SEBI inspection finding	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-CAPITAL-MARKET-ALERTS-2022-23	Drives re-KYC frequency (KYC-009). Industry practice scores on country, occupation, source-of-funds, PEP status.
AML-010	Screen client against UN/MHA sanctions lists	FIU-IND, SEBI	continuous	Compliance Officer	Onboarding; daily list refresh; periodic re-screening; UN list update	Sanctions-screening log with hit/no-hit, screening engine version, list version; freezing instruction copy if matched	UAPA Section 51A violation — funds-freezing failure; MHA action; PMLA breach	FIU-IND-UAPA-UNSC-UPDATE-21022025, FIU-IND-UAPA-UNSC-UPDATE-10012024, FIU-IND-UAPA-UNSC-UPDATE-14112023	UNSC 1267/1989, MEA UAPA, MHA proscribed-entity list. Frozen funds reported to MHA via FIU-IND.
AML-011	Identify beneficial owner (10% threshold)	SEBI, FIU-IND	event-triggered	Compliance Officer	Non-individual client onboarding; ownership-change disclosure	BO declaration with PAN/Aadhaar; shareholding pattern with traceback to natural persons; chain-of-control map	PMLA Section 13(2); SEBI inspection finding under AML Master Circular	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/091, FIU-IND-PMLR-AMEND-2023-03-07	BO threshold lowered to 10% (from 25% companies / 15% partnerships) effective 7 Mar 2023.
AML-012	Screen for and apply PEP enhanced due diligence	SEBI, FIU-IND	continuous	Compliance Officer	Onboarding; periodic re-screening; status-change disclosure	PEP screening hit/no-hit log; EDD pack (source-of-funds, source-of-wealth); senior-management approval on file	PMLA Section 13(2); SEBI AML Master Circular non-compliance	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-PMLR-AMEND-2023-03-07	FATF-aligned PEP definition adopted via Mar 2023 PML rules; includes domestic + foreign + international-org PEPs and family/close associates.
AML-013	Maintain group-wide AML/CFT policy	SEBI, FIU-IND	annual	Designated Director	Group with multiple SEBI/RBI-regulated entities; annual policy review	Board-approved group AML/CFT policy document; harmonised CDD across subsidiaries; host-country impediment-reporting log	PMLA Section 13(2); RBI Master Direction KYC group-policy non-compliance	SEBI/HO/MIRSD/SEC-FATF/P/CIR/2023/0170, FIU-IND-PMLR-AMEND-2023-03-07, RBI/2023-24/24	Introduced via Sep 2023 PML rule amendments. Specific to brokers within larger NBFC/bank group structures.
AML-014	Retain PMLA records for 5 years	FIU-IND, SEBI	continuous	Compliance Officer	Every client relationship; every reported transaction	Archival of transaction records, identification records, account files, business correspondence — 5 years post relationship; 10 years post relationship for SEBI AML Master Circular	PMLA Section 13(2); SEBI AML Master Circular Rs 10,000-1L/day; evidence-spoliation risk	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-PMLR-AMEND-2023-03-07	Stricter SEBI 10-year retention from relationship termination prevails over PMLA 5-year minimum.
AML-015	Conduct annual AML training for staff	SEBI, FIU-IND	annual	Compliance Officer	Calendar / financial-year cycle; new-hire onboarding	Training calendar; attendance log; assessment scores; certificates issued	SEBI MIRSD inspection observation; PMLA institutional-failure ground	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96	Tied to broker institutional mechanism Chapter IVA (Jul 2024) — annual surveillance/AML training requirement.
AML-016	Conduct ongoing transaction monitoring	SEBI, FIU-IND	continuous	Surveillance Analyst	Every transaction; threshold/typology rule firing	Surveillance system rule library; alert disposition log; investigation case files; alert-to-STR conversion ratio	SEBI AML Master Circular non-compliance; PMLA Section 13(2); Chapter IVA breach	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-CAPITAL-MARKET-ALERTS-2022-23	FIU-IND 2022-23 alert indicators specifically call out off-market transfers, synchronised trades, mis-utilisation of client funds.
AML-017	Apply EDD to high-risk client	SEBI, FIU-IND	event-triggered	Compliance Officer	Client risk score = High; PEP match; sanctions geography linkage; adverse-media hit	EDD pack (source-of-funds, source-of-wealth, employer verification, bank-statement review); senior-management approval; periodic 2-year re-KYC	PMLA Section 13(2); SEBI inspection finding	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-PMLR-AMEND-2023-03-07	EDD reviewed at least every 2 years for high-risk clients per SEBI AML MC.
AML-018	Monitor adverse media on clients	SEBI, FIU-IND	continuous	Compliance Officer	New onboarding; periodic review; alert-driven look-back	Adverse-media screening log; case file with article snapshots; disposition note (no action / EDD / STR / exit)	SEBI AML Master Circular non-compliance ground; FIU-IND inspection observation	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Industry practice — third-party vendor for adverse-media; threshold tuned to avoid false positives.
AML-019	Maintain board-approved customer acceptance policy	SEBI, FIU-IND	annual	Designated Director	Annual policy review; material regulation change	Board-approved CAP document; minutes referencing review; CAP-aligned onboarding workflow controls	PMLA institutional-failure ground; SEBI MIRSD inspection finding	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	CAP defines no-go categories (e.g., shell entities, sanctioned-jurisdiction residents) and EDD triggers.
AML-020	Rely on third-party CDD with safeguards	SEBI, FIU-IND	event-triggered	Compliance Officer	KYC obtained from KRA / CKYCRR / group RE / regulated third party	Reliance agreement (where applicable); KRA/CKYC fetch logs with consent; ultimate-responsibility note that broker remains accountable	Sole reliance without verification — SEBI AML Master Circular Chapter VI breach	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	KRA + CKYCR dual-fetch under SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79 leverages this provision.
AML-021	Submit alert indicators report (capital markets)	FIU-IND	as-required	Surveillance Analyst	Detection of red-flag pattern listed by FIU-IND for capital markets	Internal disposition note tied to FIU-IND alert-indicator typology; STR if confirmed	PMLA Section 13(2); SEBI/FIU-IND inspection finding	FIU-IND-CAPITAL-MARKET-ALERTS-2022-23, FIU-IND-SEBI-MOU-2026	FIU-IND Annual Report 2022-23 lists synchronised trades, spoofing, off-market transfers, client-fund mis-utilisation. FIU-IND-SEBI MoU 2026 commits to quarterly review of these.
AML-022	Notify FIU-IND of host-country AML impediment	FIU-IND	event-triggered	Principal Officer	Foreign branch / subsidiary cannot implement AML/CFT due to host-country law	Notification letter to FIU-IND; mitigation-plan documentation	PMLA Section 13(2); cross-border AML enforcement risk	SEBI/HO/MIRSD/SEC-FATF/P/CIR/2023/0170, FIU-IND-PMLR-AMEND-2023-03-07	Mostly applies to brokers with overseas branches; nil-filing common for purely domestic brokers.
AML-023	Maintain UCIC-level CDD	RBI, SEBI	continuous	Compliance Officer	Same customer holds multiple products at same RE / group	UCIC mapping showing single CDD ID across products; CKYC update within 7 days of new info per RBI Nov 2024 amendment	PMLA non-compliance; RBI/SEBI inspection finding on duplicated CDD	RBI/2024-25/87, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	RBI Nov 2024 KYC MD amendment harmonises CDD across products; bank-broker groups benefit.
AML-024	File annual AML compliance certificate	SEBI	annual	Compliance Officer	Financial-year close; SEBI Master Circular reporting cadence	Annual compliance report (ACR) filed with SEBI/exchanges containing AML compliance attestation	SEBI Sec 15HB penalty up to Rs 1 crore; member-disciplinary action	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Embedded in broker Master Circular reporting matrix.
AML-025	Establish institutional mechanism for fraud / market abuse detection	SEBI	continuous	Designated Director	Chapter IVA applicability (QSB / >50,000 UCC / 2,001-50,000 UCC / <=2,000 UCC schedule)	Board-approved fraud-detection policy; surveillance dashboard; whistleblower mechanism; escalation log; Surveillance Obligation Report (SOR) submitted to exchange	SEBI Sec 11B action; QSB designation review; exchange disciplinary action	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14	Staggered implementation — QSBs from 1 Aug 2024; <=2,000 UCC brokers from 1 Apr 2026.

Margin compliance (30 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
MARGIN-001	Collect upfront VaR+ELM margin from clients in Cash segment	SEBI, NSE, BSE, NSCCL, ICCL	continuous	RMS Lead	Order entry / position taken by client in CM segment	Pre-trade margin-check log, client ledger margin block, MG-12/MG-13 client margin file	Short-collection penalty 0.5% of shortfall (less than Rs 1 lakh and less than 10% of applicable margin); 1.0% otherwise; passed-on-to-broker per NSE/INSP/64315	SEBI/HO/MRD2/DCAP/CIR/P/2020/127, NSE/INSP/45565, NSE/INSP/46485, NSE/INSP/64315	20% upfront margin (in lieu of VaR+ELM) acceptable from client to avoid penalty (NSE/INSP/45534); CC continues to collect VaR+ELM basis. Penalty cannot be passed to clients save for client-attributable exceptions carved in NSE/INSP/64315.
MARGIN-002	Capture four intraday peak-margin snapshots	SEBI, NSCCL, ICCL, MCXCCL	daily	RMS Lead	Clearing-corporation snapshot windows at 11:00-11:30, 12:30-13:00, 13:30-14:00, 14:30-15:00 (random pick per CC)	Peak-margin file (SA01/SA02/SA03 intraday), MGTM/MGCM file, AMGTM/AMGCM exports	Short-collection penalty on highest of four snapshots; combined with EOD shortfall, max-of-four computation	SEBI/HO/MRD2/DCAP/CIR/P/2020/127, NSE/INSP/46485, NCL/CMPT/45516, MCXCCL/C&S/08/2022	Peak-margin requirement = maximum of intraday snapshots. SA01/02/03 = intraday at snapshot; SA04/05/06 = EOD/max. NCL: AMGCM/AMGTM at TM/CM level introduced via NCL/CMPT/56502.
MARGIN-003	Submit Daily Margin File (MG-12/MG-13) to clearing corporation	NSCCL, ICCL, MCXCCL	daily	RMS Lead	EOD margin computation across CM/F&O/CD/Commodity segments	MG-12 (client margin), MG-13 (segment margin), MG-18 client-collateral file in CC SFTP folder	False-reporting attracts same penalty as false margin reporting; max-of-four penalty methods	NCL/CMPL/44977, NCL/CMPT/56502, MCXCCL/C&S/08/2022, NCL/CMPT/55381	File names per CC nomenclature (NSE_FO_MG12__DDMMYYYY.csv.gz etc). Reporting EOD after BOD vs EOD parameter switch implemented via NCL/CMPT/56502 (Apr 2023).
MARGIN-004	Submit weekly Client Funding Report (CFR) to exchange	NSE, BSE, MCX	weekly	Compliance Officer	Every Friday (or first working day if Friday holiday)	Client-funding submission via ENIT-NEW-COMPLIANCE, T+1 holding-statement and bank-balance API submission	Per NSE/INSP/53530 enforcement grid; late/non-submission attracts disciplinary action	NSE/INSP/55039, NSE/INSP/52509, NSE/INSP/53530	Migrated from weekly member-portal submission to daily API submission of Holding Statement and Bank Balances effective Jan 30, 2023 (NSE/INSP/55039).
MARGIN-005	Run MTM end-of-day on F&O and commodity positions	NSCCL, ICCL, MCXCCL	daily	RMS Lead	EOD settlement price publication	MTM obligation in daily obligation report, client ledger MTM debit	Default if MTM not paid by next trading day pay-in cut-off; CC may invoke collateral	NCL/CMPT/61800, NCL/CMPT/61801, MCX/MCXCCL/805/2020	MTM forms part of daily obligation report exported to members. For F&O: M2M settled in cash next morning pay-in. For commodity: per MCXCCL master.
MARGIN-006	Compute SPAN initial margin via risk parameter file	NSCCL, ICCL, MCXCCL	continuous	RMS Lead	Each derivative position; CC publishes BOD/EOD risk parameter files	SPAN file (nsccl..s.spn.gz), MG-12 SPANMrgn column	Shortfall triggers margin-shortfall penalty schedule	NCL/CMPT/44391, NCL/CMPT/61801, NCL/CMPT/56502	VaR over MPOR (Margin Period of Risk). Parallel SPAN files issued from May 18, 2020 before SEBI revised margin framework go-live Jun 1, 2020 (NCL/CMPT/44391).
MARGIN-007	Apply Extreme Loss Margin (ELM) on derivative positions	NSCCL, ICCL, MCXCCL	continuous	RMS Lead	All open derivative positions	ELM file (ael_.csv), MG-12 LossMrgn column	Part of upfront margin obligation; shortfall triggers penalty	NCL/CMPT/44391, NCL/CMPT/61801, MCXCCL/RISK/184/2025	ELM 1.25% on Crude Oil F&O short positions per MCXCCL/RISK schedule; review of ELM/IM framework periodic.
MARGIN-008	Apply additional/surveillance margin on flagged trading members	NSE, BSE, NSCCL, ICCL	as-required	RMS Lead	Surveillance flag (order-spoofing pattern, position-limit breach)	Surveillance dashboard alert; additional-margin debit in CC ledger	5% Additional Surveillance Margin on all open positions for order-spoofing members	NSE/SURV/41107, NSE/SURV/57315	Original ASM-for-spoofing under NSE/SURV/41107 (May 2019). Risk-containment measure jointly with CC and SEBI; foundational for member surveillance dashboard.
MARGIN-009	Avail cross-margin benefit on same-expiry offsetting positions	SEBI, NSCCL, ICCL	continuous	RMS Lead	Client holds correlated long/short F&O index/constituent positions same expiry	Spread-margin allocation in MG-12, cross-margin output file	No penalty; benefit lost on incorrect tagging	NCL/CMPT/61801, ICCL 20240426-38	Item 10.13 of NCL/CMPT/61801 (CM-FNO). Spread margins same-expiry: 25% on index-constituent pairs; 30% on correlated-index pairs.
MARGIN-010	Avail cross-margin benefit on different-expiry offsetting positions	SEBI, NSCCL, ICCL	continuous	RMS Lead	Client/prop holds offsetting positions across different expiries	Spread-margin allocation, cross-margin computation log	No penalty; benefit lost on ineligible pair	SEBI/HO/MRD/TPD-1/P/CIR/2024/124, NCL/CMPT/62978, ICCL 20240426-38	Effective Jul 29, 2024. Spread margins different-expiry: 35% on index-constituent pairs; 40% on correlated-index pairs. Eligibility: correlation >0.90 over 6 months, 80% constituent overlap. Institutional positions post T+1 custodian confirmation.
MARGIN-011	Apply delivery / tender-period margin on physical-settled contracts	NSCCL, ICCL, MCXCCL	event-triggered	RMS Lead	F&O contract enters delivery period; commodity contract tender window	Delivery margin column in MG-12 (DlvryMrgn), tender-period margin file	Shortfall in delivery margin = pay-in failure penalty	NCL/CMPT/61801, MCXCCL/C&S/058/2025	Commodity tender-period margin 5% additional on outstanding positions over IM/special/additional in compulsory-delivery contracts; delivery-period margin higher of (a) 3% + 5-day 99% VaR of spot or (b) 25%.
MARGIN-012	Honour margin shortfall penalty cascade by trading member	NSE, BSE, NSCCL, ICCL, MCX	daily	RMS Lead	Member-level / client-level margin shortfall on EOD or peak-margin snapshot	Margin-shortfall penalty debit in CM ledger; client-wise penalty file	0.5% for shortfall <Rs 1 lakh and <10% applicable margin; 1.0% otherwise; max-of-four (CM/Client/Intra/EOD) method	NCL/CMPT/45516, NCL/CMPL/44977, NSE/INSP/64315, MCX/INSP/662/2024	Penalty NOT to be passed on to clients save for specific client-attributable exceptions per NSE/INSP/64315. Members refund any penalties previously passed on.
MARGIN-013	Collect upfront margin in cash segment (T+1 / T+0 cycle)	SEBI, NSE, BSE, NSCCL, ICCL	continuous	RMS Lead	Client buy or short-sell order in CM segment	Pre-trade margin block in OMS, client ledger debit	Short-collection penalty per NSE/INSP/64315; T+0 has differential brokerage allowed	SEBI/HO/MRD/POD-3/P/CIR/2024/172, SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20	T+0 expansion to top 500 scrips per SEBI/HO/MRD/POD-3/P/CIR/2024/172 (Dec 10, 2024) effective Jan 31, 2025; T+0 beta launched Mar 2024.
MARGIN-014	Conduct pre-trade margin check at OMS level	SEBI, NSE, BSE, MCX	continuous	RMS Lead	Order receipt at OMS before exchange transmission	OMS audit trail (order-decision log), reject reason “insufficient margin”	Order rejection (positive control); systemic failure attracts inspection finding	NSE/FAOP/69296, SEBI/HO/MRD2/DCAP/CIR/P/2020/127	Algo Market Order pre-emptive cancellation introduced per NSE/FAOP/69296 to prevent runaway market orders. NNF Terminal ID to Algo ID validation enforced.
MARGIN-015	Apply intraday square-off rules on MIS/intraday product	NSE, BSE, MCX	continuous	RMS Lead	MIS/intraday product orders; auto square-off cutoff (e.g., 3:15 PM equity, 3:30 PM CDS)	Auto square-off log, order tag MIS=>delivery conversion log	Member-internal; CC penalty only on resulting open position margin shortfall	[no direct circular — industry practice]	Industry practice per individual member RMS policy; cited under client-rights disclosure. No SEBI circular prescribes specific time but margin framework requires intraday position closure if margin not delivered.
MARGIN-016	Trigger auto square-off on margin shortfall (M2M cascade)	NSE, BSE, MCX, NSCCL, ICCL, MCXCCL	continuous	RMS Lead	Client margin utilization breaches threshold (typically 80% / 100%)	Square-off order tagged “RMS”; intimation to client (SMS/email)	Member-internal; resulting losses to client account	[no direct circular — industry practice]	RMS policy must be documented in client account-opening kit per Rights & Obligations document. Industry practice triggered at margin call levels.
MARGIN-017	Segregate client-level margin at clearing corporation	SEBI, NSCCL, ICCL, MCXCCL	daily	RMS Lead	EOD margin allocation per UCC	SEG file (SEGCM/SEGTM), client-collateral allocation file, MG-18	Short-allocation penalty per NCL/CMPT/55381 (SA01-SA06); five permitted reason codes	SEBI/HO/MRD2_DCAP/CIR/2021/0598, NCL/CMPT/51657, NCL/CMPT/55381, NCL/CMPT/55119	Operational framework for client-level segregation effective Feb 28, 2022. Phased penalty: no penalties to Jul 31, 2022; partial (EOD-only) Aug 2022; full Feb 13, 2023.
MARGIN-018	Report margin reporting at clearing-corp level (CM/TM hierarchy)	NSCCL, ICCL, MCXCCL	daily	RMS Lead	EOD margin file generation by CC	MGCM (CM-level), MGTM (TM-level) files	False-reporting penalty same as short-collection; reporting cadence violations attract NSE/INSP/53530 grid	NCL/CMPT/56502, NCL/CMPT/45516	AMGCM (CM-level) and AMGTM (TM-level) files added Apr 2023 with EOD parameters (SPANMrgn, LossMrgn, DlvryMrgn, CnsltdCrstllsdOblgtnMrg, EndOfDayRqrmnt fields).
MARGIN-019	Levy order-spoofing additional margin (SEBI Aug 2025 framework)	SEBI, NSE, NSCCL, ICCL	as-required	Surveillance Analyst	Surveillance identifies order-spoofing pattern over rolling lookback window	TM surveillance dashboard entry, additional-margin debit, quarterly TM report	5% Additional Surveillance Margin on all open positions in flagged segment	NSE/SURV/41107, NSE/SURV/57315	Spoofing-margin operationalized via NSE/SURV/41107 (May 2019); position-limit and ASM-for-spoofing consolidated in NSE/SURV/74008 (master Apr 2026).
MARGIN-020	Honor margin collection in commodity derivatives (MCXCCL VSR)	SEBI, MCXCCL	continuous	RMS Lead	Open positions in commodity F&O	SPAN file MCX, Initial Margin / Special Margin file, MSBA file	MSBA (Margin Shortfall Block Amount) blocks margin limits; member-level shortfall penalty	MCX/MCXCCL/094/2026, MCXCCL/RISK/184/2025, MCX/MCXCCL/445/2020	MSBA from member CM limits if MTM Loss prior day unpaid; SPAN methodology with VaR over MPOR per MCXCCL master.
MARGIN-021	Maintain Crystallised Margin Obligation file (Consolidated Crystallised Obligation Margin)	NSCCL, ICCL, MCXCCL	daily	RMS Lead	Each trading day’s crystallised gains/losses	MG-12 CnsltdCrstllsdOblgtnMrg column; CCM file	Shortfall = margin shortfall penalty	NCL/CMPT/56502, NCL/CMPT/61801	Margin on consolidated crystallised obligations covered in NCL/CMPT/61801 F&O master.
MARGIN-022	Avail early-pay-in (EPI) for margin exemption	NSCCL, ICCL	daily	Settlement Ops	Client/member delivers securities before pay-in cutoff	EPI file in CC system; margin reduction reflected in MG-12	No penalty; benefit lost if EPI files rejected	NCL/CMPT/61800, ICCL 20240710-11	Item 10.18 of NCL/CMPT/61800 on EPI for Margin Exemption; sale via block mechanism considered as margin only on credit-entry of sale value (NSE/INSP/57112).
MARGIN-023	Apply MTF (Margin Trading Facility) margin and collateral rules	SEBI, NSE, BSE, NSCCL, ICCL	continuous	RMS Lead	Client opts into MTF on eligible securities	MTF funded position log, CSMFA pledge file	Penalty for incorrect CSMFA maintenance; MTF disclosure mandatory in audit	NCL/CMPT/63669, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	TMs offering MTF maintain CSMFA where client’s demat resides. Release-payout-with-pledge-in-favour-of-CSMFA(MTF) facility. Half-yearly networth certificate due Oct 31 for MTF members vs Nov 30 others.
MARGIN-024	Maintain BMC/ABC at clearing corporation	NSCCL, ICCL, MCXCCL	continuous	Compliance Officer	Clearing membership active	BMC/ABC deposit confirmation, half-yearly networth certificate	Suspension of clearing rights; NSE/INSP/53530 enforcement grid	NSE/COMP/64293, NSE/COMP/58570	BMC threshold per SEBI Gazette No. SEBI/LAD-NRO/GN/2022/73 dated Feb 23, 2022 (higher of Base or Variable Networth).
MARGIN-025	Reduce un-approved-collateral haircut to 100% (phased)	SEBI, NSCCL, ICCL	continuous	RMS Lead	Member collateral pool contains securities outside approved list	Collateral file with haircut applied; margin available report	Higher haircut effectively reduces margin available — operational drag	ICCL 20240710-11, NCL/CMPT/65498	Phased haircut Aug 2024: 40% (or VaR higher); 60% Sep; 80% Oct; 100% Nov 2024. Equity-shares non-cash collateral capped 25% per security. Overnight MFOS 5% haircut; other schemes VaR with min 9% from Aug 1, 2024.
MARGIN-026	Withdraw margin benefit on G-Sec/T-Bill/SGB pre-maturity	NSCCL, ICCL, MCXCCL	continuous	RMS Lead	Two business days prior to G-Sec/T-Bill/SGB maturity	Collateral file showing zero margin-benefit two days before maturity	Margin shortfall if not replenished	NCL/CMPT/72224, MCXCCL/C&S/130/2024	Quarterly approved-collaterals review; physical FDR min tenure 7 days; LIFO bank-exposure adjustment if 3-month average exposure drops.
MARGIN-027	Apply 50% cash equivalent rule on collateral	SEBI, NSCCL, ICCL	continuous	RMS Lead	Member maintains margin via mix of cash & non-cash collateral	Cash-non-cash collateral split file, margin available report	Lower of (a) 50% non-cash limit, (b) non-cash actually deposited applies — reduces available margin	NCL/CMPT/61800, ICCL 20240710-11	FY22-23 framework codified that member margin must be at least 50% from cash/cash-equivalents to avoid drag.
MARGIN-028	Submit intraday short-allocation reports with reason codes	NSCCL, ICCL, MCXCCL	daily	RMS Lead	Client-level short allocation detected at peak-margin snapshot or EOD	INTRASAR file upload (R batch); SA01-SA06 client-wise files	False reporting attracts same penalty as false margin reporting; incremental daily penalty issued on T+6	NCL/CMPT/55381, MCXCCL/C&S/102/2023, ICCL 20230126-1	Five permitted reason codes (excess collateral at another CC, EPI of securities, wrong-client trades, NRI trades, late allocation acceptance). Effective Feb 13, 2023.
MARGIN-029	Compute margin on SLBM (Securities Lending and Borrowing) positions	NSCCL, ICCL	continuous	RMS Lead	Client takes SLB borrow/lend position	SLBS settlement calendar, margin file for SLB	SLB-shortfall penalty per SLB settlement procedure	NCL/CMPT/61810, NCL/CMPT/67763, NCL/CMPL/55103	Annual SLBS consolidated circular by NCL covers eligibility, margins, settlement. Annexure A (Type L first-leg) and Annexure B (Type P reverse-leg) per monthly settlement calendars.
MARGIN-030	Apply Volatility Scan Range (VSR) revisions in commodity SPAN	MCXCCL	as-required	RMS Lead	MCXCCL backtesting triggers VSR change	Updated SPAN risk parameter file, member back-office reflects new VSR	Operational drag from increased margin; no direct penalty	MCXCCL/RISK/066/2025, MCXCCL/RISK/184/2025	VSR Copper 5, Crude Oil 33, Gold 4, Natural Gas 6, Silver 6, Zinc 6 per Apr 2025 revision. Volatility Options VSR 20% on Crude Oil.

Client funds (21 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
CLIENT-FUNDS-001	Maintain separate client-funds bank accounts (BA1/BA2/BA3)	SEBI, NSE, BSE, MCX	continuous	Funds Ops	Active broking membership	Bank-account-mapping file submitted to exchange; bank-account statements; daily bank book reconciliation	Co-mingling = principal-officer breach; per NSE/INSP/53530 enforcement grid	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/INSP/57394, NSE/INSP/57041	BA1 (own/proprietary), BA2 (clients-pure), BA3 (settlement). Daily reconciliation evidence required.
CLIENT-FUNDS-002	Upstream daily client funds to clearing corporation	SEBI, NSCCL, ICCL, MCXCCL	daily	Funds Ops	EOD; client funds not utilised against EOD obligation	Upstream confirmation (cash, lien-on-FDR, pledge of MFOS); CC upstreaming-confirmation file	Failure attracts NSE/INSP/53530 grid; SEBI master-circular violation	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/71, NCL/CMPT/57223, NSE/INSP/57041, NSE/INSP/57250	SEBI Jun 8, 2023 (effective Jul 1, 2023). Forms: cash, lien on FDR, pledge of Mutual Fund Overnight Schemes (MFOS). Bank-CM exemption. Upstreaming/downstreaming cut-offs 07:00 PM (08:00 PM on Q-end per NCL/CMPT/72025).
CLIENT-FUNDS-003	Settle running account on quarterly/monthly cadence	SEBI, NSE, BSE	quarterly	Funds Ops	First Friday/Saturday of settlement week (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec quarters or chosen monthly cycle)	Running-account settlement statement to client; bank transfer confirmation; UCC-level credit-balance audit	SCORES complaint; inspection finding; NSE/INSP/53530 grid	SEBI/HO/MIRSD/POD-1/P/CIR/2023/193, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04, NSE/INSP/57394	Friday/Saturday settlement week (SEBI Dec 28, 2023). 30-day non-traded-credit-balance refund per SEBI Jan 10, 2025 (effective Apr 1, 2025) regardless of chosen cycle.
CLIENT-FUNDS-004	Capture and honour client’s quarterly-settlement-frequency choice	SEBI, NSE, BSE, MCX	as-required	Funds Ops	Account opening; client-driven change	Client preference flag in UCC backoffice; written/digital consent	Operational deviation = SCORES exposure; finding in inspection	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/POD-1/P/CIR/2023/193	Client may choose monthly or quarterly cycle; change permitted per Master Circular. Newly added 30-day non-traded refund overrides chosen cycle if applicable.
CLIENT-FUNDS-005	Offer UPI-Block (ASBA-like) facility to clients (QSB-mandatory)	SEBI, NPCI, NSE, BSE, NSCCL, ICCL	continuous	Funds Ops	Active QSB membership; client opts in / non-QSB optional	UPI-Block UCC opt-in record; ASBA-like-trade settlement file; UCC flagged “Opted for UPI Block facility”	QSB enhanced-obligation non-compliance; SEBI enforcement	SEBI/HO/MIRSD/POD-1/P/CIR/2024/118, NCL/CMPT/58895, NSE/CMPT/66281	Effective Feb 1, 2025 for QSBs. Alternative: 3-in-1 trading account. UCC deregistration request T-day made effective T-day.
CLIENT-FUNDS-006	Park unidentified/suspense credits to SUSPE1234N UCC	SEBI, NSE	continuous	Funds Ops	Unidentified credit received in client bank account	SUSPE1234N UCC ledger; back-office allocation file	Inspection finding for unidentified funds not upstreamed	NSE/INSP/64053	NSE clarification Sep 20, 2024 — compliance deadline Dec 19, 2024. SUSPE1234N created on member PAN in back office only (not in exchange UCC database; no orders permitted).
CLIENT-FUNDS-007	Maintain stock-broker minimum net worth	SEBI, NSE, BSE, MCX	half-yearly	Compliance Officer	Half-year end (Mar 31, Sep 30)	Auditor-signed Networth Certificate via ENIT-NEW-COMPLIANCE; due Oct 31 (MTF members) / Nov 30 (others)	Per NSE/INSP/53530 disciplinary grid; trading-rights suspension	NSE/COMP/64293, NSE/COMP/58570, NSE/INSP/53530	Higher of Base or Variable Networth per SEBI/LAD-NRO/GN/2022/73 (Feb 23, 2022). Variable Networth = capital-adequacy linked to client funds handled. MTF members earlier deadline.
CLIENT-FUNDS-008	Maintain BMC (Base Minimum Capital) at exchange	NSE, BSE, MCX, NSCCL, ICCL, MCXCCL	continuous	Compliance Officer	Active trading-rights membership	BMC deposit confirmation; capital-adequacy report	Suspension of trading; CC blockage	NSE/COMP/64293, NSE/INSP/53530	BMC per exchange category (commodity/equity/CD). Coupled with Variable Networth requirement.
CLIENT-FUNDS-009	Maintain ABC (Additional Base Capital) for higher exposure	NSCCL, ICCL, MCXCCL	continuous	Compliance Officer	Member exposure exceeds BMC threshold	ABC deposit; collateral file at CC	Exposure-blocking if ABC short; trade rejection	NCL/CMPT/61800, NCL/CMPT/61801	ABC adjusts member’s permissible gross exposure; consolidated in CM/F&O master circulars.
CLIENT-FUNDS-010	Reconcile bank book daily across BA1/BA2/BA3	SEBI, NSE, BSE, MCX	daily	Funds Ops	EOD bank account closure	Daily reconciliation report; T+1 holding/bank-balance API submission to exchange	NSE/INSP/53530 grid for non-submission; principal-officer breach	NSE/INSP/55039, NSE/INSP/52509	Daily API submission of Holding Statement and Bank Balances effective Jan 30, 2023. Replaces weekly submission.
CLIENT-FUNDS-011	Update client funds bank book (Form C / Form C1)	SEBI, NSE, BSE	daily	Funds Ops	Each client transaction (credit/debit)	Form C bank book; ledger trail; auditor confirmation	Stockbroker-regulation violation; books-and-records inspection finding	NSE/INSP/57394, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Form C maintained per SEBI Stock Brokers Regulations 1992. Periodic books-and-records inspection.
CLIENT-FUNDS-012	Effect T+1 pay-out of funds to client bank account	SEBI, NSE, BSE, NSCCL, ICCL	daily	Settlement Ops	Client sell trade settled (T+1 default cycle)	Pay-out advice / NEFT confirmation; client ledger credit	Investor complaint via SCORES; running-account framework breach	SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Funds pay-out within 1 working day per running-account framework; sweep-out at quarterly cycle or trigger-based.
CLIENT-FUNDS-013	Sweep-out client credit balance within one working day	SEBI, NSE, BSE, MCX	as-required	Funds Ops	Client credit balance not utilised against margin/obligation within 1 working day	Sweep-out NEFT/RTGS confirmation; client ledger zero-balance entry	SCORES complaint; principal-officer breach	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04	Tied to upstreaming framework — if funds remain with broker, must upstream or sweep.
CLIENT-FUNDS-014	Refund credit balance to non-traded clients on 30-day rule	SEBI, NSE, BSE	monthly	Funds Ops	Client has not transacted in last 30 calendar days AND funds with broker >30 days	Auto-generated 30-day non-traded list; monthly running-account settlement	SCORES complaint; inspection finding	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Effective Apr 1, 2025. Settlement on upcoming monthly running-account date irrespective of client-chosen cycle.
CLIENT-FUNDS-015	Handle unclaimed funds via DEAF / Investor Protection Fund route	SEBI, NSE, BSE, RBI	as-required	Funds Ops	Unclaimed credit balance untraceable beyond defined period (typically 1+ years)	Unclaimed funds register; transfer letter; IPF transfer confirmation	Per SEBI Master Circular; IPF audit finding	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/ISC/64967	Mechanism for IPF transfer of unclaimed broker funds; periodic disclosure on IPF utilization.
CLIENT-FUNDS-016	Deposit STT/GST/TDS within statutory window	SEBI, NSE, BSE, MCX	daily	Funds Ops	Each trade attracts STT/GST/TDS withholding	STT deposit challan T+1, GST GSTR-3B monthly return, TDS Form 26Q quarterly	Statutory interest + penalty under IT Act / GST Act	[no direct circular — industry practice]	STT collected at trade; GST collected on brokerage and other charges; remitted per IT/GST Act timelines. Audit per books-and-records.
CLIENT-FUNDS-017	Disclose brokerage and statutory charges transparently	SEBI, NSE, BSE, MCX	continuous	Compliance Officer	Account opening; contract-note delivery for each trade	Contract Note Cum Tax Invoice (Annexure A) or separate CN + tax invoice (Annexure B)	Mis-selling complaint; SCORES; SEBI inspection	NSE/INSP/53115, SEBI/HO/MRD2/DCAP/P/CIR/2021/628	Contract Note format revised post T+1 settlement intro (NSE/INSP/53115). Members choose CN-cum-tax-invoice (Annexure A) or separate (Annexure B).
CLIENT-FUNDS-018	Settle client funds on account-closure	SEBI, NSE, BSE, MCX	event-triggered	Funds Ops	Online or offline closure request received from client	Closure form (online OTP/eSign auth); settlement-of-dues record; UCC code freeze	Investor complaint; SCORES	NSE/MSD/48662, NSE/MSD/57151	Online closure mandatory since Aug 1, 2021 per NSE/MSD/48662. Members must inform clients via email/SMS/newsletter.
CLIENT-FUNDS-019	Pay quarterly settlement guarantee fund contribution	NSCCL, ICCL, MCXCCL	quarterly	Compliance Officer	Quarter-end; CC contribution calculation	SGF contribution debit advice; quarterly statement	Default attracts CC-level enforcement; clearing-rights suspension	NCL/CMPT/61800, NCL/CMPT/61801	Core SGF and IPF contributions specified in CM/F&O master circulars. Cited in MCXCCL master too.
CLIENT-FUNDS-020	Reconcile DEMAT holding statements daily	NSE, BSE, MCX, CDSL, NSDL	daily	Funds Ops	EOD client holding snapshot	Daily T+1 API holding-statement submission; bank-balance API	Non-submission per NSE/INSP/53530 grid	NSE/INSP/55039, NSE/INSP/52509	API spec and user manual via NSE/INSP/55039. Weekly submission decommissioned post Jan 30, 2023.
CLIENT-FUNDS-021	Avoid pass-through of margin penalty to clients	SEBI, NSE, BSE, MCX	continuous	Compliance Officer	CC levies margin shortfall penalty on member	Member books debit (not client ledger); refund register for any prior pass-through	NSE/INSP/53530 disciplinary action; inspection finding	NSE/INSP/53525, NSE/INSP/49929, NSE/INSP/64315	Members must refund any penalties previously passed on. NSE/INSP/64315 carves out specific client-attributable exceptions.

Settlement (22 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
SETTLEMENT-001	Honour T+1 cash-market settlement obligation	SEBI, NSE, BSE, NSCCL, ICCL	daily	Settlement Ops	Trade-day completion; T+1 settlement cycle default since Jan 27, 2023	Pay-in / pay-out files (NCL_FO/CM__DDMMYYYY); CC obligation report	Pay-in failure penalty per CC; close-out cost on member	SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20, SEBI/HO/MRD2/DCAP/CIR/2021/0598, NCL/CMPT/61800	T+1 default for all listed scrips since Jan 27, 2023. Implementation phased from Feb 25, 2022 onwards per SEBI/HO/MRD2/DCAP/CIR/2021/0598.
SETTLEMENT-002	Offer T+0 optional settlement (top 500 phased)	SEBI, NSE, BSE, NSCCL, ICCL	daily	Settlement Ops	Eligible scrip and client opts in	T+0 settlement file (separate identifier); differential-brokerage disclosure	SCORES if differential brokerage not disclosed	SEBI/HO/MRD/POD-3/P/CIR/2024/172, SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20, NCL/CMPT/61301	Beta launched Mar 28, 2024 (top 25 scrips). Expanded to top 500 effective Jan 31, 2025. Trading window 09:15-13:30; settlement by 16:30. Custodian-settled clients allowed.
SETTLEMENT-003	Conduct auction for short delivery in cash market	NSCCL, ICCL	daily	Settlement Ops	Short delivery at pay-in (CC shortage or internal shortage)	Auction settlement file; close-out rate file (Auction Delivery P_0000 / F_0000)	Auction difference + 20% mark above latest closing on auction-call day (close-out)	NCL/CMPT/71045, NCL/CMPT/71441, SEBI/HO/MRDPoD2/CIR/P/2024/00181	Auction for both CC and internal shortages (per CMPT66688 dated Feb 14, 2025). Close-out rate = higher of highest scrip price in settlement-to-auction-date OR 20% above latest closing.
SETTLEMENT-004	Effect direct-payout-to-demat to client (NSCCL/ICCL phased)	SEBI, NSE, BSE, NSCCL, ICCL, CDSL, NSDL	daily	Settlement Ops	Settlement pay-out day	Direct-payout file in depository; client demat credit; CSMFA pledge file for MTF	Mis-mapping = inspection finding; auction settlement default	SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75, NCL/CMPT/63669, ICCL 20250214-69, NCL/CMPT/66779	Effective Nov 14, 2024 (NCL Phase 1); full direct payout from Jan 14, 2025. ICCL pilot Feb 25, 2025. Excludes custodian-cleared clients. Internal-shortage valuation = settlement price + 20% mark by noon settlement day.
SETTLEMENT-005	Maintain TM CUSPA / CM CUSPA / TM CSMFA accounts	SEBI, NSCCL, ICCL, CDSL, NSDL	continuous	Settlement Ops	Direct-payout / MTF facility offered	CUSPA / CSMFA demat account confirmation; TM pool account split (NSDL primary demat)	Mis-mapping; inspection finding	NCL/CMPT/63669, NCL/CMPT/69455	TMs maintain TM CUSPA only (or TM+CM CUSPA if TM-cum-CM). Self-clearing TMs = TM CUSPA only. Professional CMs = CM CUSPA only. MTF members = CSMFA where client’s demat resides.
SETTLEMENT-006	Process EOD obligation file from clearing corp	NSCCL, ICCL, MCXCCL	daily	Settlement Ops	CC publishes EOD obligation file	NCL/ICCL/MCXCCL obligation file imported into back-office; reconciliation report	Default risks pay-in failure penalty	NCL/CMPT/61800, NCL/CMPT/61801, MCX/MCXCCL/805/2020	Daily obligation report contains MTM, premium, delivery, special margin. File-format standardisation per CM master.
SETTLEMENT-007	Upstream non-cash collateral via MFOS / FDR pledge	SEBI, NSCCL, ICCL	daily	Funds Ops	Client funds not utilised against EOD obligation	MFOS pledge file, lien-on-FDR confirmation, upstream-cash transfer	Failure to upstream = SEBI master-circular violation	NCL/CMPT/57223, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/71, NSE/INSP/57250	Three upstreaming forms: (a) cash, (b) lien on FDR, (c) pledge of Mutual Fund Overnight Schemes (MFOS). Bank-CM exemption applies.
SETTLEMENT-008	Contribute to clearing-corp Core Settlement Guarantee Fund (Core SGF)	SEBI, NSCCL, ICCL, MCXCCL	quarterly	Compliance Officer	Clearing membership active	Core SGF contribution confirmation; quarterly statement	Default = suspension of clearing rights	NCL/CMPT/61800, NCL/CMPT/61801, MCX/MCXCCL/805/2020	Core SGF specified in CM/F&O/MCXCCL master circulars covering risk-management framework.
SETTLEMENT-009	Levy pay-in failure penalty / close-out cost	NSCCL, ICCL, MCXCCL	daily	Settlement Ops	Pay-in failure on settlement day	Close-out file (F_0000 for CC shortage); pay-in-failure penalty advice	Close-out rate = higher of highest scrip price in settlement-to-auction-date OR 20% above latest closing on auction-call day; SEBI Dec 30, 2024 master	SEBI/HO/MRDPoD2/CIR/P/2024/00181, NCL/CMPT/71441	Internal-shortage close-out also covered; G-Secs/corporate-action scenarios handled by member.
SETTLEMENT-010	Effect securities pay-in (broker pool to CC)	NSCCL, ICCL, MCXCCL, CDSL, NSDL	daily	Settlement Ops	Trade-day pay-in cut-off (varies T+1 vs auction T+2)	Depository pay-in confirmation; gross pay-in to CC required for direct-payout regime	Short-delivery triggers auction	NCL/CMPT/61800, NCL/CMPT/66779	Cut-offs per CM master. Direct-payout regime requires gross pay-in to CC.
SETTLEMENT-011	Effect funds pay-in (broker bank to clearing bank)	NSCCL, ICCL, MCXCCL	daily	Funds Ops	T+1 funds pay-in cut-off; UPI-block clients separate cut-off	Clearing-bank pay-in confirmation; member CM ledger debit	Default attracts pay-in-failure penalty; clearing-rights suspension	NCL/CMPT/61800, NCL/CMPT/72025	Funds EPI 07:00 PM; UPI-block clients 06:00 PM (quarterly running-account settlement dates). Margin-report download 09:00 PM.
SETTLEMENT-012	Handle block deal in dedicated window (Rs 10 Cr minimum)	SEBI, NSE, BSE	continuous	Settlement Ops	Client places block deal in dedicated window (morning/afternoon)	Block deal trade file; ±1% reference price; trade-confirmation	Trade rejection if outside band; SEBI/exchange inspection	SEBI/HO/IMD/DOF2/P/CIR/2022/69, NSE/CMTR/60813	Block deal minimum Rs 10 Cr trade, ±1% reference price. ETFs added per NSE/CMTR/60813 (Feb 2024).
SETTLEMENT-013	Handle pre-open call-auction session	NSE, BSE	daily	Settlement Ops	Pre-open session 09:00-09:15 (CM); IPO/SME-IPO/relisted scrip extended duration	Pre-open trade file; transparency disclosure of number and quantity in pre-open call	NSE/INSP/53530 grid for non-compliance	NSE/CMTR/63915, NSE/CMTR/61813, SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/85	IPO/SME-IPO/relisted pre-open call-auction duration modified per SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/85 (Jun 20, 2024). Effective LIVE Sep 17, 2024.
SETTLEMENT-014	Handle corporate-action adjustments at settlement	NSCCL, ICCL, MCXCCL, CDSL, NSDL	event-triggered	Settlement Ops	Corporate action ex-date (dividend, bonus, split, rights, buyback)	Corporate-action adjustment file; settlement calendar override; CA close-out	CA-related close-out cost on member	NCL/CMPT/71441, NCL/CMPT/63561, NCL/CMPT/61800	Buyback offer settlement calendars issued separately (e.g., NCL/CMPT/63561). CA close-out under F_0000 file.
SETTLEMENT-015	Pledge/unpledge securities for delivery margin exemption	SEBI, NSCCL, ICCL, CDSL, NSDL	continuous	Settlement Ops	Client pledges for margin; collateral release on delivery	Margin pledge (MP) / re-pledge (MRP) file; TM-CMPA / CM-CMPA account confirmation; OTP-based client confirmation	Off-market collateral transfers prohibited; inspection finding for old PoA route	SEBI/HO/MIRSD/DOP/CIR/P/2020/28, CDSL/OPS/DP/POLCY/2020/234, CDSL/OPS/DP/POLCY/2020/207	TM-CMPA / CM-CMPA framework effective Aug 1, 2020. OTP-based client confirmation; prohibition on off-market transfers as collateral.
SETTLEMENT-016	Process UNPAIDMTF file workflow (Unpaid securities under MTF)	NSCCL, ICCL	daily	Settlement Ops	MTF security funded but client has not paid by T+1	UNPAIDMTF upload windows 15:30-22:00 (T-1 to T) and 06:30-13:00 (T pay-in day)	Pay-in failure on T = auction; close-out cost	NCL/CMPT/72224, NCL/CMPT/61800	UNPAIDMTF cut-offs aligned with settlement calendar adjustments; tied to CSMFA pledge release.
SETTLEMENT-017	Effect give-up / take-up between TMs and CMs	NSCCL, ICCL, MCXCCL	daily	Settlement Ops	Trade routed via give-up; CM accepts/rejects take-up	Give-up file; CM acceptance file (T+1 confirmation)	Take-up rejection = TM bears pay-in; CC enforcement	NCL/CMPT/61800, NCL/CMPT/61801	Institutional positions in CM segment considered post-custodian T+1 confirmation per cross-margin framework.
SETTLEMENT-018	Compute differential brokerage for T+0 trades transparently	SEBI, NSE, BSE	continuous	Compliance Officer	T+0 trade for retail/non-custodian client	Differential-brokerage disclosure in client kit; contract note showing T+0 brokerage	Mis-disclosure = SCORES; mis-selling	SEBI/HO/MRD/POD-3/P/CIR/2024/172, SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20	Differential brokerage allowed for T+0 trades by SEBI/HO/MRD/POD-3/P/CIR/2024/172 (Dec 2024).
SETTLEMENT-019	Run settlement holiday alternate-schedule workflow	NSCCL, ICCL, MCXCCL	as-required	Settlement Ops	Settlement holiday declared (bank holiday, state elections, etc.)	CC holiday calendar; revised T+1 schedule (e.g., NCL/CMPT/72224)	Operational disruption if not honoured	NCL/CMPT/72224, MCX/MCXCCL/094/2026	Example: Jan 15, 2026 Maharashtra municipal-corporation elections — revised T+1 schedule with auction pay-in 08:00 / pay-out 10:00, etc.
SETTLEMENT-020	Effect securities pay-out (CC to broker / direct demat)	SEBI, NSCCL, ICCL, CDSL, NSDL	daily	Settlement Ops	T+1 settlement day (pay-out window)	Pay-out file from CC; depository credit to client demat (post Oct 2024)	Investor complaint via SCORES; inspection finding	SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75, NCL/CMPT/63669, NSE/CMPT/66281	Final pay-out time 3:30 PM. Eliminates broker-pool routing risk; aligns with upstream-only client-funds framework.
SETTLEMENT-021	Submit Half Yearly Networth Certificate (settlement-fitness)	NSE, BSE, MCX, NSCCL, ICCL	half-yearly	Compliance Officer	Half-year end (Mar 31, Sep 30)	Networth certificate via ENIT-NEW-COMPLIANCE; auditor signed; due Oct 31 (MTF) / Nov 30 (others)	NSE/INSP/53530 enforcement grid; trading-rights suspension	NSE/COMP/64293, NSE/COMP/58570, NSE/INSP/53530	Cross-reference NSE/COMP/55447 for Networth ascertainment guidance.
SETTLEMENT-022	Maintain proprietary-UCC separate demat (NSDL CM-pool primary-demat mapping)	NSCCL, ICCL, CDSL, NSDL	continuous	Settlement Ops	NSDL CM pool account / direct-payout demat-verification	Separate primary demat for proprietary UCC distinct from DP-ID-Client-ID associated to NSDL CM pool	Mis-mapping = direct-payout failure; inspection finding	NCL/CMPT/69455, NCL/CMPT/67947	Direct payout at NSDL is keyed on CM BP ID, not DP ID-Client ID; members open separate demat as primary for proprietary UCC to avoid mis-mapping.

Surveillance (30 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
SURVEILLANCE-001	Monitor and report Order-to-Trade Ratio (OTR)	SEBI, NSE, BSE, MCX	daily	Surveillance Analyst	Algo/non-algo order placement	Member portal OTR report (CM/F&O/CD); cooling-off log	OTR ≥ 2000 on three occasions in rolling 30 days = 15-minute order-placement cooling-off next trading day	NSE/SURV/45016, NSE/SURV/74008	OTR = ratio of total order events (submission/modification/cancellation) per trade. Operationalises SEBI/HO/MRD1/DSAP/CIR/P/2020/107 (Jun 24, 2020).
SURVEILLANCE-002	Comply with Graded Surveillance Measure (GSM) list restrictions	SEBI, NSE, BSE	continuous	Surveillance Analyst	Scrip placed in GSM stage (I-IV) by exchange	GSM circular file; trade rejection log; client-intimation log	Trade restrictions (price band, 100% margin, periodic call auction); SEBI/INVG enforcement on breach	NSE/SURV/74008, NSE/SURV/67801, NSE/SURV/61848	GSM stages: stage I (caution), stage II (additional surveillance), III (100% margin), IV (periodic call auction). GSM for SME segment added in NSE/SURV/67801. Master Cir NSE/SURV/74008 (Apr 30, 2026).
SURVEILLANCE-003	Comply with Additional Surveillance Measure (ASM) framework	SEBI, NSE, BSE	continuous	Surveillance Analyst	Scrip placed in ASM (Short-term / Long-term)	ASM list update; margin uplift in client positions; price-band restriction	100% upfront margin in some stages; periodic call auction	NSE/SURV/74008, NSE/SURV/67801, NSE/SURV/61848	STASM (Short-term ASM) and LT-ASM (Long-term ASM) consolidated in NSE/SURV master. ASM for SME segment per NSE/SURV/67801.
SURVEILLANCE-004	Comply with Long-Term ASM (LT-ASM) framework	SEBI, NSE, BSE	continuous	Surveillance Analyst	Scrip placed in LT-ASM after sustained surveillance flag	LT-ASM list update; T+1/T+2 settlement override; margin enhancement	100% upfront margin; periodic call auction	NSE/SURV/74008, NSE/SURV/67801	LT-ASM consolidated in master NSE/SURV; periodically reviewed.
SURVEILLANCE-005	Comply with Enhanced Surveillance Measure (ESM)	SEBI, NSE, BSE	continuous	Surveillance Analyst	SME / micro-cap scrip placed in ESM	ESM list update; market-maker compliance entries	Restrictions per ESM framework	NSE/SURV/61848, NSE/SURV/74008	ESM specific to SME segment; combined with Inventory Management advisory for SME Market Makers (NSE/SURV/67801).
SURVEILLANCE-006	Report through NORMS (NSE Online Reporting and Monitoring System)	NSE	as-required	Surveillance Analyst	Member identifies suspicious activity / market abuse	NORMS report ID; NSE acknowledgement	Non-reporting = inspection finding; NSE/INSP/53530 grid	NSE/INVG/65921, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96	Operationalises SEBI broker-institutional-mechanism Chapter IVA. Staggered: QSB from Aug 2024; >50K UCC Jan 2025; 2K-50K Apr 2025; ≤2K Apr 2026.
SURVEILLANCE-007	Detect and flag manipulative trade patterns	SEBI, NSE, BSE, MCX	continuous	Surveillance Analyst	Pattern-detection rule fires (volume spike, price manipulation, circular trading)	Surveillance dashboard alert; escalation log; member-internal investigation report	SEBI enforcement under PFUTP Regulations; abnormal trading penalty	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/SURV/74008	Cited in Chapter IVA framework. Whistle-blower policy and escalation framework required.
SURVEILLANCE-008	Detect and flag spoofing / layering / quote stuffing	SEBI, NSE, NSCCL, ICCL	continuous	Surveillance Analyst	Order-placement / cancellation pattern matches spoofing logic	Surveillance dashboard entry; ASM-for-spoofing margin debit; quarterly TM report	5% Additional Surveillance Margin on all open positions; PFUTP enforcement	NSE/SURV/41107, NSE/SURV/74008	Joint with CC and SEBI; foundational for member surveillance dashboard introduced via NSE/SURV/44477.
SURVEILLANCE-009	Detect and flag wash / reversal trades	SEBI, NSE, BSE, NSCCL, ICCL	continuous	Surveillance Analyst	Self-trade / reversal-trade pattern detected	Reversal Trade Cancellation Mechanism (RTCM) alert; member-internal review log	Trade cancellation / penalty per RTCM	NSE/SURV/67801, NSE/SURV/74008	RTCM for Equity and Equity Derivative segments introduced via NSE/SURV/67801 (Apr 30, 2025).
SURVEILLANCE-010	Detect and flag front-running	SEBI, NSE, BSE	continuous	Surveillance Analyst	Employee/authorised-person trade preceding large client/institutional order	Pre-clearance log; designated-person trade window; broker-institutional-mechanism escalation	SEBI enforcement under PIT Regulations; criminal action possible	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Front-running detection part of Chapter IVA fraud-detection framework. Designated person list and pre-clearance mandatory.
SURVEILLANCE-011	Conduct social-media / unsolicited-tip surveillance	SEBI, NSE	continuous	Surveillance Analyst	Suspicious activity tied to social-media tips; finfluencer activity	Client-education record; suspicious-activity tracker; SCORES referrals; Exchange Investigation report	NSE/INSP/53530 disciplinary grid; SEBI enforcement	NSE/INVG/54165, NSE/INVG/54196, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11	SEBI Jan 29, 2025 bars regulated entities from associating with persons engaged in prohibited activities; limited investor-education association allowed only with stock data >3 months old.
SURVEILLANCE-012	Report off-market transfers to depository	SEBI, CDSL, NSDL	as-required	DP Manager	Off-market transfer initiated by BO	Off-market transfer reason code; depository reporting; insufficient-stamp-duty status	EOD cancellation of transactions with insufficient stamp duty; SCORES exposure for missed disclosure	CDSL/OPS/DP/POLCY/2025/720, CDSL/OPS/DP/POLCY/2025/779	New status “Overdue – Insufficient Stamp Duty” for off-market and pledge-invocation transactions. Off-market reason code 35 renamed Dec 2025 for transmission to legal heirs.
SURVEILLANCE-013	Levy abnormal trading penalty (NSE/INVG)	NSE	as-required	Surveillance Analyst	Abnormal/non-genuine transaction flagged in surveillance	NSE/INVG penalty notice; member acknowledgement	Penalty per consolidated penalty structure (NSE/SURV/57315)	NSE/SURV/57315, NSE/SURV/74008	Reference document for inspection and disciplinary action — late/non-submission of surveillance obligation, breach of position limits, abnormal/non-genuine transactions, surveillance-margin shortfall, OTR breaches.
SURVEILLANCE-014	Maintain insider-trading code (designated person list, pre-clearance)	SEBI	continuous	Compliance Officer	Active broking operations; access to UPSI	Designated-person register; pre-clearance log; trading-window-closure intimation	SEBI PIT Regulations enforcement; criminal proceedings	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	PIT Regulations 2015 require code of conduct, designated person list, trading window mechanism. Chapter IVA reinforces broker-side controls.
SURVEILLANCE-015	Monitor concentrated position / position-limit breach	SEBI, NSE, BSE, MCX, NSCCL, ICCL, MCXCCL	continuous	Surveillance Analyst	Client/member F&O position approaches market-wide or member-wide position limit	Position-limit-monitoring file; breach alert; trade-rejection log	Breach penalty per CC schedule; position-limit-monitoring per NSE/SURV/67801 (Equity Derivatives)	NSE/SURV/74008, NSE/SURV/67801, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/109	Position-limit monitoring for Equity Derivatives added in NSE/SURV/67801. NRI position limits operational efficiency per SEBI Jul 29, 2025.
SURVEILLANCE-016	Apply Order-Spoofing Additional Margin (SEBI Aug 2025 framework)	SEBI, NSE, NSCCL, ICCL	as-required	Surveillance Analyst	Surveillance identifies order-spoofing pattern	TM surveillance dashboard entry; additional-margin debit on flagged member	5% Additional Surveillance Margin on all open positions	NSE/SURV/41107, NSE/SURV/74008	Original NSE/SURV/41107 from May 2019; ongoing in master Apr 2026. Joint with CC and SEBI.
SURVEILLANCE-017	Honour Cautionary Messages framework (CCM)	NSE, BSE	continuous	Surveillance Analyst	Surveillance system identifies cautionary message for specific scrip / pattern	Cautionary Message log; CCM (Cautionary Closing Message) compliance log	Non-compliance = inspection finding under NSE/SURV/57315	NSE/SURV/74008, NSE/SURV/61848	Covered in S&I master Apr 2026. Cautionary Messages and CCM = part of surveillance penalty structure.
SURVEILLANCE-018	Submit suspicious-order patterns reporting	SEBI, NSE, BSE, MCX	as-required	Surveillance Analyst	Suspicious order/pattern identified per Chapter IVA framework	Internal whistle-blower or surveillance escalation log; NORMS submission; broker-institutional-mechanism report	SEBI enforcement under PFUTP Regulations	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Chapter IVA broker-institutional-mechanism framework. Whistle-blower policy required; staggered implementation by client-size.
SURVEILLANCE-019	Monitor block-deal-window compliance (price band / minimum size)	NSE, BSE	continuous	Surveillance Analyst	Block deal trades in dedicated window	Block-deal trade file; ±1% reference price log	Trade rejection or surveillance flag for off-band trades	NSE/CMTR/60813, SEBI/HO/IMD/DOF2/P/CIR/2022/69	Minimum Rs 10 Cr trade, ±1% reference price. ETF eligible since Feb 2024.
SURVEILLANCE-020	Monitor penny-stock / illiquid-scrip trading patterns	SEBI, NSE, BSE	continuous	Surveillance Analyst	Trades in illiquid scrip (low impact-cost threshold, low traded days)	Illiquid-scrip monitor; surveillance dashboard flag	SEBI enforcement under PFUTP for circular trading; periodic call auction	NSE/SURV/61848, NSE/SURV/67801, NSE/SURV/74008	Periodic Call Auction listed in S&I master. Persistent Noise Creators (OBSM-PNC) tracker added in master Apr 2026.
SURVEILLANCE-021	Comply with Persistent Noise Creators (OBSM-PNC) monitoring	NSE	continuous	Surveillance Analyst	Member/client flagged on Order-Book Surveillance Measure - Persistent Noise Creators	OBSM-PNC tracker entry; escalation log	Per consolidated surveillance penalty structure	NSE/SURV/74008, NSE/SURV/67801	OBSM-PNC consolidated in S&I master Apr 2026. Builds on Persistent Noise Creators framework.
SURVEILLANCE-022	Comply with Circuit-breaker / market-wide circuit halt	SEBI, NSE, BSE	continuous	RMS Lead	Index moves 10/15/20% triggering market-wide circuit breaker; scrip-level price band breach	Halt log; auto-resumption per circuit-breaker rule	Surveillance penalty for non-compliance; trade rejection beyond price band	NSE/CMTR/61805, NSE/SURV/74008	Market-wide circuit breaker rules cited in S&I master. Scrip-level price-band based on segment configuration.
SURVEILLANCE-023	Conduct Reversal Trade Cancellation (RTCM) review	NSE, BSE	continuous	Surveillance Analyst	Reversal-trade pattern flagged	RTCM alert; trade-cancellation file; member-internal review log	Reversal cancelled / penalty per RTCM framework	NSE/SURV/67801, NSE/SURV/74008	RTCM introduced via NSE/SURV/67801 (Apr 30, 2025) for Equity and Equity Derivative segments.
SURVEILLANCE-024	Apply Algorithmic-Trading static-IP / Algo-ID controls	SEBI, NSE	continuous	Surveillance Analyst	API access / algo-trading client onboarded	Static-IP whitelist log; Algo-ID tag in order trail; broker-API-vendor traceability for 5 years	Inspection finding; trade rejection if Algo-ID missing	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013, NSE/INVG/67858, NSE/INVG/69255, NSE/FAOP/69296	Effective Aug 1, 2025 (extended further per 2025/108). Static IP for API access, ≤10 orders-per-second threshold, mandatory algo-ID registration, broker-API-vendor traceability 5 years, exchange-approved server hosting. NNF Terminal ID to Algo ID validation per NSE/FAOP/69296.
SURVEILLANCE-025	Maintain whistle-blower policy and escalation framework	SEBI, NSE, BSE, MCX	continuous	Compliance Officer	Active broking operations	Whistle-blower policy document; escalation register; compliance committee minutes	Chapter IVA non-compliance = SEBI enforcement	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Staggered implementation: QSB Aug 2024; >50K UCC Jan 2025; 2K-50K UCC Apr 2025; ≤2K UCC Apr 2026.
SURVEILLANCE-026	Conduct Client Due Diligence (CDD) per surveillance framework	SEBI, NSE, BSE, MCX	continuous	Surveillance Analyst	Client onboarding; periodic review per risk category	CDD register; risk-categorisation log; periodic-review log	Inspection finding; AML breach	NSE/INVG/55347, NSE/SURV/61848	NSE/INVG/55347 (Jan 25, 2023) on Client Due Diligence; cited in S&I master under Client Due Diligence framework.
SURVEILLANCE-027	Validate Modification of Client Codes (CCM)	SEBI, NSE, BSE, MCX	daily	Surveillance Analyst	Client-code-modification (CCM) request post-trade	CCM log with reason code; auditor review for genuine error vs surveillance pattern	Penalty per CCM framework if found used as substitute for trade reallocation	NSE/INVG/56395, NSE/SURV/74008	NSE/INVG/56395 (Apr 17, 2023) on Modification of Client Codes (All Segments). Listed in S&I master.
SURVEILLANCE-028	Conduct broker-institutional-mechanism quarterly review (Chapter IVA)	SEBI, NSE, BSE, MCX	quarterly	Compliance Officer	Chapter IVA framework active per UCC threshold	Quarterly review minutes; surveillance-system uptime log; internal-controls audit	Chapter IVA non-compliance = SEBI enforcement	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Mandates surveillance systems, internal controls, escalation framework, whistle-blower policy and reporting. Staggered implementation.
SURVEILLANCE-029	Maintain Inventory Management advisory for SME Market Makers	NSE, BSE	continuous	Surveillance Analyst	SME Market Maker registration	Inventory management log; quote-spread monitoring	SCORES exposure; member-internal review	NSE/SURV/67801, NSE/SURV/74008	Inventory Management advisory for SME Market Makers added in NSE/SURV/67801. Consolidated in master Apr 2026.
SURVEILLANCE-030	Pass freezing / blocking voluntary-account framework	SEBI, NSE, BSE, MCX	as-required	Customer Service Lead	Client requests voluntary freezing / blocking of trading account	Freeze-request log; OTP / eSign auth; account-status flag	Penalty per MCX/INSP/820/2024 for failure to implement framework	MCX/INSP/820/2024, SEBI/HO/MIRSD/POD-1/P/CIR/2024/82	MCX/INSP/820/2024 (Dec 16, 2024) penalty structure for failure to implement voluntary freezing/blocking framework.

Cyber security (27 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
CYBER-001	Self-categorise as Qualified / Mid-size / Small / Self-Certification RE under CSCRF	SEBI, NSE, BSE, MCX	annual	CISO	CSCRF Aug 2024 effective from 1 Apr 2025 (extended for Mid/Small REs); annual re-categorisation on 30 June using prior FY parameters	Board-approved CSCRF Categorisation Memo with computed registered-client count and turnover; categorisation declaration uploaded to NSE/BSE/MCX member portal under “CSCRF Compliance” tab	Misreporting attracts disciplinary action under SEBI (Stock Brokers) Regulations and per NSE/INSP/53530 penalty grid (Rs 5,000-25,000 per default and terminal disablement)	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/INSP/63502, NSE/INSP/69939	Categorisation drives every downstream CSCRF obligation (SOC type, audit cadence, ISO 27001). NSE/INSP/69939 (Sep 1, 2025) clarifies how to compute total registered clients for Clause 2.1.1.
CYBER-002	Implement CSCRF baseline controls across five goals (Anticipate, Withstand, Contain, Recover, Evolve)	SEBI	continuous	CISO	CSCRF Aug 2024 effective 1 Apr 2025; phased compliance per category (extensions via NSE/INSP/68856)	CSCRF Annex C self-assessment workbook (control-by-control), Board minute approving cyber strategy, control-mapping spreadsheet on CISO drive	Non-implementation triggers SEBI enforcement and disciplinary action via NSE/INSP/53530; QSB-status loss possible for Qualified REs	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/INSP/63502	Replaces sectoral cyber circulars (SEBI Dec 2018, May/Jun 2022).
CYBER-003	Comply with CSCRF clarifications (Dec 2024 / Mar / Apr / Aug 2025)	SEBI, NSE, BSE	as-required	CISO	SEBI clarification circulars amending CSCRF scope, timelines, SOC categories	Updated CSCRF gap-assessment register reflecting each clarification; CISO sign-off on revised control matrix	Continued non-conformance after clarification deadline attracts per-default penalty under NSE/INSP/53530 (Rs 5,000-25,000) and disciplinary escalation	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184, NSE/INSP/69906, NSE/INSP/69939, BSE 20250101-35	NSE/INSP/69906 (Aug 29, 2025) forwards SEBI clarification dated Aug 28, 2025; June 11, 2025 FAQ cited in NSE/INSP/69939.
CYBER-004	Conduct annual Cyber Audit per CSCRF clause 4.4 (100% critical + 25% non-critical systems)	SEBI, NSE, BSE, MCX	annual	CISO	FY-end (31 Mar); audit period ends 30 Sep / 31 Mar depending on category	Cyber Audit Report (Annexure B uniform format under NSE/INSP/56216) uploaded to NSE/BEFS portal with geo-tagged auditor visits; preliminary report + ATR + Follow-on audit submitted	Per NSE/INSP/54386 — daily late-fee Rs 100/day per audit deliverable; non-submission attracts terminal disablement and disciplinary action under NSE/INSP/53530	NSE/INSP/73849, NSE/INSP/71214, NSE/INSP/67637, BSE 20250915-53, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	For FY2026-27 operationalised via NSE/INSP/73849 (Apr 22, 2026). 100% critical systems must be audited; no audit cycle skipped due to mid-year category change.
CYBER-005	Categorise audit scope by Type I / II / III (trading-software usage)	NSE, BSE, MCX	annual	CISO	Audit-cycle empanelment circular issued by exchange (typically Apr/Oct)	Type-categorisation declaration in audit Annexure A; member portal flag (Type-I = NEAT-only, Type-II = CTCL/IBT, Type-III = algo software)	Wrong categorisation attracts re-audit at member cost plus penalty per NSE/INSP/54386; persistent default triggers terminal restriction	NSE/INSP/64439, NSE/INSP/56734, NSE/INSP/52249, NSE/INSP/56216	Type-III (algo) members face half-yearly cadence (NSE/INSP/64438, NSE/INSP/70900). Categorisation interacts with CSCRF audit overlay.
CYBER-006	Run quarterly Vulnerability Assessment and Penetration Testing (VAPT)	SEBI, NSE, BSE, MCX	quarterly	CISO	CSCRF clause; VAPT report submission cycle per NSE/INSP/70471 (annual minimum; quarterly for Qualified REs)	VAPT Report PDF (severity-rated findings + closure status), CERT-In empanelled auditor certificate, submission acknowledgement on NSE member portal	Non-submission attracts Rs 5,000-10,000 per default per exchange (NSE/INSP/53530); critical/high-severity findings unclosed beyond timeline escalate to SEBI	NSE/INSP/70471, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, MCX/TECH/179/2026	VAPT must be by CERT-In empanelled auditor; closure of all critical findings before next quarter is industry practice.
CYBER-007	Report cyber incidents to CERT-In within 6 hours of detection	MeitY, SEBI, NSE	event-triggered	CISO	Any of 20 listed cyber-incident categories under CERT-In directions (28 Apr 2022) — ransomware, data breach, DDoS, identity theft, server compromise, etc.	CERT-In Incident Reporting Form filed on incident@cert-in.org.in within 6h; copy to SEBI; quarterly cyber-incident report on NSE member portal (NSE/INSP/72118)	Section 70B(7) IT Act — imprisonment up to 1 year and/or fine up to Rs 1 lakh for non-reporting; SEBI disciplinary action additionally	CERT-In-20-3-2022, SEBI/HO/MIRSD/TPD/P/CIR/2022/93, NSE/INSP/72118	Quarterly cyber-incident report due 15 days after quarter-end (e.g., 15 Jan 2026 for Q4 2025).
CYBER-008	Maintain ISO 27001 certification (mandatory for Qualified REs)	SEBI	annual	CISO	CSCRF clause for Qualified REs and MIIs; surveillance audit yearly, re-certification triennial	Valid ISO 27001 certificate from accredited certification body; surveillance audit report; Statement of Applicability (SoA) v-latest	Lapse of certification triggers Qualified-RE status review by SEBI; per-default penalty under NSE/INSP/53530	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14	Mid-size REs are encouraged; Qualified Stock Brokers (QSBs) and MIIs mandated. Auditor empanelment now joint-exchange (NSE/INSP/69631).
CYBER-009	Operate Security Operations Centre (SOC) — own / Group / managed per RE category	SEBI	continuous	CISO	CSCRF clause 5.x; Qualified REs to operate own SOC, Mid-size may use Group/MSSP-SOC, Small REs may use SEBI-empanelled M-SOC	SOC operations log (24x7 staffing roster), SIEM deployment evidence, monthly SOC-summary memo to CISO/MD	Non-operation of mandated SOC tier attracts SEBI enforcement and per-default penalty (NSE/INSP/53530); QSB review trigger	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184	Dec 2024 clarification adjusted SOC requirements per RE category; Market SOC option introduced for Small/Self-Certification REs.
CYBER-010	Retain ICT system logs in India for 180 days (CERT-In) and CSCRF-prescribed periods	MeitY, SEBI	continuous	CISO	CERT-In Apr 2022 direction; CSCRF data-retention clause	Log-retention policy document; storage attestation (India-domiciled); log-rotation/purge audit trail in SIEM	Section 70B(7) IT Act — imprisonment up to 1 year and/or fine up to Rs 1 lakh; SEBI per-default penalty per NSE/INSP/53530	CERT-In-20-3-2022, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Technical-glitch log retention is 30 days normal / 2 years post-glitch (SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160).
CYBER-011	Synchronise ICT clocks to NPL/NIC NTP servers	MeitY	continuous	CISO	CERT-In direction (Apr 2022)	NTP-sync configuration screenshot from all servers; CISO declaration in CERT-In compliance log	Section 70B(7) IT Act fines apply for systemic non-sync where forensic timelines become unreliable	CERT-In-20-3-2022	Industry practice — use time.nplindia.org and time.nic.in as primary NTP sources; stratum-1 chain documented in operations runbook.
CYBER-012	Implement role-based access control with segregation of duties (SoD)	SEBI	continuous	CISO	CSCRF Protect function controls; data-classification policy implementation	Access-control policy document; user-role matrix; quarterly access-recertification log signed by line manager	SoD breach finding in cyber audit attracts ATR + Follow-on audit; repeated breach escalates to SEBI enforcement	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/INSP/53387	Critical pairs (e.g., trade-entry vs settlement approval; user-creation vs access-grant) must be split across personnel.
CYBER-013	Maintain Board-approved data classification policy (Public / Internal / Confidential / Restricted)	SEBI	annual	CISO	CSCRF Identify function; annual policy review by Board IT-Strategy/Cybersecurity Committee	Data Classification Policy v-current with Board approval date; data-inventory register tagging each asset by classification	Audit finding for absent/outdated policy attracts ATR/Follow-on cycle; QSB scoring impact	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Maps to GDPR-like Personal/Sensitive categories under DPDP Act 2023 (alignment, not mandatory under CSCRF).
CYBER-014	Run patch-management programme with documented SLAs (critical 7 days, high 14 days)	SEBI	continuous	CISO	CSCRF Protect function; vendor security advisories (CVE / CERT-In Vulnerability Notes)	Patch-management runbook; monthly patch-deployment report by asset class; emergency-patch (CVSS >= 9.0) ticket trail	VAPT finding for unpatched critical CVE attracts immediate-closure direction by exchange; persistent default escalates to SEBI	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, MCX/TECH/587/2025	MCX/TECH/587/2025 mandates licensed/patched OS, firewall and EDR for trading-member infrastructure.
CYBER-015	Deploy anti-malware / endpoint detection and response (EDR) on all endpoints	SEBI, MCX	continuous	CISO	CSCRF Protect function; MCX/TECH/587/2025 mandate	EDR-deployment inventory matching asset register; monthly EDR-incident summary; license-validity tracker	Coverage gaps flagged in audit attract ATR; trading-terminal action under NSE/INSP/53530 grid for persistent default	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, MCX/TECH/587/2025	EDR replaces traditional AV; SEBI expects behaviour-based detection, not signature-only.
CYBER-016	Enforce DMARC, SPF, DKIM for outbound email domains	SEBI	continuous	CISO	CSCRF Protect function; phishing-risk mitigation industry practice	DNS records (TXT for SPF/DMARC, _domainkey TXT for DKIM) for each broker domain; DMARC reports (RUA/RUF) reviewed monthly	No direct circular-prescribed penalty; CSCRF audit finding triggers ATR; reputational impact for spoofing incidents	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	[no direct circular — industry practice operationalising CSCRF Protect controls] Implement DMARC at p=reject for transactional domains.
CYBER-017	Apply network segmentation between trading, settlement, and corporate zones	SEBI	continuous	CISO	CSCRF Protect function; cyber-audit finding remediation	Network architecture diagram with VLAN/firewall zone tagging; firewall rule-base review evidence; cyber-audit Annexure B network-segmentation section signed off	Audit finding for flat/insufficiently segmented network attracts ATR + Follow-on audit cycle and escalation to exchange Inspection	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/INSP/53387	Trading-engine zone must be isolated from internet-facing customer zone; DMZ for client-facing API.
CYBER-018	Operate Privileged Access Management (PAM) with session recording	SEBI	continuous	CISO	CSCRF Protect function for admin/root/DBA accounts	PAM-tool deployment (e.g., session-recording vault); privileged-access review log (quarterly); break-glass-account usage register	Audit finding attracts ATR; identity-misuse incidents trigger SEBI investigation	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Required for Qualified REs and QSBs; Mid-size REs may use simpler approaches if board-approved.
CYBER-019	Operate Identity & Access Management (IAM) with MFA for admin and trading-app users	SEBI	continuous	CISO	CSCRF Protect function; client-app login security	IAM-tool deployment evidence; MFA-enrolment metrics by user class; password-policy and federation-config documents	Audit finding attracts ATR; mass-account-compromise event triggers CERT-In incident and SEBI enforcement	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	MFA mandatory for privileged users under CSCRF; trading-app 2FA already required since 2018 SEBI cyber framework.
CYBER-020	Maintain Board-approved Cyber Crisis Management Plan (CCMP)	SEBI	annual	CISO	CSCRF Respond function; annual Board review	CCMP document v-current with Board minute date; CCMP-playbook for each incident class (DDoS, ransomware, data exfiltration, insider abuse); contact tree updated quarterly	Audit finding attracts ATR; absence during a live incident triggers SEBI inspection finding	SEBI/HO/MIRSD/TPD/P/CIR/2022/80, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Foundational requirement since June 2022 cyber framework, retained under CSCRF.
CYBER-021	Conduct annual / half-yearly cyber drill (tabletop + simulated)	SEBI	half-yearly	CISO	CSCRF Respond function; CCMP exercise schedule	Cyber-drill report with scenario, participants, RTO/RPO observed, gap-closure ATR; CISO sign-off	Audit finding for missed drill attracts ATR; QSB scoring impact	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Half-yearly for Qualified REs; annual for Mid-size and Small. Scenarios should include ransomware and trading-engine outage.
CYBER-022	Conduct vendor due diligence per CSCRF Annex (third-party / cloud / managed services)	SEBI	annual	CISO	New vendor onboarding; annual reassessment for critical vendors	Vendor risk-assessment file (security questionnaire, SOC 2 / ISO 27001 cert, contract clauses on data localisation, breach notification); CISO-approved vendor register	Audit finding for inadequate due diligence triggers ATR; vendor-incident impacting broker attracts SEBI enforcement on broker	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184	Dec 2024 clarification refined cloud-services treatment. Concentration risk on single critical vendor flagged separately (see BCP-DR-008).
CYBER-023	Test mobile-app security per OWASP MASVS	SEBI	annual	CISO	New mobile-app release or major version; annual reassessment	MASVS L1/L2 assessment report by CERT-In auditor; SAST/DAST scan reports; app-store screenshots showing version	VAPT finding for L1 gaps escalates to exchange; trading app de-listed from app stores upon serious security breach	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/INVG/67858	CSCRF mandates app security testing for retail-facing trading apps.
CYBER-024	Secure broker APIs with OAuth/JWT, rate limiting and WAF	SEBI, NSE	continuous	CISO	Retail algo API access (NSE/INVG/67858 — static IP, OPS <= 10 / sec)	API gateway configuration; WAF logs; rate-limit and IP-whitelist evidence; API-access traceability log (5-year retention)	Per NSE/INVG/67858 — broker accountable for algo misuse via its APIs; terminal disable + Rs 10,000-1,00,000 penalty grids per NSE/INSP/53530	NSE/INVG/67858, NSE/INVG/69255, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013	5-year audit-trail retention for algo API access (NSE/INVG/67858).
CYBER-025	Mitigate DDoS via upstream provider and on-prem rate limiting	SEBI	continuous	CISO	CSCRF Withstand function; DDoS being a CERT-In listed incident class	DDoS-mitigation contract (e.g., scrubbing-centre provider); attack-summary logs; capacity-planning document referencing trading-day peak	Trading outage attributable to inadequate DDoS protection triggers technical-glitch reporting and financial disincentive per SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160	SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Industry practice — use cloud-scale scrubbing (Akamai/Cloudflare/AWS Shield) for internet-facing trading endpoints.
CYBER-026	Run phishing-simulation training for staff (quarterly)	SEBI	quarterly	CISO	CSCRF Protect/People function	Phishing-simulation run report (click-through rate, repeat-offender register); training-completion log on LMS	Audit finding for absent training programme attracts ATR; insider-induced incident escalates to SEBI	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Industry practice — target <5% click-through rate; mandatory remediation training for repeat offenders.
CYBER-027	Submit quarterly cyber-incident summary report to NSE	SEBI, NSE	quarterly	CISO	CSCRF clause 3.4; quarterly cycle ending Mar/Jun/Sep/Dec	Quarterly cyber-incident report on NSE member portal (online submission); zero-incident attestation if applicable; CISO sign-off	Late/non-submission per NSE/INSP/53530 — Rs 5,000 first default, Rs 10,000 subsequent; terminal disablement after 45 days	NSE/INSP/72118, SEBI/HO/MIRSD/TPD/P/CIR/2022/93	Due date is 15 days after quarter-end (e.g., 15 Jan 2026 for Q4 2025).

BCP / DR (15 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
BCP-DR-001	Maintain Board-approved BCP plan documentation	SEBI, NSE, BSE, MCX	annual	Ops Lead	Annual Board review; CSCRF Recover function; SEBI BCP/DR for MIIs framework	BCP-plan document v-current with Board minute; impact-analysis matrix (RTO/RPO per process); plan-owner sign-off list	Audit finding for absent/stale BCP attracts ATR; non-existent BCP during inspection triggers SEBI enforcement	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Master Circular for Stock Brokers consolidates BCP/DR obligations in chapter on technology and system audit.
BCP-DR-002	Conduct quarterly DR drill at member level	SEBI, NSE, BSE, MCX	quarterly	Ops Lead	CSCRF Recover function; member-level DR-test schedule	DR-drill report (date, scope, participants, RTO/RPO observed, gap log); CISO and Ops Lead sign-off; submission to exchange where required	Audit finding attracts ATR; missed drill flagged in cyber audit Annexure B	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, NSE/MSD/48662	Member-level cadence is quarterly; clearing-corp-driven exchange DR drill is half-yearly (BCP-DR-003).
BCP-DR-003	Participate in half-yearly DR drill / live-from-DR session at exchange/clearing corp	SEBI, NSE, BSE, MCX, NSCCL, ICCL, MCXCCL	half-yearly	Ops Lead	NSE/CMTR Mock-trading-from-DR schedule; SaaS-mode CC mock per NCL/CMPT/64937	Member participation log with order entry, trade match, MIR/Final-Obligation file regeneration screenshots; non-zero trade obligation netted to zero	Non-participation flagged in member compliance review; persistent default attracts disciplinary action per NSE/INSP/53530	NSE/MSD/61893, NSE/MSD/48662, NSE/MSD/44692, NCL/CMPT/64937, BSE 20240507-18	SaaS-mode mock per SEBI/HO/MRD/TPD/P/CIR/2023/192 (forwarded by NCL/CMPT/64937).
BCP-DR-004	Maintain near-site / far-site separation >= 500 km	SEBI	continuous	Ops Lead	CSCRF Recover function; SEBI BCP/DR for MIIs (Mar 2019, Mar 2021)	Site-location attestation (city + geo-coords); seismic-zone separation evidence; lease/co-lo agreements for both sites	Audit finding attracts ATR; non-compliant siting can trigger SEBI direction to relocate	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	500+ km separation is industry practice anchored in SEBI BCP/DR for MIIs framework (CIR/MRD/DMS1/CIR/P/2019/43 — not separately catalogued in our circular store but forwarded via NSE/MSD/44692). Mid-size REs may rely on cloud-region separation.
BCP-DR-005	Declare Recovery Time Objective (RTO) per application	SEBI	annual	Ops Lead	CSCRF Recover function; annual BCP review	RTO matrix in BCP document (per application — trading engine, RMS, back-office, customer-app); validated against DR-drill results	RTO breach during live incident attracts technical-glitch reporting (SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160)	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160	Industry practice — Trading engine RTO 45 min, RMS 30 min, customer-app 60 min (anchored to technical-glitch 45-min outage threshold).
BCP-DR-006	Declare Recovery Point Objective (RPO) per application	SEBI	annual	Ops Lead	CSCRF Recover function; annual BCP review	RPO matrix in BCP document; data-replication SLA from infra provider; lag-monitoring log	RPO miss leading to data-loss incident attracts CERT-In and SEBI reporting	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Industry practice — RPO near zero (synchronous replication) for trade/ledger data; <= 15 min for analytics/MIS data.
BCP-DR-007	Conduct tabletop exercises (scenario walk-throughs) annually	SEBI	annual	Ops Lead	CSCRF Respond/Recover function; CCMP playbook activation in non-disruptive mode	Tabletop report (scenario, participants, decisions, gaps, action items); BCP-committee minute referencing the exercise	Audit finding attracts ATR; absence escalates to QSB scoring impact	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Distinct from full DR-cutover drill; focuses on decision-making and escalation paths.
BCP-DR-008	Apply critical-vendor concentration limits	SEBI	annual	Ops Lead	CSCRF Annex on vendor risk; concentration analysis on cloud / market-data / order-gateway vendors	Vendor-concentration register; mitigation plan for any single-vendor >= 30% concentration; alternative-vendor PoC results	Audit finding flagged in vendor section of cyber audit Annexure B; SEBI inspection comment in QSB review	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184	Dec 2024 clarification refined cloud-vendor scope; multi-cloud or hybrid recommended for critical workloads.
BCP-DR-009	Document pandemic / WFH continuity playbook	SEBI, NSE	annual	Ops Lead	CSCRF Withstand function; pandemic-class scenarios in BCP	WFH continuity-playbook section in BCP; remote-trading-terminal policy approved by CEO/Designated Director/Compliance Officer; remote-user register	Audit finding attracts ATR; remote-terminal misuse incidents trigger SEBI enforcement	NSE/INSP/43920, NSE/INSP/44009	NSE COVID-19 BCP circulars established the framework; retained as evergreen pandemic playbook.
BCP-DR-010	Verify backup integrity (restore-test) quarterly	SEBI	quarterly	Ops Lead	CSCRF Recover function	Restore-test report by application (date, dataset, time-to-restore, completeness check); offsite-backup attestation	Audit finding attracts ATR; failed restore during incident triggers SEBI technical-glitch reporting	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Tape/object-storage backups offsite; encryption-at-rest verified during restore test.
BCP-DR-011	Submit DR-drill report to exchange/clearing corp	NSE, BSE, MCX	half-yearly	Ops Lead	Post DR-mock / live-from-DR session	DR-participation certificate from exchange; member-side report on ENIT/BEFS portal; reconciliation of obligations vs PR	Non-submission per NSE/INSP/53530 — Rs 5,000-10,000; terminal restriction for persistent default	NSE/MSD/61893, NSE/MSD/48662, BSE 20240507-18, MCX/TECH/118/2026	Member-side reconciliation of MIR file regeneration timing is mandatory.
BCP-DR-012	Audit data replication between primary and DR sites	SEBI	half-yearly	Internal Audit	CSCRF Recover function; system-audit overlay	Data-replication audit report (lag-trend, completeness, last-resync timestamp); CISO + Internal Audit joint sign-off	Audit finding attracts ATR; QSB scoring impact	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Includes Database/ledger replication, document-store replication, order-blotter replication.
BCP-DR-013	Cover application-level DR for client-facing systems	SEBI	continuous	Ops Lead	CSCRF Recover function; application-tier DR design	Application DR-runbook per system (trading-app, RMS, back-office, customer portal); RTO/RPO achievement evidence from drills	Audit finding attracts ATR	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Distinct from infrastructure-DR; covers app-tier failover, stateful-session migration, etc.
BCP-DR-014	Cover network-level DR (link redundancy, BGP/MPLS failover)	SEBI, NSE	continuous	Ops Lead	CSCRF Recover function; exchange-connectivity continuity	Network-DR diagram showing primary/secondary links, BGP/MPLS failover config; quarterly link-failover test log	Network outage attributable to single-link reliance triggers technical-glitch reporting	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113, SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160	Members must configure secondary DNS for DR site (e.g., 10.1.22.162 per BSE 20240507-18).
BCP-DR-015	Maintain vendor BCP coverage for critical outsourced services	SEBI	annual	Ops Lead	CSCRF Annex; annual vendor review	Vendor BCP attestation per critical vendor; contractual clause on RTO/RPO and breach-notification; vendor DR-drill participation evidence	Audit finding attracts ATR; vendor-induced incident treated as broker incident under SEBI/CERT-In framework	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Cloud / market-data / order-gateway vendors get priority review.

Audit cycles (21 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
AUDIT-001	Run concurrent audit of broker funds and securities (continuous)	SEBI, NSE, BSE	continuous	Internal Audit	Continuous obligation under SEBI master circular for stock brokers	Daily concurrent-audit log of fund-flows, securities transfers, client-fund segregation; monthly concurrent-audit summary to Compliance Officer	Non-conduct flagged in inspection per NSE/INSP/53530 — terminal restriction and per-default penalty	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/POD-1/P/CIR/2024/118	Continuous-audit framework consolidated under SEBI Master Circular for Stock Brokers.
AUDIT-002	Conduct half-yearly internal audit (mandatory, member)	SEBI, NSE, BSE, MCX	half-yearly	Internal Audit	Half-year ending 30 Sep / 31 Mar; SEBI master circular and NSE/INSP/54080	Half-yearly Internal Audit Report (IAR) by empanelled CA/CS/CMA in practice (independent); ENIT-NEW-COMPLIANCE submission for NSE; BEFS submission for BSE	Late submission per NSE/INSP/53530 (Annexure 1) — Rs 5,000-25,000 per default; terminal disablement after 45 days; BSE 20250520-26 cites notice 20220601-52 penalty regime	NSE/INSP/54080, NSE/INSP/51939, NSE/INSP/56678, NSE/INSP/60986, BSE 20250520-26	BSE deadline 31 May for Mar half-year; NSE 30 Nov for Sep half-year. Cross-exchange auditor recognition via NSE/INSP/60986.
AUDIT-003	Conduct biennial System Audit per SEBI CIR/MRD/DMS/34/2013	SEBI, NSE, BSE	annual	Internal Audit	FY-end; uniform format per NSE/INSP/56216	System Audit Report (Annexure A uniform format) on BEFS/ENIT portal; preliminary report + ATR + Follow-on audit	Per NSE/INSP/54386 — Rs 100/day per audit deliverable; non-submission attracts terminal disablement per NSE/INSP/53530	NSE/INSP/56731, NSE/INSP/56216, NSE/INSP/66456, NSE/INSP/69631, BSE 20250915-52	SEBI Jan 31, 2025 circular (SEBI/HO/MIRSD/TPD/CIR/2025/10) introduced technology-monitored audits with web-portal and geolocation; live April 27, 2026.
AUDIT-004	Conduct half-yearly Type-III system audit (algorithmic software)	NSE, BSE, MCX	half-yearly	Internal Audit	Half-year periods Apr-Sep and Oct-Mar; mandatory for members with algo software (Type-III)	Type-III system audit report covering all NNF trading software across CM, F&O, CD and CO segments	Per NSE/INSP/54386 — Rs 100/day per audit deliverable; non-submission attracts terminal disablement	NSE/INSP/70900, NSE/INSP/64438, NSE/INSP/46127	Submission timelines — Preliminary Audit Report month+1; ATR month+4; Follow-on Audit month+7.
AUDIT-005	Get audited annual financial statements (statutory audit)	SEBI, NSE, BSE	annual	Statutory Auditor	FY-end (31 Mar)	Audited annual report + auditor’s report + director’s report + financial-strength details submitted via BEFS by 31 Oct (deadline per BSE 20240924-51); XBRL via prescribed Excel utility	Late submission attracts per-day late fee; persistent default triggers terminal restriction per NSE/INSP/53530	BSE 20240924-51, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Non-corporate members may follow non-standard accounting years (6 months from year-end). Companies Act 2013 formats apply.
AUDIT-006	Conduct annual KRA audit by empanelled auditor	SEBI	annual	Internal Audit	FY-end; KRA Regulations 2011 and SEBI Risk Management Framework	KRA-audit report covering KYC data integrity, validation cadence, reporting to CKYCRR; submission to SEBI	KRA-status review; per-default penalty as per intermediary-supervision framework	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79	KRAs revalidate KYC under risk management framework per May 2024 SEBI circular.
AUDIT-007	Conduct annual DP audit at CDSL	CDSL	annual	DP Manager	CDSL Bye-Law 16.3.1; half-yearly cycle (CAR + IAR)	Internal Audit Report (Annexure-A) and Concurrent Audit Report (Annexure-B for risk-prone areas) submitted to CDSL	Per CDSL communique — fine, suspension, deactivation of demat services for non-conduct	CDSL/OPS/DP/POLCY/2020/455	CDSL bye-law 16.3.1 covers both internal and concurrent audit; revised checklist in CDSL/OPS/DP/POLCY/2020/455.
AUDIT-008	Conduct annual DP audit at NSDL	NSDL	half-yearly	DP Manager	NSDL Bye-Law 10.3; half-yearly cycle	Internal/Concurrent Audit Report by CA/CS/CMA with NISM-Series-VI (DOCE) credentials; submission half-yearly to NSDL	Per NSDL Bye-Law non-compliance — fine, restriction on DP operations	NSDL/POLICY/2025/0047, NSDL/POLICY/2024/0042	Apr 11, 2025 NSDL circular updated audit format and guidelines.
AUDIT-009	Conduct annual cyber audit per CSCRF (with type-specific cadence)	SEBI, NSE, BSE, MCX	annual	CISO	FY-end; CSCRF clause 4.4	Cyber audit report (uniform Annexure B per NSE/INSP/56216) with 100% critical + 25% non-critical coverage; CAR for non-compliances	Per NSE/INSP/54386 — Rs 100/day per audit deliverable; terminal disablement per NSE/INSP/53530	NSE/INSP/73849, NSE/INSP/71214, NSE/INSP/67637, BSE 20250915-53, SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Half-yearly cadence for Type-III (algo) members under NSE/INSP/64439.
AUDIT-010	Conduct settlement audit (consolidated cash + securities)	NSE, BSE, NSCCL, ICCL	half-yearly	Internal Audit	Half-year-end; covered within half-yearly internal audit scope	Settlement-audit section in IAR covering pay-in/pay-out, EPI, auction, securities pool, MTF	Discrepancies flagged trigger ATR; persistent default attracts terminal-restriction action	NSE/INSP/54080, NCL/CMPT/63669, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Direct-payout-to-client demat regime (NCL/CMPT/63669) added to audit scope from Nov 11, 2024.
AUDIT-011	Conduct pre-launch audit for new exchange segments	SEBI, NSE, BSE, MCX	event-triggered	Internal Audit	Application to add new segment (e.g., F&O, CD, COM); member-admission process	Pre-launch audit report; mock-trading participation log; CTCL/NEAT compatibility test result	Segment admission denied / postponed until audit clean	NSE/MSD/67753, NSE/INSP/53387	Simulated-environment circular (NSE/MSD/57151) lists pre-go-live testing scope.
AUDIT-012	Conduct post-launch audit (initial-90-day window) for new segment	NSE, BSE	event-triggered	Internal Audit	First 90 days of new-segment operation	Post-launch audit report with order-flow, surveillance, margin and reporting findings	Discrepancies in audit trigger remediation orders; persistent default attracts segment-disablement	NSE/MSD/67753	Industry practice anchored to consolidated NNF circular (NSE/MSD/67753).
AUDIT-013	Conduct event-triggered penny-stock audit	SEBI, NSE, BSE	event-triggered	Internal Audit	Surveillance alerts (GSM/ESM/ASM-Stage); SEBI directives on specific scrips	Penny-stock-audit report covering client base, broker-client funding patterns, KYC quality; submission to exchange surveillance	Penalty grid under NSE/SURV/67801 (consolidated surveillance circular); per-default Rs 5,000 to terminal restriction	NSE/SURV/74008, NSE/SURV/67801, NSE/SURV/56948	ESM and ASM frameworks define triggering criteria.
AUDIT-014	Conduct half-yearly compliance audit	SEBI, NSE	half-yearly	Compliance Officer	Half-year ending 30 Sep / 31 Mar	Compliance Officer’s half-yearly report to Board; compliance audit checklist covering KYC, AML, surveillance, client funds, margin, settlement	Non-conduct attracts SEBI enforcement and per-default penalty per NSE/INSP/53530	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/INSP/53530	Foundation for CAR (Compliance Audit Report) submitted to exchanges.
AUDIT-015	Conduct IT general controls (ITGC) audit	SEBI	annual	Internal Audit	Part of system-audit scope under CIR/MRD/DMS/34/2013	ITGC audit section in System Audit Report; change-management, access-control and operations sections covered	Per NSE/INSP/54386 — Rs 100/day per audit deliverable	NSE/INSP/56731, NSE/INSP/56216	ITGC is a sub-section of System Audit Annexure A.
BCP-DR-016	Conduct information security audit (CSCRF Annex)	SEBI	annual	CISO	CSCRF clause 4.4; cyber audit overlay	InfoSec audit report covering ISO 27001-style controls; sub-section in cyber audit Annexure B	Per NSE/INSP/54386 audit-deliverable penalty; QSB scoring impact	SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113	Information security audit overlaps cyber audit; uses ISO 27001 control mapping for Qualified REs.
AUDIT-017	Run operational risk audit (event-class assessment)	SEBI	annual	Internal Audit	Annual op-risk review under Brokers’ Institutional Mechanism (SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96)	Op-risk register with event-class taxonomy (internal/external fraud, employee/client practice, BCP, technology, vendor)	Op-risk events impacting client funds attract SEBI enforcement and reputational impact	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Chapter IVA of SEBI Stock Brokers Regulations operationalised via Aug 2024 circular.
AUDIT-018	Cooperate with exchange inspection (NSE/BSE/MCX)	NSE, BSE, MCX	as-required	Compliance Officer	Exchange-initiated routine or special inspection; AP/Branch inspection	Inspection-response file; documents/records produced; on-site inspector log; Action Taken Report submitted within stipulated timeline	Per BSE 20250127-22 — common violation register published; per-default penalty grid under NSE/INSP/53530; terminal restriction for non-cooperation	NSE/COMP/63628, BSE 20250127-22, BSE 20250915-52, NSE/INSP/53530	AP-supervision framework consolidated under NSE/COMP/63628.
AUDIT-019	Cooperate with depository inspection (CDSL/NSDL)	CDSL, NSDL	as-required	DP Manager	Depository-initiated routine or special inspection	Inspection-response file; DP operations log; ATR; remediation evidence	Per CDSL/NSDL bye-laws — fine, restriction on DP services, suspension	NSDL/POLICY/2025/0047, CDSL/OPS/DP/POLCY/2020/455	DP-inspection scope covered by annual internal/concurrent audit framework.
AUDIT-020	Cooperate with SEBI inspection (themed/special)	SEBI	as-required	Compliance Officer	SEBI-initiated thematic inspection (e.g., on UPI-block, T+0, client funds)	SEBI-inspection response file; document production register; remediation evidence; show-cause/adjudication response if applicable	Per SEBI Act / SEBI Adjudication framework — fine up to Rs 1 crore or higher per Section 15A-15HB	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14	Annual inspection of QSBs mandated under SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14.
AUDIT-021	Remediate concurrent-audit observations within prescribed timeline	SEBI, NSE, BSE	continuous	Compliance Officer	Concurrent-audit finding	ATR with closure evidence per finding; closure-tracker in Compliance dashboard; quarterly summary to Audit Committee	Unclosed observations carried to half-yearly internal audit and inspection findings	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/INSP/54080	Concurrent-audit observations feed into internal-audit and system-audit ATRs.

Reporting cadences (40 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
REPORTING-001	Submit half-yearly compliance certificate to SEBI	SEBI	half-yearly	Compliance Officer	Half-year ending 30 Sep / 31 Mar	Half-yearly compliance certificate signed by Compliance Officer and CEO/Designated Director; submitted via SEBI Intermediary Portal	Per SEBI Adjudication — fine under Section 15A; flagged in QSB scoring	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14	Compliance certificate format prescribed in Master Circular for Stock Brokers.
REPORTING-002	Submit half-yearly internal audit report via ENIT-NEW / BEFS	NSE, BSE, MCX	half-yearly	Internal Audit	Half-year ending 30 Sep / 31 Mar; per NSE/INSP/54080	IAR PDF + Annexure A + ATR uploaded to ENIT-NEW-COMPLIANCE (NSE) / BEFS (BSE) by 30 Nov / 31 May	BSE 20250520-26 cites notice 20220601-52; NSE/INSP/53530 — Rs 5,000-25,000 per default + terminal disablement	NSE/INSP/54080, BSE 20250520-26, BSE 20250915-52	Cross-exchange auditor recognition via NSE/INSP/60986.
REPORTING-003	Submit monthly client-funding report to exchange	NSE, BSE	monthly	Funds Ops	Month-end; SEBI Enhanced Supervision framework	Monthly client-funding file via API; reconciliation with daily upstreaming data; submission timestamp on ENIT/BEFS	Late/non-submission per NSE/INSP/53530 grid — Rs 5,000-10,000 per default	NSE/INSP/60369, NSE/INSP/57041, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187	Monthly reporting overlaid by daily upstreaming compliance per SEBI Dec 2023 circular.
REPORTING-004	Submit daily margin file to clearing corp	NSCCL, ICCL, MCXCCL	daily	RMS Lead	T+1 cycle; segment-wise margin file submission	Daily margin file (per segment) submitted to CC by cut-off (typically EOD T-day); receipt confirmation file	Late submission attracts CC penalty per RMS framework; persistent default triggers segment-level position restriction	NSE/INSP/64315, SEBI/HO/MRD2_DCAP/CIR/2021/0598	Segregation and Monitoring of Collateral at Client Level submission also daily (NCL/CMPL/64088).
REPORTING-005	Submit weekly client-funding report via API	NSE, BSE	weekly	Funds Ops	Week-ending submission per NSE/INSP/55039 (daily API since Dec 2022) / BSE 20220526-6 (weekly)	API submission of holding statement + cash & cash equivalent + bank balances per UCC; submission log	Late submission per NSE/INSP/53530 — Rs 5,000-10,000 per default	NSE/INSP/55380, NSE/INSP/52509, BSE 20220526-6	NSE discontinued client-level cash reporting from Mar 18, 2024 (NSE/INSP/61121); shifted to CC-level segregation reporting.
REPORTING-006	Submit FATCA/CRS annual return	SEBI, FIU-IND	annual	Compliance Officer	Calendar year-end (31 Dec); IT Rule 114F-114H reporting	FATCA/CRS XML return on Income Tax e-filing portal; self-certifications collected at onboarding and uploaded to KRA	Income Tax Act Section 271FAA — Rs 50,000-Rs 1 lakh per default; SEBI per-default penalty	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Centralisation of FATCA/CRS certifications at KRAs effective 1 Jul 2024.
REPORTING-007	File GST monthly returns (GSTR-1 / GSTR-3B)	SEBI	monthly	Funds Ops	Month-end; CGST/SGST/IGST output-tax liability	GSTR-1 and GSTR-3B filed on GST portal; tax-payment challan; reconciliation with broker revenue	GST Act — late fee Rs 50/day for nil return, Rs 100/day otherwise; interest @ 18% on tax liability	[no direct circular — industry practice]	Statutory under GST Act 2017; not separately catalogued in SEBI/exchange circular store. Brokers register GSTIN per state of supply.
REPORTING-008	File TDS quarterly returns (Form 26Q / 27Q)	SEBI	quarterly	Funds Ops	Quarter-end; TDS on commissions, professional fees, AP payments	TDS return filed via TRACES; TDS certificates (Form 16A) issued to deductees	Income Tax Act Section 234E — late fee Rs 200/day; Section 271H — penalty Rs 10,000-Rs 1 lakh	[no direct circular — industry practice]	Statutory under Income Tax Act 1961; not in SEBI/exchange circular store.
REPORTING-009	Deposit STT monthly with government	SEBI	monthly	Funds Ops	Month-end (collected daily, deposited monthly)	STT deposit challan; reconciliation file from clearing corp; monthly STT return	Income Tax Act Section 104 — interest @ 12%; penalty up to Rs 1,000 / day per default	NSE/INSP/61999, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	STT amounts reflected in revised Contract Note format (NSE/INSP/61999).
REPORTING-010	Pay SEBI turnover fees half-yearly	SEBI	half-yearly	Funds Ops	Half-year ending 30 Sep / 31 Mar; per SEBI (Stock Brokers) Regulations Schedule III	Half-yearly turnover-fee challan; reconciliation with exchange turnover statement	Late payment attracts interest per SEBI fee regulations; persistent default attracts certificate-of-registration review	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Schedule III of SEBI (Stock Brokers) Regulations specifies fee structure; consolidated in Master Circular.
REPORTING-011	Pay state stamp duty (collected on trades and remitted per state cycle)	SEBI	monthly	Funds Ops	Indian Stamp Act 1899 (as amended Jul 2020); CC collects on behalf of states	Stamp-duty payment statement from CC; state-wise reconciliation	Indian Stamp Act state-specific penalties (typically 2-10 times the stamp duty); CC withholds settlement on default	NSE/INSP/61999	Centralised collection by CCs since Jul 1, 2020 under Indian Stamp (Collection of Stamp-Duty Through Stock Exchanges, Clearing Corporations and Depositories) Rules 2019.
REPORTING-012	Submit Compliance Audit Report (CAR) for system audit / cyber audit	NSE, BSE	annual	Compliance Officer	Post-audit closure of non-compliances	CAR submission on BEFS / ENIT portal; auditor tags each item Compliant/Non-Compliant	Late/non-submission per BSE 20231005-54 revised penalty framework; NSE/INSP/53530 grid	BSE 20250915-52, BSE 20250915-53, BSE 20231005-54	CAR replaces prior item-wise audit-observation penalties.
REPORTING-013	Submit DPC (Designated Principal Compliance) reporting to Board	SEBI	half-yearly	Designated Director	Half-year-end; SEBI (Stock Brokers) Regulations on Designated Director responsibilities	DPC report to Board with compliance status, exceptions and remediation timelines	Designated Director liable under SEBI Act for material non-compliance; up to Rs 1 crore adjudication	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Linked to PMLA Designated Director self-declaration (REPORTING-027).
REPORTING-014	Report technical glitches to SEBI (Aug 2023 / Nov 2022 framework)	SEBI, NSE, BSE, MCX	event-triggered	CISO	Any technical glitch in broker electronic trading system (outage, latency, file-failure)	Within 1 hour — Initial intimation to exchange via ENIT/email; T+1 — Preliminary Incident Report; 14 days — Root Cause Analysis (RCA); log preservation 2 years post-glitch	Per NSE/COMP/67379 revised financial-disincentive and penalty structure (Part ‘B’) effective Apr 01, 2025; for MIIs see SEBI/HO/MRD/TPD-1/P/CIR/2024/124 (90-day compliance report)	SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160, NSE/COMP/67379, NSE/COMP/70434, NSE/COMP/54876	SEBI Sep 22, 2025 consultation paper (NSE/COMP/70434) proposes revised framework — Capacity Planning, Software Testing & Change Management, BCP/DRS, Monitoring Mechanism.
REPORTING-015	Report operational-loss events to Board / SEBI	SEBI	event-triggered	Compliance Officer	Op-loss event above materiality threshold (typically Rs 10 lakh for brokers)	Op-loss incident memo to Board/Audit Committee; SEBI notification if event impacts clients/market integrity	SEBI enforcement action under SEBI Act and Adjudication framework	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Operationalised under Brokers’ Institutional Mechanism for fraud detection (Chapter IVA).
REPORTING-016	Report cyber incident to SEBI within 6 hours (with CERT-In follow-on)	SEBI, MeitY	event-triggered	CISO	Cyber incident detection per CERT-In Apr 28, 2022 + SEBI/HO/MIRSD/TPD/P/CIR/2022/93	CERT-In Incident Reporting Form within 6h; SEBI/exchange incident memo; quarterly cyber-incident report on NSE portal	IT Act Section 70B(7) — imprisonment up to 1 year and/or fine up to Rs 1 lakh; SEBI per-default penalty grid	SEBI/HO/MIRSD/TPD/P/CIR/2022/93, CERT-In-20-3-2022, NSE/INSP/72118	6h to CERT-In + concurrent to SEBI/exchange/depository per cyber-resilience framework.
REPORTING-017	Disclose whistleblower mechanism annually	SEBI	annual	Compliance Officer	Annual disclosure of whistleblower policy and complaints received	Whistleblower-policy disclosure on broker website; annual count of complaints received and resolved in Board minutes	SEBI enforcement under (Stock Brokers) Regulations for absent mechanism	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Whistleblower policy mandated under Brokers’ Institutional Mechanism (Chapter IVA).
REPORTING-018	Submit board-level compliance reporting (CEO/MD/CCO)	SEBI	quarterly	Compliance Officer	Quarterly Board meeting cycle	Compliance dashboard to Board with KPI grid (KYC, AML, surveillance, margin, settlement, cyber, BCP); minutes acknowledging review	Audit finding for absent reporting attracts ATR; QSB scoring impact	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	QSB framework mandates Audit/NRC/Risk/IT/Cybersecurity Board committees with reporting cadence.
REPORTING-019	Submit Annual Reconciliation Return (ARR) to clearing corp	NSCCL, ICCL, MCXCCL	annual	Funds Ops	FY-end; CC-driven reconciliation of clearing/settlement obligations and collateral	ARR file submitted to CC; reconciliation with broker books; CFO sign-off	Late submission attracts CC penalty grid; persistent default triggers segment-level restriction	NCL/CMPT/64937, NCL/CMPL/64088	Annual reconciliation overlays daily/monthly client-collateral reporting.
REPORTING-020	Submit Risk-Based Supervision (RBS) data annually	SEBI, NSE, BSE	annual	Compliance Officer	FY-end; BSE 20230412-15 / NSE equivalent RBS schedule	RBS data submission on BEFS by 31 May; tiered review by exchange	Per BSE 20230412-15 — Rs 10,000 late, client-registration restriction after 15 days, terminal disablement after 45 days; missing data parameters rated at highest risk	BSE 20230412-15	Data shared with SEBI for thematic supervision.
REPORTING-021	Disclose monthly client base statistics to exchange	NSE, BSE	monthly	Compliance Officer	Month-end UCC database snapshot	Monthly client-count file via UCC API / ENIT submission; categorisation by segment, region, status	Per NSE/INSP/53530 — late submission Rs 5,000-10,000 per default	NSE/ISC/61817, NSE/ISC/60418	UCC Master Circular (NSE/ISC/61817) consolidates UCC reporting cadence.
REPORTING-022	Disclose active-client count on NSE COMP portal	NSE	monthly	Compliance Officer	Active-client count for CSCRF categorisation (Clause 2.1.1)	Monthly active-client count file on COMP module; reconciliation with UCC active/inactive flag	Misreporting impacts CSCRF categorisation; disciplinary action for material misrepresentation	NSE/INSP/69939, NSE/ISC/61817	NSE/INSP/69939 (Sep 1, 2025) clarifies computation method for registered clients.
REPORTING-023	Maintain networth above prescribed minimum (segment-wise)	SEBI, NSE, BSE	half-yearly	Funds Ops	Half-year ending 30 Sep / 31 Mar; SEBI (Stock Brokers) Regulations	Half-yearly Networth Certificate from CA in practice (Annexure-S); submission via ENIT-NEW-COMPLIANCE (NSE) / BEFS (BSE)	Per NSE/COMP/64293 — late submission attracts per-day penalty; falling below minimum triggers segment-level restriction	NSE/COMP/64293, NSE/COMP/64159, SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Submission deadline 31 Oct (MTF members) / 30 Nov (others) for Sep half-year.
REPORTING-024	Submit quarterly Net Capital Adequacy disclosure	SEBI, NSE, BSE	quarterly	Funds Ops	Quarter-end; SEBI (Stock Brokers) Regulations capital-adequacy requirement	Net Capital Adequacy file submitted via BEFS / ENIT; quarterly snapshot of base/additional capital	Falling below prescribed minimum triggers segment-level restriction; per NSE/INSP/53530 per-default penalty	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/COMP/64293	Linked to half-yearly networth certificate (REPORTING-023).
REPORTING-025	Send daily KYC data to KRA	SEBI	daily	Compliance Officer	New onboarding / KYC modification of client	KRA upload acknowledgement; daily upload log; KRA validation status (validated / on-hold / closed)	Per SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41 — invalid KYC client accounts marked “ON HOLD”; trading restriction	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41, BSE 20230819-6, BSE 20241202-5	KRAs revalidate under risk-management framework; demat accounts frozen for debits/credits if KYC flagged invalid (BSE 20241202-5).
REPORTING-026	Upload CKYC records within 7 days of onboarding	CERSAI, SEBI	as-required	Compliance Officer	New client onboarding or KYC modification	CKYC Search/Save/Update API call log; KYC Identifier returned by CKYCRR; bulk-update file via CKYCRR portal	PMLA Section 13 + Rule 9 — fine up to Rs 1 lakh; SEBI per-default penalty	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79, CKYC/2025/03_Revised, CKYC/NOTIF/2024/01, CKYC/2025/04	Upload via KRAs since Jun 6, 2024; CKYC Search API v1.3 and Save/Update API v1.3 effective Apr 4, 2025.
REPORTING-027	Disclose beneficial ownership annually	SEBI, FIU-IND	annual	Principal Officer	SEBI AML/CFT Master Circular requirement; PMLR Rule 9	Beneficial-ownership declaration on file for each non-individual client (UBO with >= 10% stake or controlling interest); annual review log	PMLA Section 13 + Rule 9 — fine up to Rs 1 lakh per default; SEBI per-default penalty	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/091	AML Master Circular (Jun 2024) consolidates UBO obligations.
REPORTING-028	File PMLA Designated Director half-yearly self-declaration	SEBI, FIU-IND	half-yearly	Designated Director	Half-year ending 30 Sep / 31 Mar; PMLR + SEBI AML Master Circular	Designated Director self-declaration submitted to SEBI; PMLA appointment letter on file; updated FINnet 2.0 registration	PMLA Section 13 — fine up to Rs 1 lakh; SEBI per-default penalty	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, FIU-IND-FINNET2-REG-2023	FINnet 2.0 registration framework refreshed Jul 2023 (FIU-IND-FINNET2-REG-2023).
REPORTING-029	Submit inspection-report ATR within prescribed timeline	SEBI, NSE, BSE, MCX, CDSL, NSDL	event-triggered	Compliance Officer	Receipt of inspection report from regulator	ATR with closure evidence per finding; remediation tracker; follow-on inspection report by inspector	Late ATR per NSE/INSP/53530 — Rs 5,000 first default, escalating; persistent default triggers terminal restriction or registration review	NSE/COMP/63628, NSE/INSP/53530, BSE 20250915-52, BSE 20250915-53	ATR timelines typically 30-45 days from receipt of inspection report.
REPORTING-030	Submit half-yearly Networth Certificate via ENIT/BEFS	NSE, BSE	half-yearly	Funds Ops	Half-year ending 30 Sep / 31 Mar	Networth Certificate by CA in practice with CARO-style attestation; ENIT-NEW-COMPLIANCE (NSE) / BEFS (BSE) submission	Per NSE/COMP/64293 — late submission per-day penalty; non-submission triggers terminal restriction	NSE/COMP/64293, NSE/COMP/64159	31 Oct deadline for MTF members; 30 Nov for others (Sep 30 half-year).
REPORTING-031	Submit Surveillance Obligation Report (SOR) to exchange	SEBI, NSE	quarterly	Surveillance Analyst	Quarterly cycle; SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96 (Brokers’ institutional mechanism)	SOR file submitted on ENIT; alert-disposition register; escalation evidence	Per NSE/INSP/53530 — Rs 5,000-25,000 per default; SEBI enforcement for material breach	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/65921	Staggered implementation by UCC band (>50k UCCs from 1 Jan 2025; 2,001-50,000 from 1 Apr 2025; <=2,000 from 1 Apr 2026).
REPORTING-032	Report fraud/market-abuse alerts to exchange	SEBI, NSE, BSE	event-triggered	Surveillance Analyst	Alert from Member Surveillance Dashboard or internal monitoring per Chapter IVA	Alert-disposition memo with action taken; escalation log; exchange-portal submission	Per NSE/INVG/46662 — penalty structure for abnormal/non-genuine transactions levied on members; quantum varies by alert severity	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96, NSE/INVG/46662, NSE/SURV/74008	Member Surveillance Dashboard alert categorisation maintained in NSE/SURV/74008 consolidated circular.
REPORTING-033	Submit KMP (Key Management Personnel) details on ENIT	NSE, BSE	event-triggered	Compliance Officer	Change in KMP (CEO/MD/Manager, CS, WTD, CFO, prescribed officers); within 7 days of change	KMP update on ENIT portal with PAN, mobile, phone, email; Board resolution for appointment	Per NSE/INSP/53530 — late update attracts per-default penalty	NSE/COMP/56766, NSE/COMP/63628	KMP as per Section 2(51) Companies Act 2013.
REPORTING-034	Submit Annual Maintenance Charge (AMC) for Authorised Persons	NSE, BSE	annual	Compliance Officer	April of each FY; AP register snapshot as on 31 Mar	AMC payment of Rs 5,000 per registered AP per year across segments; payment challan; AP register snapshot	Per NSE/COMP/60859 — AMC once charged is non-refundable; non-payment triggers AP-registration cancellation	NSE/COMP/60859, NSE/COMP/58438	AMC across segments; payable based on Mar-31 AP register count.
REPORTING-035	Submit Investor Charter and quarterly complaint statistics	SEBI, NSE, BSE	monthly	Customer Service Lead	Monthly complaint data per Investor Charter (7th of each month for prior month)	Complaint statistics page on broker website; SCORES 2.0 portal submission; reconciliation with ODR	Per SEBI ODR Master Circular — non-compliance attracts enforcement and reputational impact	SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/22, BSE 20250610-4, BSE 20250610-5, SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182	Updated Investor Charter Feb 2025 reflects SCORES 2.0, ODR portal, BSDA Rs 10 lakh threshold.
REPORTING-036	Report quarterly cyber-incident summary to NSE	NSE, SEBI	quarterly	CISO	CSCRF clause 3.4; quarterly cycle	Cyber-incident report on NSE member portal due 15 days after quarter-end; zero-incident attestation if applicable	Per NSE/INSP/53530 — Rs 5,000-10,000 per default; persistent default triggers terminal disablement	NSE/INSP/72118, MCX/TECH/179/2026	MCX equivalent — MCX/TECH/179/2026 (Q4 2025 due Jan 15, 2026).
REPORTING-037	Submit half-yearly Compliance Officer report	SEBI, NSE	half-yearly	Compliance Officer	Half-year ending 30 Sep / 31 Mar; SEBI Master Circular for Stock Brokers	Compliance Officer’s half-yearly report to Board and exchange; KPI grid covering KYC, AML, surveillance, client funds, margin	Per NSE/INSP/53530 — late/non-submission attracts per-default penalty; persistent default triggers terminal restriction	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/INSP/53530	Maps to AUDIT-014 half-yearly compliance audit.
REPORTING-038	Disseminate Grievance Redressal / Escalation Matrix on website	SEBI, BSE	continuous	Customer Service Lead	Investor Adviser/RA framework; broker grievance framework	Website display of escalation matrix with Customer Care, Head of Customer Care, Compliance Officer, CEO, Principal Officer details (name/address/phone/email/working hours); email to clients within 7 days of onboarding	Per BSE 20241209-41 — non-compliance triggers ODR/SCORES enforcement and reputational impact	BSE 20241209-41, SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/22	BSE 20241209-41 (Dec 9, 2024) operationalised display requirements for IAs/RAs; brokers follow analogous principles.
REPORTING-039	Report KMP / Compliance Officer NISM credentials via e-PASS	NSDL, NSE	annual	Compliance Officer	NISM Series-VI (DOCE) / equivalent certification expiry	e-PASS submission of NISM alert details; CPE/refresher certificate	Lapse of certification flagged in NSDL/CDSL audit; DP-services restriction possible	NSDL/POLICY/2025/0017	Compliance Officer alert details portal launched Feb 10, 2025 (NSDL/POLICY/2025/0017).
REPORTING-040	Submit Mock-trading participation log	NSE, BSE, MCX	event-triggered	Ops Lead	Mock-trading-from-PR / DR session schedule per exchange	Member participation log with order entry, trade match, MIR/Final-Obligation reconciliation; submission to exchange where required	Non-participation flagged in BCP-DR compliance review; persistent default attracts disciplinary action	NSE/CMTR/71767, NSE/CMTR/66081, NSE/CMTR/65950, NSE/CMTR/64612	Counts toward member regulatory mock-participation requirements per SEBI/HO/MRD1/DSAP/CIR/P/2020/234 (Nov 24, 2020) — cited in NSE/CMTR/63915.

Investor grievance (12 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
GRIEVANCE-001	Register and maintain SCORES 2.0 portal access	SEBI	one-time	Compliance Officer	Broker / depository participant registration with SEBI; SCORES 2.0 platform launched 1 April 2024 at scores.sebi.gov.in	SCORES 2.0 login credentials in broker name; designated grievance email; entry in SEBI Intermediary Master with active SCORES ID	Inability to receive auto-routed complaints; deemed non-compliance triggers financial disincentives and possible regulatory action per SCORES timelines circular	SEBI/HO/OIAE/IGRD/CIR/P/2023/156, CDSL/IG/DP/GENRL/2024/593	SCORES 2.0 replaced legacy www.scores.gov.in. Brokers must update website footers and account-opening kits with new SCORES URL per CDSL Oct 2024 advisory.
GRIEVANCE-002	Resolve SCORES complaint within 21-day first-level SLA	SEBI, NSE, BSE, MCX	continuous	Customer Service Lead	Complaint lodged on SCORES against broker; clock starts from auto-route date	SCORES Action Taken Report (ATR) with timestamp ≤ 21 calendar days; underlying email/call recordings; ledger reconciliation snapshots	Auto-escalation to first-review entity (exchange / depository / SEBI). Repeated breaches → financial disincentives per “Timelines for handling investor complaints by SCORES and action against non-compliance” Dec 2023 circular, warnings, regulatory action.	SEBI/HO/OIAE/IGRD/CIR/P/2023/156	Replaced earlier 30-day SLA (Aug 2020 framework). Two-level review system — designated body (exchange/depository) reviews if dissatisfied, then SEBI.
GRIEVANCE-003	Submit monthly complaint MIS on SCORES and broker website	SEBI	monthly	Compliance Officer	End of calendar month	SCORES monthly disclosure upload; broker website “Investor Complaints” page with prior-month opening/received/resolved/pending counts; archived snapshots	Non-disclosure flagged in exchange inspection. Standard non-compliance penalty grid per NSE penalty matrix.	SEBI/HO/MIRSD/DOP/CIR/P/2020/73, SEBI/HO/OIAE/IGRD/CIR/P/2023/156	Disclosure format prescribed in Investor Charter circular Dec 2021 and refreshed Feb 2025 Investor Charter.
GRIEVANCE-004	Enrol on Smart ODR portal (smartodr.in) as Market Participant	SEBI	one-time	Compliance Officer	Entity registered with SEBI as broker / depository participant after 16 Aug 2023 (effective date of original ODR circular)	smartodr.in registration certificate; entity profile listing ODR institutions panel; integration completion sign-off	Unable to participate in conciliation/arbitration; complaints default against broker; regulatory action for non-onboarding	SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182	Master Circular Dec 20, 2023 consolidates July 31, 2023 original ODR circular and Aug 4, 2023 amendment. Applies to all SEBI intermediaries.
GRIEVANCE-005	Participate in ODR conciliation cycle	SEBI	event-triggered	Customer Service Lead	Investor escalates SCORES-unresolved complaint to Smart ODR; ODR institution assigned	Conciliation reference letter; written submissions; conciliator’s settlement record or non-settlement note	Adverse cost award; reputational; published in ODR portal data	SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182	Indicative timeline — conciliation typically 21 days; if unsuccessful, moves to arbitration. Fee schedule prescribed in master circular.
GRIEVANCE-006	Participate in ODR arbitration cycle	SEBI	event-triggered	Compliance Officer	ODR conciliation failed or directly invoked	Arbitration reference order; statement of claim/defence; award copy; payment record if claim upheld	Adverse arbitral award (binding); cost award; regulatory escalation on non-honour	SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182	ODR arbitration replaces exchange-only arbitration earlier under May 2022 SOP circular which is now subsumed.
GRIEVANCE-007	Operate Internal Grievance Redressal Officer (IGRO) function	SEBI, NSE, BSE, MCX	continuous	Customer Service Lead	SEBI Master Circular for Stock Brokers — internal grievance redressal officer designation	Board-approved appointment letter; officer name + contact published on website and in account-opening kit; complaint register	Inspection observation; Standard Operating Procedure non-compliance penalty per NSE/INSP penalty matrix	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Master Circular for Stock Brokers Jun 17, 2025 consolidates earlier IGRO obligations. Designated grievance email must be published.
GRIEVANCE-008	Engage with exchange IGRC at first-level escalation	NSE, BSE, MCX	event-triggered	Compliance Officer	Investor escalates to exchange Investor Grievance Redressal Committee after SCORES / broker-level non-resolution	IGRC reference letter; written reply; committee decision letter; payout record if awarded	Adverse IGRC decision; possible disciplinary referral; payout from broker funds	SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182	IGRC operates under exchange arbitration framework now subsumed by Smart ODR. Exchanges remain first-level review body for SCORES-routed complaints.
GRIEVANCE-009	Publish Investor Charter on website and in account-opening kit	SEBI	continuous	Compliance Officer	Investor Charter circular Feb 2025 effective; replaces Dec 2021 charter	Investor Charter PDF on website footer “Investor Attention” section; charter copy in account-opening packet; periodic audit by exchange	Inspection observation; standard penalty grid applies	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013, SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655	Feb 2025 Investor Charter reflects SCORES 2.0 21-day SLA, ODR linkage, BSDA Rs.10 lakh, direct payout, revamped nomination, and broker complaint statistics.
GRIEVANCE-010	Document and maintain complaint-handling policy	SEBI, NSE, BSE	as-required	Compliance Officer	Initial policy adoption; review when SCORES / ODR framework updates	Board-approved policy document; version history; review minutes	Inspection observation; possible enhanced supervision	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Policy must align to 21-day SLA, escalation hierarchy (IGRO → IGRC → ODR), MIS publication routine, and recordkeeping.
GRIEVANCE-011	Supervise Authorised Person complaint handling	NSE, BSE, MCX	continuous	Compliance Officer	AP-onboarded client raises complaint; AP supervisory framework Aug 2024	AP complaint register; AP inspection report including grievance handling assessment; quarterly AP review minutes	Standard AP-related penalty per NSE penalty matrix; AP deactivation in severe cases	NSE/COMP/63628	NSE/COMP/63628 (Aug 28, 2024) consolidates AP supervision framework (incl. AP complaint handling sample criteria), superseding NSE/COMP/48536, 49509, 50030, 56947, 58438.
GRIEVANCE-012	Submit annual complaint summary report	SEBI, NSE, BSE	annual	Compliance Officer	Financial year close	Annual complaint summary on website with FY break-up (carried-over, received, resolved, pending, complaint-to-trade ratio if applicable)	Inspection observation; non-disclosure penalty per NSE matrix	SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013	Feb 2025 Investor Charter requires disclosure of investor complaint statistics on broker website.

DPDP / data protection (18 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
DPDP-001	Prepare for DPDP Act 2023 compliance by 13 May 2027	MeitY	one-time	DPO	DPDP Rules 2025 notified 13 Nov 2025; 18-month substantive-compliance window ends 13 May 2027	DPDP compliance programme plan; gap-assessment report; board-noted timeline; vendor / processor inventory	Up to Rs.250 crore per contravention under DPDP Act schedule; Data Protection Board enforcement orders	DPDP-Act-22-2023, DPDP-Rules-2025-Notification, DPDP-GSR-843-E-2025	Brokers / DPs / KRAs / exchanges are Data Fiduciaries. Data Protection Board provisions (Sec 18-26) live since 13 Nov 2025 already; Rules 3, 5-16, 22, 23 substantive provisions tied to May 2027 window.
DPDP-002	Determine Significant Data Fiduciary (SDF) status	MeitY	as-required	DPO	SDF criteria notified via MeitY notification under DPDP Act Sec 10	Internal SDF-determination memo (volume + sensitivity assessment); board minute confirming non-SDF or SDF status; DPO appointment letter if SDF	SDF non-compliance attracts higher penalty band up to Rs.250 crore; potential reputational impact	DPDP-Rules-2025-Notification, DPDP-Act-22-2023	SDF triggers DPO, DPIA, independent audit obligations. Specific volume/sensitivity thresholds to be notified by Central Government via subsequent MeitY notification.
DPDP-003	Designate Data Protection Officer (where SDF) or grievance officer	MeitY	one-time	DPO	SDF determination, or DPDP Rules grievance-officer obligation	DPO appointment letter (resident in India, reporting to board); officer contact published in privacy notice and website	Non-designation → contravention exposing the data fiduciary to penalty	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	For non-SDFs, a grievance officer at minimum; DPDP grievance handling SLA per Rules.
DPDP-004	Operationalise consent management framework	MeitY	continuous	DPO	Onboarding, re-KYC, additional product subscription, marketing comms	Granular-purpose consent records with timestamp; consent withdrawal logs; tokenised consent IDs; consent UI screenshots	Up to Rs.200 crore (notice-and-consent contraventions); compounding for failure to honour withdrawal	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Free, specific, informed, unconditional, unambiguous consent with clear affirmative action. Withdrawal must be as easy as consent.
DPDP-005	Engage / register Consent Manager (where applicable)	MeitY	one-time	DPO	DPDP Rules consent-manager registration window (12 months from notification → 13 Nov 2026)	Consent Manager onboarding agreement; integration sign-off; Consent Manager registration certificate from Data Protection Board (where broker itself is CM)	Failure to enable consent-manager-driven consent flow → contravention of Rule 5/Sec 6	DPDP-Rules-2025-Notification, DPDP-Act-22-2023	Consent Manager registration with Data Protection Board required for CM entities within 12 months of notification.
DPDP-006	Honour data principal rights — access	MeitY	as-required	DPO	Data principal request for information on personal data processed	Request log; response packet with summary of data, processing purposes, third parties; SLA tracker	Up to Rs.50 crore per Sec 10(2)(c) failure	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Response timeline to be specified in Rules / Code of Practice.
DPDP-007	Honour data principal rights — correction	MeitY	as-required	DPO	Data principal correction / update request (Sec 12)	Correction request ticket; updated record diff; closure intimation to principal	Same as access-right failure band	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Coordinate with KRA / CKYC / exchange UCC modifications to keep records consistent.
DPDP-008	Honour data principal rights — erasure	MeitY	as-required	DPO	Data principal erasure request, or purpose-served retention boundary expiry	Erasure ticket; system-level deletion log; certificate of destruction for backups	Same as access-right band; potential breach if erasure not honoured	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Erasure may be denied where retention is mandated by SEBI, PMLA, IT Act, etc. — explicit overriding-law carve-out.
DPDP-009	Provide nomination of data rights (“right to nomination”)	MeitY	as-required	DPO	Data principal nominates another individual to exercise rights upon death/incapacity (Sec 14)	Nomination record; identity verification of nominee; nomination handover ticket on trigger event	Standard DPDP penalty band	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Separate from securities nomination under SEBI nomination framework (SEBI/HO/MIRSD/POD-1/P/CIR/2025/04). Brokers may align with KRA demise-trigger workflow per CDSL/OPS/DP/POLCY/2025/307.
DPDP-010	Provide data portability where applicable	MeitY	as-required	DPO	Data principal portability request (subject to Rules to be notified)	Portability ticket; structured data export (CSV / JSON) provided to principal or designated fiduciary	Standard penalty band	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	DPDP Act references portability via Rules; exact field set TBD by MeitY operating manuals.
DPDP-011	Report personal data breach to Data Protection Board	MeitY	event-triggered	DPO	Detection of personal data breach (Sec 8(6) + Rule 7)	Breach intake form; intimation to Data Protection Board with breach details; intimation to affected data principals	Up to Rs.200 crore for failure to notify breach	DPDP-Rules-2025-Notification, DPDP-Act-22-2023	Operates alongside SEBI / CERT-In 6-hour cyber incident reporting under SEBI/HO/MIRSD/TPD/P/CIR/2022/93 and CERT-In Direction 20-3-2022.
DPDP-012	Enforce data minimisation and purpose limitation	MeitY	continuous	DPO	Onboarding form design, product analytics, marketing, KYC capture	Data-element-to-purpose register; purpose-specific consent capture; periodic field audit	Standard penalty band per Sec 7-8	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Coordinate with KYC OVD capture limits (e.g., 4-digit Aadhaar masking per CDSL/IG/DP/GENRL/2024/593).
DPDP-013	Apply retention boundaries and time-bound erasure	MeitY	continuous	DPO	Account closure; product withdrawal; legal retention period expiry	Retention schedule by data class; automated purge logs; exception register for SEBI / PMLA retentions	Standard band	DPDP-Rules-2025-Notification, DPDP-Act-22-2023	Override retention: PMLA 10-year (SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78); SEBI brokers’ records (5-8 years per Master Circular).
DPDP-014	Verifiable parental consent for children’s data (<18)	MeitY	as-required	DPO	Minor account / nominee / OTC processing involving data principal under 18	Parent / guardian consent record; verification basis (DigiLocker / Aadhaar e-Sign / video)	Up to Rs.200 crore for child-data violations; tracking-and-targeted-advertising bar	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Tracking / behavioural monitoring / targeted advertising directed at children prohibited.
DPDP-015	Honour cross-border transfer negative list	MeitY	continuous	DPO	Outbound transfer of personal data to processor / sub-processor outside India	Data transfer impact assessment; vendor location register; contract clauses; transfer blocked-country log	Standard band per Sec 16	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Cross-border restriction operates via “negative list” mechanism — Central Government may notify restricted countries. Sectoral regulators (SEBI / RBI) can impose stricter localisation (e.g., CSCRF data-localisation under SEBI/HO/MIRSD/CIR/PoD-1/P/CIR/2024/113).
DPDP-016	Publish privacy notice / policy	MeitY	continuous	DPO	Initial publication; revisions on processing change	Privacy notice published on website and within account-opening kit (English + other languages in eighth schedule list); version history	Standard band; inspection observation	DPDP-Rules-2025-Notification, DPDP-Act-22-2023	Rule 3 prescribes minimum notice contents. Multi-language requirement (one of 22 official languages on principal’s request).
DPDP-017	Handle consent withdrawal end-to-end	MeitY	as-required	DPO	Data principal withdraws consent (in-app / email / customer service)	Withdrawal request ticket; downstream processor notification trail; SLA tracker	Standard band; possible breach if downstream processors continue processing	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Continuation of processing pursuant to mandatory legal grounds (PMLA, SEBI) is permitted and should be clearly disclosed.
DPDP-018	Conduct annual DPDP Data Protection Impact Assessment (SDF)	MeitY	annual	DPO	SDF designation	DPIA report covering high-risk processing; independent audit certificate; board review minutes	Standard SDF-band penalty for non-conduct	DPDP-Act-22-2023, DPDP-Rules-2025-Notification	Sec 10(2) imposes SDF-specific obligations including DPIA and periodic audit by an independent auditor.

Member compliance (23 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
MEMBER-COMP-001	Maintain stock-broker minimum networth	SEBI, NSE, BSE, MCX	continuous	Compliance Officer	SEBI Stock Brokers Regulations + NSE / BSE / MCX networth thresholds (Rs.3 crore minimum, plus exchange-specific variable networth)	Half-yearly networth certificate by statutory auditor uploaded via ENIT (Sep / Mar dates)	Late / short submission penalty per NSE penalty matrix (NSE/INSP/53530); networth shortfall → trading restrictions, suspension	NSE/COMP/64293, SEBI/LAD-NRO/GN/2026/291	Threshold derived from SEBI Gazette SEBI/LAD-NRO/GN/2022/73 (Feb 23, 2022) and consolidated under 2026 SEBI (Stock Brokers) Regulations. MTF-availing members file by Oct 31; others by Nov 30 for Sep-end certificate.
MEMBER-COMP-002	Submit half-yearly networth certificate	NSE, BSE, MCX	half-yearly	Compliance Officer	30-Sep and 31-Mar half-year close	Statutory-auditor-signed networth certificate uploaded via ENIT-NEW-COMPLIANCE module	Late submission penalty per NSE/INSP/53530 grid; per-day fine + risk of disciplinary action	NSE/COMP/64293	Networth ascertainment methodology per SEBI Gazette referenced in NSE/COMP/55447.
MEMBER-COMP-003	Maintain Base Minimum Capital (BMC) at exchange	NSE, BSE, MCX	continuous	Compliance Officer	Trading-member admission; ongoing requirement per exchange byelaws	BMC ledger with exchange; cash + FD + BG composition statement	Trading suspension on shortfall; auto square-off limits invoked	SEBI/LAD-NRO/GN/2026/291	BMC thresholds (Rs.10-50 lakh depending on segment / proprietary vs client trades) prescribed by exchange byelaws under SEBI (Stock Brokers) Regulations.
MEMBER-COMP-004	Maintain Additional Base Capital (ABC) for trading exposure	NSE, BSE, MCX, NSCCL, ICCL, MCXCCL	continuous	RMS Lead	Trading exposure exceeding base capital; margin obligations	ABC ledger with clearing corporation; collateral haircut report	Margin shortfall penalty; auto square-off; trading restriction	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	ABC composition rules (cash : non-cash 50:50) under SEBI/CC framework.
MEMBER-COMP-005	Maintain fit-and-proper continuing compliance	SEBI, NSE, BSE, MCX	continuous	Compliance Officer	Fit-and-proper Schedule II under SEBI (Intermediaries) Regulations / SEBI (Stock Brokers) Regulations 2026	Annual fit-and-proper declaration; criminal-record/regulatory-debarment register; KMP changes intimation log	Cancellation / suspension of registration on findings of non-fit-and-proper	SEBI/LAD-NRO/GN/2026/291	2026 Regulations require designated director resident in India for 182+ days per FY.
MEMBER-COMP-006	Ensure Compliance Officer holds NISM Series III-A certification	SEBI	continuous	Compliance Officer	Compliance Officer appointment; NISM cycle (3 years revalidation)	Valid NISM Series III-A certificate (Securities Intermediaries Compliance — Non-Fund); name on NSE / BSE compliance officer master	Inspection observation; member treated as non-compliant for compliance-function adequacy	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Refresher / Continuing Professional Education window per NISM Regulations.
MEMBER-COMP-007	Ensure Principal Officer holds NISM Series I or VII certification	SEBI, FIU-IND	continuous	Principal Officer	AML Principal Officer designation under PMLA + SEBI AML Master Circular	NISM certificate (Series I — Currency Derivatives / VII — Securities Operations & Risk Management as applicable); PO designation letter on file with FIU-IND	PMLA non-designation contravention; SEBI inspection observation	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	AML Master Circular Jun 6, 2024 reiterates PO obligations and revalidation cycle.
MEMBER-COMP-008	Ensure Authorised Persons hold NISM Series VIII certification	NSE, BSE, MCX	continuous	Compliance Officer	AP registration; NISM cycle	NISM Series VIII (Equity Derivatives) certificate for each AP; AP registration confirmation from exchange	AP deactivation; member-side penalty per NSE penalty matrix	NSE/COMP/63628	Joint-exchange AP supervisory framework (Aug 28, 2024) cross-checks AP certification, branch supervision, periodic inspection.
MEMBER-COMP-009	Ensure dealers / approved users hold NISM Series VIII certification	NSE, BSE, MCX	continuous	Compliance Officer	User-ID activation on CTCL / IBT; NISM cycle	NISM Series VIII certificate per dealer; exchange approved-user master	Trading-user-ID suspension; exchange penalty	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Different segments require corresponding NISM series (Currency / Commodity / IRD).
MEMBER-COMP-010	Track NISM re-certification cycles for all designated roles	SEBI, NSE, BSE	as-required	Compliance Officer	3-year validity expiry of each NISM certificate	Certificate-expiry register; CPE / re-certification proof; HR records	Lapse triggers staff disqualification for the relevant function	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — internal renewal calendar with 60-day pre-expiry alert.
MEMBER-COMP-011	Maintain employee code of conduct and trading code	SEBI	continuous	Compliance Officer	Initial adoption; review on regulatory change	Board-approved employee code of conduct; trading code; periodic employee acknowledgement	Internal disciplinary; reputational; possible PIT contravention	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Trading code references SEBI (PIT) Regulations 2015 — Code of Conduct under Schedule B.
MEMBER-COMP-012	Maintain insider-trading code under PIT Regulations 2015	SEBI	continuous	Compliance Officer	SEBI (PIT) Regulations 2015 as amended	Code of Conduct on PIT; Code of Fair Disclosure; trading window calendar; structured digital database	Up to Rs.25 crore or 3x profit (whichever higher) per Sec 15G SEBI Act for insider trading	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	[no direct circular — industry practice anchored to PIT Regulations 2015 itself]. Brokers also have UPSI obligations when handling client orders / research.
MEMBER-COMP-013	Maintain Designated Person list and UPSI access logs	SEBI	continuous	Compliance Officer	PIT Regulations 2015 — designated persons list, structured digital database (SDD)	SDD with non-editable, time-stamped UPSI movement; designated-person register with family/immediate-relative details	PIT contravention penalty; structured digital database non-maintenance specific penalty	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — SDD as a non-editable log; many brokers use ETL into immutable storage (write-once).
MEMBER-COMP-014	Operate pre-clearance and trading window closures	SEBI	as-required	Compliance Officer	Designated person trade above threshold; corporate-event-driven trading window closure	Pre-clearance request log; window-closure notice; designated-person trade confirmations	PIT violation penalty band	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Threshold typically Rs.10 lakh+ per quarter (per PIT Reg). Industry practice — pre-clearance workflow in HRMS / GRC tool.
MEMBER-COMP-015	Pre-approve advertisements per SEBI / exchange norms	SEBI, NSE, BSE, MCX	as-required	Compliance Officer	Any advertisement / collateral release	Pre-approval workflow ticket; ad copy with disclaimers; exchange filing acknowledgement (if required)	NSE penalty per matrix; ad withdrawal directive; possible SEBI penal action	NSE/INSP/66284, NSE/INSP/63425	NSE clarifications on incentives/referral schemes (Jan 2025, Aug 2024) limit AP-only referrals; ad copy must reflect this. Industry practice — no guaranteed returns, no past-return claims without disclaimer.
MEMBER-COMP-016	Operate Authorised Person supervisory framework	NSE, BSE, MCX	continuous	Compliance Officer	Member onboarding APs and branches	AP inspection plan; AP / branch periodic on-site visit log; AP supervision report	NSE penalty per matrix; AP-level deactivation in severe cases	NSE/COMP/63628, NSE/INSP/63425	Aug 2024 framework consolidates earlier AP-supervisory circulars chain (NSE/COMP/48536, 49509, 50030, 56947, 58438) and harmonises NSE / BSE / MSEI supervision.
MEMBER-COMP-017	Intimate KMP changes to exchanges	NSE, BSE, MCX	event-triggered	Compliance Officer	Change in Director / CEO / MD / Manager / CFO / CS / Compliance Officer	KMP-change intimation via ENIT; updated KMP master; PAN / contact updates; board resolution	Penalty per NSE/INSP/53530 grid for delayed or missing intimation	NSE/COMP/56766	Identification per Section 2(51) of Companies Act 2013.
MEMBER-COMP-018	Maintain resident director (designated director) per SEBI 2026 Regulations	SEBI	continuous	Designated Director	SEBI (Stock Brokers) Regulations 2026 — Reg requirement of at least one designated director resident in India for 182+ days per FY	Director residency declaration; passport / immigration record; board resolution	Registration suspension / cancellation; non-fit-and-proper finding	SEBI/LAD-NRO/GN/2026/291	Effective 7 Jan 2026 with the new SEBI (Stock Brokers) Regulations.
MEMBER-COMP-019	Confirm two-year securities-trading experience for new registration	SEBI	one-time	Compliance Officer	Fresh broker / clearing-member registration application after 7 Jan 2026	Experience certificate(s) from prior employer / exchange membership history; director CVs; SEBI registration order	Application rejection	SEBI/LAD-NRO/GN/2026/291	Replaces 1992 Stock Brokers Regulations eligibility criteria with a wholesale rewrite.
MEMBER-COMP-020	Renew member registration with SEBI / exchanges	SEBI, NSE, BSE, MCX	as-required	Compliance Officer	Permanent registration with periodic fee cycle (5-year block) post 1 Apr 2007 SEBI fee regime	Fee receipts; SEBI registration certificate; exchange membership card / online status	Suspension on non-payment; registration cancellation	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, SEBI/LAD-NRO/GN/2026/291	5-year block fee for stock brokers under SEBI (Stock Brokers) Regulations.
MEMBER-COMP-021	Renew / maintain Authorised Person registration	NSE, BSE, MCX	annual	Compliance Officer	AP annual maintenance charge cycle; AP renewal under exchange byelaws	AP fee receipt (Rs.5,000/AP/year per NSE/COMP/60859 FY24-25); AP registration master	AP deactivation on non-payment; reinstatement subject to fresh registration	NSE/COMP/63628	AP AMC of Rs.5,000/AP/year introduced via NSE/COMP/60859 FY2024-25.
MEMBER-COMP-022	Intimate branch / authorised-person location changes	NSE, BSE, MCX	event-triggered	Compliance Officer	New branch / sub-broker / AP location opened or relocated	Branch / AP location master on ENIT; address proof; AP appointment letter	Penalty per NSE/INSP/53530 grid for non-intimation	NSE/COMP/63628	AP supervisory framework Aug 2024 requires periodic location-master reconciliation.
MEMBER-COMP-023	Maintain office infrastructure and supervisory presence	NSE, BSE, MCX	continuous	Compliance Officer	SEBI (Stock Brokers) Regulations + exchange Operating Instructions	Premises lease / ownership records; supervisory officer at each branch; CCTV / access-control logs (industry practice)	Inspection observation; suspension on findings of non-functioning premises	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — compliance officer must be physically based in India; back-office team residency typical norm.

Investor servicing (15 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
INVESTOR-SERVICING-001	Issue digitally-signed Electronic Contract Note within 24 hours	SEBI, NSE, BSE	daily	Ops Lead	Trade execution; T+24h deadline for ECN dispatch	ECN PDF (digitally signed under IT Act) emailed to client; preserved-channel log; ECN archive 5+ years	Late / non-dispatch penalty per NSE/INSP/53530; SEBI penal action	NSE/INSP/61999, NSE/INSP/52604	NSE/INSP/61999 (May 13, 2024) revised contract-note format. NSE/INSP/52604 (Jun 10, 2022) permits SMS / instant-messaging delivery in addition to email.
INVESTOR-SERVICING-002	Distribute daily margin statement to client	SEBI, NSE	daily	Ops Lead	End-of-day margin obligation calculation	Daily margin statement (email / app); preserved-channel log; client signed acknowledgement (annual)	Margin disclosure default penalty per NSE/INSP/53525; client-complaint trigger	NSE/INSP/64315	Format and content per “Guidelines on Margin collection & reporting” (NSE/INSP/64315 Oct 2024).
INVESTOR-SERVICING-003	Send quarterly statement of accounts (running account settlement cycle)	SEBI, NSE, BSE	quarterly	Funds Ops	Quarterly running-account settlement window (first Friday and/or Saturday of settlement week from Jan-Mar 2024 quarter)	Statement of accounts emailed to client; settlement / retention details; payout proof	Penalty per NSE/INSP/53530 grid for non-dispatch; SCORES complaint exposure	SEBI/HO/MIRSD/DOP/P/CIR/2022/101, SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187	SEBI Dec 2023 circular (SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187) eased running-account day from “single first Friday” to “Friday and/or Saturday”.
INVESTOR-SERVICING-004	Send monthly statement (running-account monthly option)	SEBI, NSE, BSE	monthly	Funds Ops	Client opted monthly running-account cycle	Monthly statement dispatched; settlement record; client option register	Same as quarterly statement default penalty	SEBI/HO/MIRSD/DOP/P/CIR/2022/101	Monthly or quarterly cycle is client-choice; cycle change requires client consent.
INVESTOR-SERVICING-005	Send daily holding statement to active accounts via API / file	NSE, CDSL, NSDL	daily	Ops Lead	Daily portfolio service for active clients (industry practice + exchange API mandate)	Holding statement file delivered (email / API); daily-submission log	Inspection observation if portfolio service contracted but not delivered	NSE/INSP/55039	NSE/INSP/55039 (Dec 28, 2022) standardises API for daily Holding Statement and Bank Balances submission to exchange.
INVESTOR-SERVICING-006	Issue annual Form-16A TDS statement	SEBI	annual	Funds Ops	FY close; statutory TDS Form 16A under Income-tax Act	Form 16A generated from TRACES; despatched to client	Income-tax Act penalty for delayed Form 16A; SCORES complaint exposure	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	[no direct SEBI circular — Income-tax Act obligation]. Industry practice — bundle with annual statement.
INVESTOR-SERVICING-007	Communicate corporate-action events (dividend / bonus / split / rights / buyback)	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Depository corporate-action calendar	SMS / email / app notification log; record-date snapshot; entitlement intimation	SCORES complaint exposure; depository penalty on credit-failure (CDSL Operating Instructions)	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — feed-based corporate-action workflow tied to CDSL / NSDL announcement files.
INVESTOR-SERVICING-008	Ensure SMS DLT-template compliance for client communications	SEBI, NSE, BSE	continuous	CISO	TRAI Commercial Communications Customer Preference Regulations 2018 + telco DLT enforcement; SEBI inputs on phishing mitigations	DLT-registered Sender ID + template; template-approval log with telco; preserved SMS log	Telco blocking of un-registered template; SEBI inspection observation; consumer complaint via TRAI / SEBI	NSE/INSP/52604	NSE/INSP/52604 (Jun 10, 2022) permits SMS-channel ECN delivery subject to DLT compliance. Phishing mitigation references in SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96.
INVESTOR-SERVICING-009	Ensure email DLT / IT Act compliance for client communications	SEBI, MeitY	continuous	CISO	IT Act Sec 66A void; SPDI Rules 2011 / forthcoming DPDP Rules 2025	Domain DKIM / SPF / DMARC records; opt-in register; unsubscribe trail	DPDP penalty up to Rs.200 crore post compliance window; reputational	DPDP-Rules-2025-Notification	Industry practice — Email Sender Score / spam-rate threshold tracking.
INVESTOR-SERVICING-010	Verify mobile and email at onboarding and annually	SEBI, NSE, BSE, CDSL, NSDL	annual	Compliance Officer	Onboarding (mandatory OTP / link verification) + annual re-confirmation	OTP verification log at onboarding; annual re-confirmation campaign log; updated UCC / KRA / depository records	Inspection observation; SCORES complaint exposure; account freezing for unverified records	SEBI/HO/MIRSD/POD-1/P/CIR/2024/91, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79	Verified mobile / email also required for BSDA, KRA, CKYC upload.
INVESTOR-SERVICING-011	Comply with revised contract note format	SEBI, NSE, BSE	continuous	Ops Lead	NSE/INSP/61999 revision dated May 13, 2024	ECN samples conforming to revised Annexure A / B; segment-wise field validation; digital pledge / MTF fields handled	Penalty per NSE/INSP/53530 for format breach	NSE/INSP/61999, NSE/INSP/63859	NSE/INSP/63859 (Sep 10, 2024) FAQ supplement clarifies optional vs mandatory fields.
INVESTOR-SERVICING-012	Dispatch annual P&L / capital-gains statement	SEBI	annual	Funds Ops	FY close	Annual P&L / capital-gains statement dispatched (email / app); CCA-summary record	SCORES complaint exposure	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — bundle with Form 16A and annual ledger.
INVESTOR-SERVICING-013	Disclose brokerage and charges transparently	SEBI, NSE, BSE	continuous	Compliance Officer	Most Important Terms and Conditions (MITC) framework + tariff sheet	MITC document signed at onboarding; tariff sheet on website; ECN line-item disclosure	NSE penalty per matrix; SCORES complaint	NSE/INSP/61999	MITC framework references in NSE/INSP/60147 (preserved-channel notion).
INVESTOR-SERVICING-014	Dispatch physical statements only on client opt-in	SEBI	as-required	Ops Lead	Client opts for physical despatch in writing	Physical-despatch opt-in record; despatch register with proof-of-delivery	SCORES complaint exposure	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Default mode is electronic; opt-in mandatory for physical to control cost and meet client preference.
INVESTOR-SERVICING-015	Disseminate updated Investor Charter SCORES 2.0 information	SEBI, CDSL, NSDL	continuous	Compliance Officer	SCORES 2.0 URL / app launch Apr 1, 2024	Website footer / app-help refreshed with scores.sebi.gov.in URL; updated mobile-app deep links	Inspection observation	CDSL/IG/DP/GENRL/2024/593, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013	CDSL Oct 2024 advisory directs all DPs to update SCORES 2.0 information.

Exchange & depository registration (30 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
EXCH-DEPOT-REG-001	Upload UCC daily to NSE	NSE	daily	Ops Lead	New client onboarding / KYC modification	NSE UCC batch upload acknowledgement; 183-field UCC record validated by 4:00 PM trading-day cut-off	Inspection observation; trading restriction for client whose UCC not active by cut-off	20240117-40, 20240223-42	BSE / NSE UCC formats aligned to Protean PAN verification (name / DOB validation); old format rejected from Mar 28, 2024 EOD.
EXCH-DEPOT-REG-002	Upload UCC daily to BSE	BSE	daily	Ops Lead	New client onboarding / KYC modification	BSE UCC batch acknowledgement; revised UCC format compliance	Same as NSE UCC default	20240223-42, 20231227-66	UCC file format includes FDI / DR category split since Jan 2025; nominee fields added per SEBI nomination revamp.
EXCH-DEPOT-REG-003	Upload UCC daily to MCX	MCX	daily	Ops Lead	Client onboarding for commodity segment	MCX UCC batch acknowledgement; PAN / Aadhaar validation log	Trading restriction for the client till UCC active	MCX/MEM/105/2026	MCX UCC handled via Member Portal; KYC overlap with NSE / BSE UCC.
EXCH-DEPOT-REG-004	Process UCC modifications and unfreeze requests	NSE, BSE, MCX	as-required	Ops Lead	Name / DOB / PAN / bank / demat / nominee change	Modification request log; unfreeze acknowledgement from exchange; updated UCC record	Frozen UCC restricts trading; SCORES complaint exposure	20240223-42	Name / DOB modifications require Unfreeze with re-verification against Protean records.
EXCH-DEPOT-REG-005	Activate CM (Cash Market) segment	NSE, BSE, NSCCL, ICCL	one-time	Compliance Officer	Member admission application; client trading-preferences default activation	SEBI registration certificate covering CM segment; exchange member-admission letter; client-segment activation register	Trade rejection for inactive segment; SCORES complaint	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95	Trading Preferences circular Jun 2023 mandates default activation across all active exchanges with 3-month negative-consent window for existing clients.
EXCH-DEPOT-REG-006	Activate F&O (Equity Derivatives) segment	NSE, BSE, NSCCL, ICCL	one-time	Compliance Officer	Member admission to F&O; client trading-preferences capture + income-proof for derivatives	SEBI segment endorsement; exchange F&O activation letter; client income-proof on file	Trade rejection; SCORES complaint	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95	SEBI Oct 1, 2024 framework (SEBI/HO/MRD-PoD2/CIR/P/2024/00181) refreshes derivatives investor-protection. Income proof captured at onboarding (PMLA + exchange byelaw).
EXCH-DEPOT-REG-007	Activate CD (Currency Derivatives) segment	NSE, BSE	one-time	Compliance Officer	Member admission for currency segment; client opt-in	SEBI segment endorsement; exchange CD activation letter; client opt-in record	Trade rejection; SCORES complaint	SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95	RBI / SEBI joint framework; underlying-exposure declaration required for non-hedge participants.
EXCH-DEPOT-REG-008	Activate COM (Commodities) segment	MCX, MCXCCL, NSE	one-time	Compliance Officer	Member admission for commodities; client opt-in	MCX membership card; SEBI commodity-segment endorsement; client opt-in record	Trade rejection; SCORES complaint	MCX/MEM/105/2026	MCX TM / TCM admission timelines per MCX/MEM/105/2026.
EXCH-DEPOT-REG-009	Activate debt segment	NSE, BSE	one-time	Compliance Officer	Member admission for corporate / government debt segment	SEBI segment endorsement; exchange debt-segment activation	Trade rejection	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	SEBI Master Circular for Stock Brokers covers segment activation provisions.
EXCH-DEPOT-REG-010	Activate IRD (Interest Rate Derivatives) segment	NSE, BSE	one-time	Compliance Officer	Member admission for IRD segment	SEBI segment endorsement; IRD activation letter	Trade rejection	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94	Industry practice — limited client base; primarily institutional.
EXCH-DEPOT-REG-011	Admission to NSE as trading member	NSE	one-time	Compliance Officer	Fresh member application	NSE membership card / admission letter; SEBI registration certificate	Application rejection	SEBI/LAD-NRO/GN/2026/291	2026 Regulations rewrite eligibility criteria. Two-year experience and resident-director mandates apply.
EXCH-DEPOT-REG-012	Admission to BSE as trading member	BSE	one-time	Compliance Officer	Fresh member application	BSE membership card / admission letter; SEBI registration certificate	Application rejection	SEBI/LAD-NRO/GN/2026/291	BSE byelaws (admission fee, security deposit, base capital).
EXCH-DEPOT-REG-013	Admission to MCX as trading / clearing member	MCX, MCXCCL	one-time	Compliance Officer	Fresh member application; TCM / CM track	MCX membership card; MCXCCL clearing-member admission for TCM; six-month grace period for activation	Late-fee Rs.10,000/month from grace-period end (capped Rs.1,20,000 over 12 months); cancellation risk	MCX/MEM/105/2026	Refined Mar 2, 2026 — six-month grace period for new members; late-fee regime introduced.
EXCH-DEPOT-REG-014	Open demat BO account via CDSL (1-2 hour API)	CDSL	as-required	Ops Lead	Client onboarding chooses CDSL DP	BO ID generated; CDSL Easi link sent to client; signed account-opening form (digital / physical) archived	SCORES complaint; CDSL inspection observation	CDSL/RCD/DP/GENRL/2025/280, CDSL/OPS/DP/GENRL/2021/518	CDSL Master Circular for DPs (CDSL/RCD/DP/GENRL/2025/280) consolidates account-opening obligations. Online opening extended to non-individual / other accounts per CDSL/OPS/DP/GENRL/2021/518.
EXCH-DEPOT-REG-015	Open demat BO account via NSDL (Insta Interface API / paper file)	NSDL	as-required	Ops Lead	Client onboarding chooses NSDL DP	NSDL BO ID; Insta Interface API acknowledgement or paper-file index; signed AOF archived	NSDL inspection observation; SCORES complaint	NSDL/POLICY/2024/0003	NSDL Account Opening API and Client Maintenance API form Insta Interface ecosystem (NSDL/POLICY/2024/0003 — Jan 10, 2024).
EXCH-DEPOT-REG-016	Process BO modifications at CDSL	CDSL	as-required	Ops Lead	Name / address / bank / nominee / status modification request	Modification request form (digital / physical); CDSL modification confirmation; updated BO master	SCORES complaint; CDSL inspection observation	CDSL/RCD/DP/GENRL/2025/280	Aadhaar masked format (first 8 X, last 4 visible) per CDSL nominee circular.
EXCH-DEPOT-REG-017	Process BO modifications at NSDL	NSDL	as-required	Ops Lead	Modification request	Modification ticket via Insta Interface; NSDL acknowledgement; updated BO master	NSDL inspection observation	NSDL/POLICY/2024/0003	NSDL Client Maintenance API supports modifications since Jan 10, 2024.
EXCH-DEPOT-REG-018	Activate DDPI within 24 hours of eSign	SEBI, CDSL, NSDL	as-required	Ops Lead	Client e-Signs DDPI mandate	DDPI activation request via UDiFF; DP system activation log within 24 hours	Inspection observation; SCORES complaint	CDSL/OPS/DP/SYSTM/2022/332, CDSL/OPS/DP/SYSTM/2023/9	DDPI scope limited (pay-in, MTF, MF subscription/redemption, settlement); replaces POA which is now optional per SEBI 2022 circular.
EXCH-DEPOT-REG-019	Process DDPI revocation	SEBI, CDSL, NSDL	as-required	Ops Lead	Client revocation request	Revocation request log; CDSL / NSDL revocation acknowledgement; updated DDPI master	SCORES complaint exposure	CDSL/OPS/DP/SYSTM/2022/332	Client may revoke without giving reason; revocation must be honoured within prescribed window.
EXCH-DEPOT-REG-020	Process DDPI scope changes	CDSL, NSDL	as-required	Ops Lead	Client modifies DDPI consent-types (e.g., enable MTF)	Scope-change request; updated DDPI master	Operational error penalty	CDSL/OPS/DP/SYSTM/2023/9	Consent-type additions defined under CDSL/OPS/DP/POLCY/2022/463 and successor circulars.
EXCH-DEPOT-REG-021	Operate margin pledge	SEBI, CDSL, NSDL	continuous	RMS Lead	Client provides margin via securities pledge	Pledge instruction with OTP / DDPI authentication; pledge confirmation in BO; MG-22 form	Pledge invocation in shortfall; SCORES complaint on disputed pledge	CDSL/OPS/DP/SETT/2025/443	Operates under Sep 2020 SEBI margin-pledge framework; refreshed Jun 3, 2025.
EXCH-DEPOT-REG-022	Operate MTF pledge	SEBI, CDSL, NSDL	continuous	RMS Lead	Client uses Margin Trading Facility — funded position	MTF pledge instruction; client MTF agreement; pledge with TM-MTF flag	Funding-segment squareoff; SCORES complaint	CDSL/OPS/DP/SETT/2025/443	Only MTF-approved brokers (SEBI registration endorsement) can offer MTF.
EXCH-DEPOT-REG-023	Operate automated pledge release (PR-EP)	SEBI, CDSL, NSDL	continuous	RMS Lead	SEBI Jun 3, 2025 framework (effective Oct 10, 2025 post extension)	PR-EP transaction type in UDiFF; combined unpledge + early-pay-in confirmation in DP system; templates per Annexure 8.5 / 8.6	Settlement default penalty; SCORES complaint	CDSL/OPS/DP/SETT/2025/443, CDSL/OPS/DP/POLCY/2025/657	Implements SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/82 Jun 3, 2025. Effective date extended to Oct 10, 2025 via CDSL/OPS/DP/POLCY/2025/554.
EXCH-DEPOT-REG-024	Operate automated pledge invocation (IV-EP / IV-RD)	SEBI, CDSL, NSDL	continuous	RMS Lead	Client default / redemption flow	IV-EP (confiscation) / IV-RD (redemption) transactions in DP system; signed TM / CM undertaking per Annexure A (since Feb 9, 2026)	Operational error penalty; SCORES complaint	CDSL/OPS/DP/SETT/2025/443, CDSL/OPS/DP/POLCY/2025/657	From Apr 6, 2026 — signed undertaking (Sections 176, 177 Indian Contract Act 1872) required from pledger and pledgee per CDSL/OPS/DP/POLCY/2026/180.
EXCH-DEPOT-REG-025	Obtain MTF eligibility approval from SEBI / exchange	SEBI, NSE, BSE	one-time	Compliance Officer	Member opts to offer MTF	SEBI approval letter for MTF; exchange MTF endorsement; networth + MTF-specific capital threshold compliance	MTF service withdrawal; possible SEBI penal action	NSE/COMP/64293	MTF-availing members file networth certificate by Oct 31 (vs Nov 30 for others).
EXCH-DEPOT-REG-026	Onboard MTF customer with explicit consent	SEBI, NSE, BSE	as-required	Compliance Officer	Client opts to use MTF	MTF risk-disclosure document signed; MTF agreement; UCC MTF flag set	SCORES complaint; SEBI penal action for mis-selling	NSE/INSP/61999	Revised contract note format Annexure A / B handles MTF line items.
EXCH-DEPOT-REG-027	Operate SLBM (Securities Lending and Borrowing) services	SEBI, NSE, NSCCL	continuous	Ops Lead	Client opts to lend / borrow securities via SLBM	SLBM order tickets; settlement calendar adherence; monthly SLBS-calendar reconciliation	Failed-leg penalty per SLBS rules; SCORES complaint	NSE/CMTR/71767	Monthly SLBS settlement calendar per NCL/CMPT/67763 (Apr 30, 2025) and successor monthly calendars (CMPT71222 Dec 2025).
EXCH-DEPOT-REG-028	Process member resignation procedure	SEBI, NSE, BSE, MCX	one-time	Compliance Officer	Board decision to exit membership	Member-resignation application; NOC from clients (or migration); SEBI surrender order; exchange relief order	N/A (voluntary) but failure to settle client obligations triggers PMLA / SEBI action	SEBI/LAD-NRO/GN/2026/291	2026 Regulations include surrender / cancellation procedure.
EXCH-DEPOT-REG-029	Comply with member suspension / cancellation procedure	SEBI, NSE, BSE, MCX	event-triggered	Compliance Officer	SEBI suspension / cancellation order; exchange disciplinary action	SEBI / exchange order copy; client-migration plan; investor-protection fund (IPF) crystallisation	Cancellation of registration; bar on associated persons	SEBI/LAD-NRO/GN/2026/291	Client-money refund + securities transfer to IPF / clearing-corp default-fund per SEBI defaulter committee rules.
EXCH-DEPOT-REG-030	Maintain UDiFF file-format readiness across pledge / settlement	CDSL, NSDL, NSCCL, ICCL, MCXCCL	continuous	Ops Lead	UDiFF standardised file formats (CC → Member, DP → BO)	UDiFF master file with version; signed-off integration test reports; production cutover artefacts	Settlement disruption; reconciliation failure penalty	CDSL/OPS/DP/POLCY/2025/518, CDSL/OPS/DP/SETT/2025/443	UDiFF catalogue updated to handle PR-EP / IV-EP / IV-RD without column additions (re-using CUSPA fields).

Edge-case compliances (30 entries)

ID	Name	Regulator	Frequency	Owner	Trigger	Evidence	Penalty	Circulars	Notes
EDGE-CASE-001	Onboard NRI with NRE/NRO linkage	SEBI, RBI	event-triggered	Ops Lead	NRI requests demat + trading account	NRE/NRO bank-account proof; PIS letter from AD bank (for secondary-market equity); passport / OCI card; overseas address proof; FATCA-CRS self-cert	FEMA Sec 13 contravention if non-PIS route used; broker exposure	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, CKYC/2025/03_Revised, RBI Master Direction DBR.AML.BC.No.81/14.01.001/2015-16	NRO for repatriation-limited income; NRE for fully repatriable funds.
EDGE-CASE-002	Enforce PIS-route delivery-only restriction	SEBI, RBI	continuous	RMS Lead	NRI client on PIS route placing orders	RMS block on intraday-square-off; only delivery / settled-position orders permitted; trade log tied to PIS reporting to AD bank	FEMA Sec 13; SEBI MIRSD inspection finding	RBI Master Direction DBR.AML.BC.No.81/14.01.001/2015-16	PIS-route NRIs are delivery-only on equity cash; F&O routes via separate non-PIS scheme.
EDGE-CASE-003	Onboard minor with guardian KYC	SEBI, CDSL, NSDL	event-triggered	Ops Lead	Account opened for minor (<18) with natural / court-appointed guardian	Minor’s birth certificate / school-leaving certificate; guardian’s full KYC pack; guardian-relationship document; account-master flagged “Minor”	CDSL/NSDL inspection finding; account freeze on guardian KYC gap	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, CDSL/OPS/DP/POLCY/2024/580	Trading not permitted in minor accounts (industry practice). Demat only.
EDGE-CASE-004	Issue age-18 conversion notice to minor	CDSL, NSDL	event-triggered	Customer Service Lead	T-30 days from minor’s 18th birthday	Notice on file via email/SMS/letter; reminder log at T-15 and T-7; conversion-pack mail-out	Failure to notify → forced freeze on minor turning 18 (operational gap); investor grievance	NSDL/POLICY/2022/053, CDSL/OPS/DP/POLCY/2024/580	Conversion requires fresh KYC pack from now-major holder; new mobile/email/PAN-Aadhaar.
EDGE-CASE-005	Freeze minor-converted account on conversion lapse	CDSL, NSDL	event-triggered	DP Manager	Minor turns 18; conversion KYC not received	BO master frozen for debit; freeze-reason log; communication to (now-major) holder	Operational gap if not frozen — guardian continues operating major’s account = unauthorised	NSDL/POLICY/2022/053, CDSL/OPS/DP/POLCY/2024/580	Industry practice — 30-day grace from DOB; freeze on grace expiry.
EDGE-CASE-006	Open joint demat with multi-signatory e-Sign	SEBI, CDSL, NSDL	event-triggered	Ops Lead	Joint account-opening with 2 or 3 holders	All holders’ KYC packs; multi-signatory e-Sign trail (Aadhaar e-Sign / DSC) per holder; AOF specifying operating mode	Incomplete signature trail → account-opening rejection at depository	CDSL/OPS/DP/GENRL/2021/447, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Maximum 3 holders for demat. Online opening permitted via semi-automated route since Oct 2021.
EDGE-CASE-007	Set operating mode for joint demat (Single/Joint/EOS)	CDSL, NSDL	event-triggered	Ops Lead	Joint account-opening or change in operating-mode	Holding mode flagged in BO master (Joint = Anyone or Survivor / Single = First Holder operates / EOS = Either or Survivor); modification form for change	Wrong mode causes settlement / transmission ambiguity; investor grievance	NSDL/POLICY/2022/053, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15	Survivorship rule for joint holdings clarified in Feb 2025 SEBI nomination amendment.
EDGE-CASE-008	Onboard HUF demat with joint individuals	SEBI, CDSL	event-triggered	Ops Lead	HUF requests demat with up to 2 individual joint holders	HUF PAN (4th letter “H”); Karta declaration; coparcener list; joint-holder PANs (4th letter “P”); Karta’s KYC pack	Wrong PAN-structure tagging → account-opening rejection; nomination treatment inapplicable	CDSL/OPS/DP/POLCY/2025/818, CDSL/OPS/DP/POLCY/2026/218	HUF demat exists in perpetuity → no nomination facility. Joint with up to 2 individuals permitted per SEBI Aug 2025 letter.
EDGE-CASE-009	Capture coparcener details for HUF demat	CDSL	event-triggered	Ops Lead	HUF demat account opening / amendment	Coparcener master with PAN/Aadhaar, relationship, age, gender; field-level capture per CDSL/OPS/DP/POLCY/2026/209	CDSL inspection observation	CDSL/OPS/DP/POLCY/2026/218	Effective Mar 2026 onwards. Aligned with PMLA BO identification for HUF.
EDGE-CASE-010	Onboard partnership firm / LLP	SEBI, CERSAI	event-triggered	Ops Lead	Partnership / LLP requests trading + demat account	Partnership deed / LLP agreement; PAN of firm; partners’ KYC packs; authorised-signatory resolution; BO declaration; CKYC LE upload reference	KYC pack rejection; PMLA BO non-identification breach	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, CKYC/2020/11, CDSL/OPS/DP/POLCY/2021/127	BO threshold 10% (post Mar 2023). Authorised signatories per partnership deed.
EDGE-CASE-011	Onboard corporate / company client	SEBI, CERSAI	event-triggered	Ops Lead	Corporate body / private limited / public limited / unlisted company seeks account	MOA/AOA; Certificate of Incorporation; PAN of company; Board Resolution; authorised signatories’ KYC packs; BO chain-of-control identifying natural persons; CKYC LE upload	PMLA Section 13(2); SEBI MIRSD AML inspection observation	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, CKYC/2020/11	BO threshold 10%; multiple ownership layers traced to natural persons.
EDGE-CASE-012	Onboard trust client	SEBI, CERSAI	event-triggered	Ops Lead	Public / private / charitable trust seeks account	Trust deed; PAN (4th letter “T”); Trustee KYC packs; Settlor/Author identification; beneficiaries declaration (or class description); BO declaration	PMLA breach if BO untraceable; SEBI inspection finding	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78, CKYC/2020/11	For discretionary trusts — beneficiaries identified by class. Settlor and trustees treated as BOs.
EDGE-CASE-013	Collect FATCA/CRS per authorised signatory of non-individual	SEBI	event-triggered	Ops Lead	Non-individual account onboarding / signatory change	FATCA-CRS self-cert from each authorised signatory; entity-level FATCA-CRS classification; KRA upload of self-cert	Income-tax Rule 114F-H breach; FATCA inter-government reporting gap	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Entity classification (Active NFE / Passive NFE / FFI) drives BO disclosure depth.
EDGE-CASE-014	Process multi-signatory e-Sign for non-individual modification	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Bank update / signatory change / address change for non-individual	Board resolution / Karta direction; each authorised signatory’s Aadhaar e-Sign or DSC; modification form with trail	Unauthorised modification → reversal + investor-protection action	CDSL/OPS/DP/GENRL/2021/447, SEBI/HO/MIRSD/DoP/P/CIR/2022/44	Operating mode + minimum signatories per BR enforced at modification time.
EDGE-CASE-015	Process NRI-to-resident conversion	SEBI, RBI, CDSL, NSDL	event-triggered	Customer Service Lead	NRI returns to India and becomes resident under FEMA	Resident-status declaration; PIS-letter cancellation with AD bank; NRE/NRO closure; updated KYC pack as resident; new bank linkage; segment-reactivation (F&O allowed)	Continued NRI tagging → FEMA contravention; tax-residency mismatch under FATCA-CRS	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, CKYC/2025/03_Revised, RBI Master Direction DBR.AML.BC.No.81/14.01.001/2015-16	182-day rule (FEMA). CKYC Residential Status field updated. Industry practice — close PIS account and open resident demat fresh.
EDGE-CASE-016	Process resident-to-NRI conversion	SEBI, RBI, CDSL, NSDL	event-triggered	Customer Service Lead	Resident becomes NRI under FEMA	Resident-to-NRI declaration; PIS letter from AD bank for new NRO/NRE; updated KYC with NRI status; CKYC Residential Status updated; segment-restrictions imposed (F&O reset per scheme)	FEMA non-compliance; continued domestic-bank linkage post-NRI status	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, CKYC/2025/03_Revised, RBI Master Direction DBR.AML.BC.No.81/14.01.001/2015-16	Resident-to-NRI requires closing/redesignating domestic bank to NRO; intraday-square-off disabled if shifting to PIS route.
EDGE-CASE-017	Apply 3-holder maximum for demat	CDSL, NSDL	continuous	Ops Lead	Joint account-opening with more than 3 holders attempted	Account-opening rejection log when 4+ holders requested; client communication	Depository system rejects 4th holder; account cannot be created	NSDL/POLICY/2022/053, CDSL/OPS/DP/GENRL/2021/447	Hard cap; no exception. Trust accounts treated separately (multiple trustees but single entity).
EDGE-CASE-018	Capture nominee details (DOB, % share, relationship) at onboarding	SEBI, CDSL, NSDL	event-triggered	Ops Lead	New account opening or nomination modification	Nominee name, DOB, serial number, % share, relationship with BO mandatory; Guardian details mandatory if nominee is minor; Aadhaar masked	Incomplete capture → account-opening reject at depository	CDSL/OPS/DP/POLCY/2024/580, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04	Aadhaar masked (first 8 X, last 4 visible). All other nominee fields optional.
EDGE-CASE-019	Use e-DIS for NRI / minor / joint demat	CDSL, NSDL	event-triggered	Ops Lead	NRI sole holder / minor through guardian / joint holders deliver securities	TPIN + OTP authentication log; e-DIS valid for one calendar day; suitable undertaking for sole-NRI	Mis-authenticated DIS = unauthorised pay-in / payout	CDSL/OPS/DP/GENRL/2021/446	Extended to all investor categories Oct 2021. Sole-NRI requires explicit DP undertaking.
EDGE-CASE-020	Apply 2FA on easi/easiest for NRIs	CDSL	continuous	DP Manager	NRI logs into easi/easiest BO portal	Email-OTP delivered (NRI mobile-OTP exempt); 5-minute OTP validity log; session audit	Account-access disabled if 2FA fails; investor grievance on access	CDSL/OPS/DP/POLCY/2024/484	NRIs receive email-only OTP given international-SMS unreliability.
EDGE-CASE-021	Onboard foreign-national client	SEBI, CERSAI	event-triggered	Ops Lead	Non-PIO / non-NRI foreign national seeks securities-market access	Passport copy; foreign-government-issued documents / Foreign Embassy / Mission letter as address proof; Residential Status flagged “Foreign National”; FATCA self-cert	Wrong residential-status flag → tax-reporting error; KYC rejection	CKYC/2025/03_Revised, SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Limited products available (FPI route via separate registration). Stock-broker direct onboarding rare.
EDGE-CASE-022	Operate demat for incapacitated/special-needs investor	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	BO becomes incapacitated / certified disability / very old age	Power of attorney / court order; nominee-operation flow per CDSL/NSDL/AMFI SOP; original BO retained; transactions logged with explicit authorisation trail	Unauthorised nominee operation pre-demise = fraud risk; SEBI investor-protection action	CDSL/OPS/DP/POLCY/2025/393	Common SOP across CDSL+NSDL+AMFI. BO remains beneficial owner; nominee acts as operator.
EDGE-CASE-023	Apply CKYC differently-abled fields at modification	CERSAI	event-triggered	Customer Service Lead	Existing customer discloses disability post-onboarding	CKYC update with Differently Abled Status / Impairment Type / Percentage / UDID; bulk update file v1.3	Failure violates Hon’ble SC accessibility order 30 Apr 2025	CKYC/2025/11	Effective 30 Sep 2025. Triggers accessibility flow at all linked REs.
EDGE-CASE-024	Process untraceable-client funds and securities	SEBI, BSE, NSE	quarterly	Compliance Officer	Client untraceable (returned mail, no response across attempts)	Segregated dedicated bank + dedicated demat account for untraceable clients; audit trail; quarterly report to exchange	Co-mingled funds violate SEBI client-funds segregation; exchange fine	SEBI/HO/MIRSD/POD-1/P/CIR/2025/94, NSE/INSP/43488	Zero-balance excluded; non-zero balance disclosed each quarter. BSE INSP inactive-client equivalent referenced in BSE master framework but not surfaced as discrete ID in current circulars index.
EDGE-CASE-025	Map FPI to broker without CKYC upload	SEBI, CERSAI	event-triggered	Ops Lead	FPI category-I/II onboarding via custodian	FPI registration certificate; custodian KYC pack; no CKYCRR upload (per Jan 2022 exemption); FATCA-CRS at FPI level	Wrongful CKYC upload = unnecessary data disclosure; CERSAI advisory note	CKYC/2022/01, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79	FPI exempt from Rule 9(1A); broker still maintains internal KYC under SEBI FPI framework.
EDGE-CASE-026	Handle short-allocation reason code for NRI trades	NSE, BSE, NSCCL, ICCL	monthly	RMS Lead	NRI client short-allocation flagged in CC monitoring	Reason code “NRI trades” submitted in member-side SA file; supporting trade-and-position evidence	False short-allocation reporting attracts CC false-margin-reporting penalty; member disciplinary action	NSE/INSP/49691, NCL/CMPT/55381, ICCL 20230126-1	Standard reason codes include excess collateral at other CCs, EPI of securities, wrong-client trades, NRI trades, late-allocation acceptance.
EDGE-CASE-027	Process succession certificate / probate handling	SEBI, CDSL, NSDL	event-triggered	Customer Service Lead	Deceased holder without nominee; holdings above simplified-transmission threshold	Succession certificate / probate / letters of administration / legal-heirship certificate; standardised transmission form; valuation evidence; threshold review (Rs 5 lakh demat across DPs)	Mishandling → civil suit + investor grievance under SEBI ODR	SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04	Above threshold = mandatory court document. Below threshold = simplified form + indemnity (but no demand for notarisation post Jan 2025).
EDGE-CASE-028	Process minor demat opened via natural guardian	CDSL, NSDL	event-triggered	Ops Lead	Natural guardian (parent) opens demat for minor child	Birth certificate; guardian’s full KYC; guardian-minor relationship document; account flagged “Operated by Guardian”; trading not enabled	Operational gap if guardian KYC stale → account-freeze risk on minor’s KYC review	NSDL/POLICY/2022/053, CDSL/OPS/DP/GENRL/2021/447	Court-appointed guardian: court order required in lieu of natural-guardian declaration.
EDGE-CASE-029	Block trading on minor account	SEBI, NSE, BSE	continuous	RMS Lead	Minor demat linked to trading platform	UCC tagged “Minor — Demat only”; RMS rule blocking F&O / cash trades; only IPO / corporate-action / off-market permitted	SEBI MIRSD inspection finding; investor-protection breach	SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169	Industry practice — trading disabled for minor accounts. IPO and DP transactions only.
EDGE-CASE-030	Apply legacy-CKYC search for pre-2017 accounts	CERSAI	event-triggered	Ops Lead	Account opened before 1 Jan 2017 (pre-CKYCRR go-live) being modified / re-KYCed	Multi-parameter search log (Mobile, PAN, last-4 Aadhaar+Name+DOB+Gender, Voter ID, DL, Passport, NREGA, NPR); fresh upload only if no match	Duplicate CKYC records create reconciliation cost; CERSAI inspection observation	CKYC/2026/08	~112 crore CKYC records as of Apr 2026. Legacy mismatch a substantive concern.

Practical notes

• [industry practice] Ops teams typically operate from a weekly compliance calendar — they take this blueprint, filter to their domain, and slot recurring items into the calendar. Event-triggered items are handled via runbook.
• [gotcha] Several compliances have overlapping evidence requirements (e.g., the same trade file is evidence for margin reporting AND settlement). Mapping evidence-to-source once and reusing is a substantial efficiency win.
• [risk trade-off] “Continuous” frequencies (concurrent audit, surveillance) cannot be batched without breaching the obligation; “event-triggered” can be queued with SLAs.
• [cost optimization] Many small brokers under-resource their reporting function and pay penalties; the marginal cost of an extra reporting analyst is often less than the average annual penalty for a mid-size broker (industry-reported figures vary; verify in your books).

Verified through

2026-05-14

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AI-generated and not legal, financial, or compliance advice. See the project README for full disclaimer.