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of <h1>New Circular Requires UCC and PAN for Commodity Derivatives; Penalties for Non-Compliance and Data Retention Rules Updated.</h1> The circular mandates the use of Unique Client Code (UCC) and Permanent Account Number (PAN) for all clients transacting on commodity derivatives exchanges. Members must verify and maintain PAN copies and upload UCC details to exchanges. Exceptions include residents of Sikkim and certain government entities. Exchanges must penalize non-compliance and maintain client data for seven years. The circular supersedes previous directives and requires exchanges to amend rules, inform brokers, and report implementation status to SEBI. Penalties for non-compliance include a 1% trade value fine, contributing to the Investor Protection Fund, and potential suspension.
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