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of <h1>SEBI Clarifies Rules on Modifying Client Codes in Commodity Derivatives; Defines Genuine Errors and Broker Responsibilities.</h1> The circular issued by SEBI provides clarifications on modifying client codes post-trade execution on commodity derivatives exchanges. It classifies genuine errors as those involving similar client codes due to communication or typing errors and modifications within relatives as defined by the Companies Act, 2013. Trades shifted to a broker's 'Error account' are not considered client code modifications if liquidated in the market. Brokers must disclose 'Error accounts' and have documented error policies. Exchanges can allow client code modifications for genuine errors and must monitor compliance, impose penalties, and report quarterly to SEBI on penalty waivers.
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