CDSL Circular on : Mandatory OTP Authentication for Off-Market Transfers
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Date |
Issuer |
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Topic |
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14-10-2020 |
CDSL |
Demat Transfers |
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Highlights of CDSL Circular dated October14, 2020 on Mandatory OTP Authentication for Off-Market Transfers SEBI, vide its Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/158 dated August 27, 2020 had directed the Depositories to obtain client’s consent through One Time Password (OTP) for all off market transfer of securities from client’s demat account, with effect from November 1, 2020.
In order to comply with the SEBI requirement, CDSL has done system enhancements which would be effective from October 31, 2020. CDSL has also made changes in the file formats and provided the same along with its circular dated October 14, 2020. DPs are also advised to note that · The date of release of the said functionality is scheduled on October 30, 2020. · All future dated off-market transactions (within CDSL as well as inter-depository) with execution date beyond October 30, 2020 and entered before the said release date will NOT BE CONSIDERED FOR EXECUTION since OTP validation will not be available before the release. · Utmost care to be taken to avoid executing future dated off-market transfers till October 30, 2020 having execution date beyond October 30, 2020. · The DP57 report, which will be generated on EOD of30th October 2020 shall be generated in a new format.
CDSL Circular no. CDSL/OPS/DP/POLCY/2020/447 October 14, 2020isenclosed herewith for your ready reference.
In case of any clarification or assistance required in implementation of this circular you may contact VANDANA VANIA – van...@secmark.in / 9223303460 SHARDUL SHAH - shard...@secmark.in/ 9869265949 / 9653415968 |
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