CDSL Circular on - Validation of Reason Codes while execution of Off Market Transactions

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Oct 15, 2025, 5:35:13 AM (7 days ago) Oct 15

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Date of Issue: 14-10-2025

Issuer: CDSL

Validation of Reason Codes while execution of Off Market Transactions

Highlights of CDSL Circular dated October-14-2025

DPs are advised to refer following CDSL Communiqués issued in the recent past including from those issued from time to time pertaining to validation of reason codes while execution off-market transactions:

CDSL/OPS/DP/SYSTM/2021/569 dated December 15, 2021
CDSL/OPS/DP/SYSTM/2022/340 dated June 20, 2022
CDSL/OPS/DP/SYSTM/2023/346 dated June 13, 2023
CDSL/OPS/DP/SYSTM/2024/479 dated August 23, 2024

In this context, based on the representations received from stakeholders, and on reviewing the compliance and regulatory aspect of the said representations, changes have been incorporated in the existing validation process under reason Transfer of constitute shares for creation / redemption of ETF units (43) which has been mentioned in Annexure-A.

DPs are requested to note that the clarification in the Off Market Reason code 43 is appliable to all transactions mentioned under this reason code only and should be considered for purposes mentioned in the remarks field for this reason code only.

DPs are advised to take note of the updated validations and disseminate the content of this communique to their clients to enable them to take utmost care to avoid non-execution off-market instructions due to implementation of reason code validations.

DPs are further advised to take note of the aforesaid guidelines and initiate suitable back-office changes, if any.

In case of any clarification or assistance required in the implementation of this circular, you may contact : Kaushik Jethwa at kau...@secmark.in and 9870210171.