Unique client code requirement mandates exchanges to assign codes to mutual funds and FIIs, with implementation and reporting obligations. SEBI directs exchanges to generate a unique client code for Mutual Funds and their schemes, and for Foreign Institutional Investors and sub-accounts, to facilitate T+2 rolling settlement; exchanges have three months to implement, must amend bye-laws and notify members, publish the change on their websites, and report implementation status to SEBI in the Monthly Development Report (Section II, item no. 13).