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KYC Onboarding Spec by Rakesh Waghela

BSE Circulars

Why this page is structured this way: All in-window entries are listed descending by date so the most recent regulatory state is the first thing a reader sees. Use Cmd-F / Ctrl-F for ID-based lookup. Cross-references from the rest of the site point at anchors on this page.

TL;DR

Section titled “TL;DR”
  • 45 circulars indexed in this issuer’s section.
  • 12 issued in 2025 or later.
  • 0 entries flagged [unknown — verify] in at least one field.
  • All entries trace to a primary issuer URL (or Wayback fallback) where research could verify the source.
  • AI-generated; read the linked PDF before acting on any provision.

Conceptual overview

Section titled “Conceptual overview”

This page is the complete listing of BSE circulars in the project’s 2020–2026 sweep window. Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL. Where the primary URL could not be re-fetched, an archive URL is provided in its place.

Entries (descending date)

Section titled “Entries (descending date)”

20250915-52

Section titled “20250915-52”

Requires trading members to address non-compliances identified in their system audit for the period ended March 31, 2025 and submit a Corrective Action Report (CAR) by September 30, 2025 via BEFS. Auditors evaluate CAR and tag compliance status. Refers to October 2023 notice on audit-submission penalties.

20250915-53

Section titled “20250915-53”

Requires trading members to submit Corrective Action Reports (CAR) for non-compliances flagged in their Cyber Security & Cyber Resilience Audit for the fiscal year ending March 31, 2025. CAR submission deadline September 30, 2025; documents to be submitted through BEFS; auditors to subsequently mark “Compliant” or “Non-Compliant”.

20250623-40

Section titled “20250623-40”

Consolidated FAQ on running-account settlement of client funds held by trading members, building on prior September 2022 guidance and incorporating member feedback. Members must comply with the clarifications in Annexure A.

20250610-4

Section titled “20250610-4”

Disseminates SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 dated June 2, 2025 updating the Investor Charter for Research Analysts to reflect the ODR platform and SCORES 2.0. RAs must display the charter on websites, apps, premises and onboarding material; publish complaint data monthly by the 7th; file FIRs for impersonation-related complaints with SCORES; and display prominent impersonation warnings on website homepage.

20250610-5

Section titled “20250610-5”

Disseminates SEBI circular dated June 2, 2025 updating the Investor Charter for Investment Advisers to reflect SCORES 2.0 and the ODR platform. Requires display of the charter on websites/apps/premises, monthly complaint disclosures by the 7th of the following month, FIRs for impersonation-related complaints, and prominent homepage warnings regarding impersonation entities.

20250603-38

Section titled “20250603-38”

Disseminates SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/82 dated June 3, 2025 on procedural requirements for providing margin obligations by way of pledge / re-pledge of securities in the depository system. Members must read and comply with the annexed SEBI circular.

20250520-26

Section titled “20250520-26”

Reminds trading members of the May 31, 2025 deadline to submit the Internal Audit Report for the half year ended March 31, 2025 via BEFS in the prescribed format. References earlier notice 20250404-63 and the penalty regime under notice 20220601-52.

20250411-43

Section titled “20250411-43”

Revises the UCC structure to incorporate nominee-related fields for the Mutual Funds segment per SEBI nomination revamp guidelines. Maintains the 183-field UCC count while reorganising fields. Applies across Manual Interface, Bulk upload, Mobile app and API. Supersedes the March 27, 2025 notice; trading members and third-party / proprietary system users must prepare technical updates.

20250127-22

Section titled “20250127-22”

Compiles recurring compliance irregularities observed during inspections of trading members during April-September 2024. References prior August 2024 communication on previous-year violations. Trading members must review findings, implement controls and strengthen compliance frameworks.

20250115-1

Section titled “20250115-1”

Per SEBI December 2024 directive expanding optional T+0 scope, BSE enables T+0 trading for CP codes (excluding INST) effective February 10, 2025, with mock testing from February 8, 2025. Continues to operate alongside T+1.

20250110-47

Section titled “20250110-47”

Splits the previously combined “FDI/DR” UCC category into separate “FDI” and “DR” categories from January 11, 2025. Existing FDI/DR accounts must be reclassified by trading members. In phase 1, DR-category payouts continue via clearing-member pool accounts pending further communication. Revised batch upload file format attached.

20250101-35

Section titled “20250101-35”

Disseminates SEBI circular SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184 (Dec 31, 2024) clarifying the August 20, 2024 CSCRF. All stockbrokers are required to acknowledge and implement the clarifications; the full SEBI text is annexed.

20241209-41

Section titled “20241209-41”

Directs Investment Advisers and Research Analysts to prominently display a Grievance Redressal / Escalation Matrix on websites and in offices, listing Customer Care, Head of Customer Care, Compliance Officer, CEO and Principal Officer with names, addresses, phone numbers, email and working hours. Firms without websites must email matrix to all clients (existing clients by January 3, 2025; new clients within 7 days of onboarding).

20241203-37

Section titled “20241203-37”

Disseminates SEBI circular SEBI/HO/MRD/TPD/P/CIR/2024/167 dated November 28, 2024 on continuity protocols for interoperable stock exchange segments. Trading members required to review attached documentation and comply.

20241202-5

Section titled “20241202-5”

Notifies that demat accounts with KYC records flagged invalid by KRAs were frozen for debits and credits from November 30, 2024 (based on KRA data dated November 28, 2024). Members must ensure clients maintain valid KYC at their KRA before submitting orders on BSE StAR MF; otherwise depositories, RTAs and AMCs may reject orders. References prior exchange update of November 27, 2024.

20241021-13

Section titled “20241021-13”

Per SEBI direction, revises index derivative market lots effective post-November 20, 2024: Sensex 10 to 20, Bankex 15 to 30, Sensex50 25 to 60. Monthly contracts expiring Nov 2024-Jan 2025 retain current lots; new monthly contracts use revised lots. Weekly Sensex contracts generated through Nov 20 retain existing lots; new weekly contracts from Jan 10, 2025 adopt revised lots. Long-dated options transition after Dec 27, 2024. Stock derivatives unchanged.

20241011-67

Section titled “20241011-67”

Updates BSE’s MTF FAQs (revised points 1, 6-8, 12, 15, 17, 20-22, 24, 27-28 and adds new point 29). Introduces a revised daily reporting format for margin trading; testing schedule for the new file-upload format to be communicated separately. Members to direct queries to Member Oversight at bse.inspection@bseindia.com.

20240924-51

Section titled “20240924-51”

Requires all trading members to submit audited annual financials by October 31, 2024 via BEFS: networth certificates and computations, audited annual reports, auditor reports, director reports, and financial strength details. Includes XBRL submission using prescribed excel utility. Non-corporate Trading Members must also adhere to Companies Act, 2013 formats. Members with non-standard accounting years have six months from year-end.

20240923-8

Section titled “20240923-8”

Operationalises a voluntary CeFCoM fee-collection framework for SEBI-registered IAs/RAs. Phase 1 launches Oct 1, 2024 for non-fintech advisers; Phase 2 for digital-first practitioners (date TBD). Supports net banking, cards, UPI, virtual accounts and auto debits. Registration via BSE portal using SEBI and enlistment credentials. Participation optional for advisers and clients.

20240507-18

Section titled “20240507-18”

Conducts a special Saturday live trading session with intraday PR-to-DR switchover to assess BCP/DR preparedness. Equity segment runs PR 08:45-10:00, DR 11:15-12:50; Equity Derivatives PR 09:15-10:00, DR 11:30-12:40. Members must configure secondary DNS (10.1.22.162) and Hyderabad DR connection parameters. Outstanding orders purged before DR; reconciliation via RTRMS; trade IDs differ between sites; settlement obligations apply.

20240430-5

Section titled “20240430-5”

Consolidates all Listing Compliance department circulars in effect as of March 31, 2024 into a single master circular. Includes annexures: Master Circular Suspension/Revocation and Waiver, Master Circular Debt, and Master Circular Equity. Broker-relevance limited; primarily applicable to listed entities but referenced by member firms with listed-entity exposure.

20240401-9

Section titled “20240401-9”

Disseminates RBI guidance on hedging of foreign exchange risk under the Risk Management and Inter-Bank Dealings framework. Trading members in Currency Derivatives are advised to take note of the annexed RBI directive.

20240322-48

Section titled “20240322-48”

Implements beta version of T+0 rolling settlement in the equity cash segment effective March 28, 2024 alongside T+1, per SEBI authorization. T+0 securities are identified by ”#” suffix (e.g., HINDMOTORS#); trading window 09:15-13:30 with price band of ±1% and recalibration after ±0.5%. All clients permitted except custodian-settled clients. No pre-open/block/auction sessions for T+0; suspended on ex-dates and rebalancing days. CP code not allowed; T+0 prices excluded from index calculations. Mock sessions held March 23, 2024.

20240223-42

Section titled “20240223-42”

Revises UCC file formats to align with Protean eGov PAN-verification changes. Client Name limit reduced to 85 characters; separate First/Middle/Last name fields mandatory for individuals; optional 150-character Client Name description field added; DOB (DD/MM/YYYY) mandatory for individuals and DOI for non-individuals. PAN, Name and DOB/DOI must all match Protean records for validation. Name/DOB modifications require Unfreeze requests with re-verification. Old format rejected from March 28, 2024 end-of-day.

20240117-40

Section titled “20240117-40”

Reminder that the old UCC format is discontinued effective January 22, 2024. Temporary option to submit new fields via the UCC module will be withdrawn. Only validated records with confirmed PAN, bank, and demat details submitted by 4:00 PM on trading day will qualify for UPI-block-supported trading. References prior notices dated June 26, October 18, and December 11, 2023.

20231227-66

Section titled “20231227-66”

Notifies trading members that the existing UCC submission format will be discontinued from January 22, 2024. Members must complete system updates by January 19, 2024 and submit new client details (PAN, bank, demat) using the revised UCC API or CSV format. Aligned with the launch of Trading supported by Blocked Amount in the Secondary Market on January 1, 2024.

20231212-40

Section titled “20231212-40”

Publishes 14 trading holidays for calendar year 2024 across Equity, Equity Derivatives and SLB segments (incl. Republic Day, Holi, Good Friday, Independence Day, Diwali, Christmas). Five additional holidays fall on weekends. Muhurat trading occurs on Diwali (Nov 1, 2024) with timing to follow. Exchange reserves the right to modify with advance notice.

20231018-39

Section titled “20231018-39”

Updates the UCC batch upload file format to support SEBI’s “Trading supported by Blocked Amount in the Secondary Market” facility for Individuals, PMS, HNI and HUF in the equity segment. Adds an “Opt for UPI” field, allows up to five bank and five demat accounts per client (minimum one each), excludes NRE accounts, requires designation of one primary account, and mandates name/PAN match against bank/demat for validation.

20231005-54

Section titled “20231005-54”

Issues a revised penalty framework for delayed/missing submissions of preliminary audit reports, Action Taken Reports and Follow-on Audit Reports, and unresolved observations, related to System Audit and Cyber Security & Cyber Resilience Audit. Withdraws prior item-wise penalties. Applies to audit submissions for half-year ending September 2023 and onward.

20230829-54

Section titled “20230829-54”

Notifies trading members and back-office vendors of modifications to EOD file formats in Equity Derivatives and Currency Derivatives segments. Updates relate to client-type rationalisation and revised field descriptions. Production implementation on Monday, September 18, 2023. Detailed format specifications in annexure and on BSE website file-formats resources.

20230829-72

Section titled “20230829-72”

Updated FAQ supplementing the August 12, 2023 issue, addressing member queries on upstreaming of clients’ funds. Provides operational clarifications to be read alongside the original guidance. Brokers’ Supervision department is the point of contact.

20230819-6

Section titled “20230819-6”

Implements SEBI KYC validation guidelines: Aadhaar via UIDAI, mobile/email via OTP when not linked to Aadhaar, PAN via tax records. Client accounts with unverified contact details marked “ON HOLD” from August 18, 2023; non-demat-mode orders (new purchases, switches, SIPs) face rejection. Depositories will suspend demat accounts of clients failing KYC checks on September 6, 2023 using data dated September 1, 2023.

20230812-1

Section titled “20230812-1”

BSE disseminates FAQ on the SEBI upstreaming framework that requires brokers/clearing members to upstream client funds to clearing corporations daily in approved forms (cash, lien on FDR, pledged MFOS units). All members must read and comply with the annexed FAQ.

20230412-15

Section titled “20230412-15”

Mandates RBS data submission for FY 2022-2023 by all trading members who executed at least one trade in the period, with deadline May 31, 2023 via the BEFS portal (opened April 13, 2023). Tiered penalties: Rs.10,000 late, client-registration restrictions after 15 days, terminal disablement after 45 days; missing data parameters rated at highest risk. Data is shared with SEBI.

20230127-9

Section titled “20230127-9”

Announces transition steps for T+1 settlement in the equity cash segment. Settlement number series unchanged through March 30, 2023; from April 3, 2023 (trade date March 31), series resets to 2324001 from 2324501. Funds obligation values to be rounded to two decimal places (previously rounded to nearest rupee). No change in depository market type for T+1 securities.

20230109-49

Section titled “20230109-49”

From April 1, 2023, two-factor authentication will be mandatory for all subscription transactions in non-demat mode on the BSE StAR MF platform, covering Purchase and Systematic Registration (SIP/XSIP/ISIP) orders. Members using third-party vendor solutions or proprietary applications must implement system updates accordingly. Reflects earlier directive on pool-account discontinuation.

20230106-56

Section titled “20230106-56”

Issues an ICCL-administered penalty framework for position-limit violations in Equity and Currency Derivatives, effective February 1, 2023. Member/FPI/MF level: first violation no penalty, then Rs.5,000 per instance (2nd-5th), Rs.10,000+ (6th onwards), Disciplinary Committee from 11th. Client level Equity Derivatives: lower of 1% closing-price value or Rs.1,00,000 daily (min Rs.5,000); enhanced violations >5% OI at Rs.5,000. Client Currency: Rs.5,000/day. Clearing members collect from clients. (Issued by clearing affiliate but published as BSE circular on members.)

20230105-59

Section titled “20230105-59”

References notice 20221228-55. Activates online BEFS portal for quarterly reporting of client running-account fund settlements. For Q1 2023 quarter, summary settlement data must be submitted within 2 trading days (by Jan 10, 2023) and UCC-wise settlement details within 10 trading days (by Jan 20, 2023). Members with only custodian-clients, proprietary trades, or no eligible clients must file written confirmation.

20221228-55

Section titled “20221228-55”

Mandates all trading members to submit summary settlement data (Annexure I, within 2 trading days of settlement) and UCC-wise settlement details (Annexure II, within 10 trading days). Settlement occurs the first Friday of each month/quarter per client preference. Trading members handling only proprietary or institutional trading file one-time declarations. Submission via BEFS.

20220803-40

Section titled “20220803-40”

Sets procedural changes for UPI-ASBA bids in public issues opening on/after Sep 1, 2022. UPI mandate acceptance expires 5:00 PM on IPO closing day. Stock Exchange will display only successfully blocked applications (UPI Status RC-100). Separate bid modification window on T+1 day eliminated for both UPI and non-UPI bids. Physical application form retention required for 6 months, electronic records for 3 years.

20220526-6

Section titled “20220526-6”

Introduces API-based submission for weekly Holding Statement plus Cash and Cash Equivalent and Bank Balances data; the existing portal-based submission ceases from the week ending June 4, 2022. Mock testing runs May 26 to June 4, 2022. Updated API spec attached.

20210615-1

Section titled “20210615-1”

Disseminates SEBI notification No. SEBI/LAD-NRO/GN/2021/25 (June 10, 2021) on the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. Listed companies advised to review and comply with the new framework. (Broker relevance limited; impacts brokers managing delisted-securities exit flows.)

20200210-47

Section titled “20200210-47”

Establishes joint exchange guidelines on inactive trading accounts (no trades in 12 months across all exchanges). Trading members must flag inactive accounts in UCC, conduct enhanced due diligence before re-activation, and settle monthly or quarterly per client preference. For untraceable clients, brokers must segregate funds/securities in dedicated bank and demat accounts, maintain audit trails, and submit quarterly reports. Zero-balance inactive clients excluded from routine reporting; non-zero balances must be disclosed.

20200115-29

Section titled “20200115-29”

Updates eligibility for stock-broking companies seeking SME-platform listing. Net worth Rs.15 crores with Rs.5 crores profit before tax in 2 of 3 years, or Rs.25 crores net worth with profits in 3 of 5 years; tangible assets minimum Rs.3 crores; minimum post-issue paid-up capital Rs.3 crores. Extraordinary income excluded from profit calculations.

20240117-40 (already recorded above)

Section titled “20240117-40 (already recorded above)”
  • issuer: BSE

Practical notes

Section titled “Practical notes”
  • [gotcha] Circular IDs are case-sensitive and the issuer’s exact punctuation matters when looking them up on the official site.
  • [industry practice] Most ops teams subscribe to the issuer’s email distribution list rather than scraping the site — leads to more reliable real-time tracking.
  • [risk trade-off] Some entries are marked [unknown — verify] where the agent could not re-fetch the primary URL or the document used informal numbering; treat those as leads, not citations.

Verified through

Section titled “Verified through”

2026-05-14

AI-generated and not legal advice. See the project README for the full disclaimer.

Built by Rakesh Waghela — Technology & Product Consultant

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Disclaimer: This documentation was generated using Claude Code, an AI-powered LLM by Anthropic, as a research and capability estimation exercise. AI models can hallucinate — information here may be inaccurate, incomplete, or outdated. Any resemblance to the products or documentation of any specific vendor or organization is purely coincidental and unintended. This project is not directly inspired by any particular product, vendor, or proprietary system, and no plagiarism is intended. All content is based on publicly available information. This is not legal, financial, or compliance advice.