NSE would start sending transaction details to mobile phones and email accounts of all retail investors from October 15, while BSE would start sending such SMS and email trade alerts soon
In a circular, SEBI (Securities and Exchange Board of India) has asked stock exchanges to send SMS / email alerts to retail investors for all transactions done in their names in a day. The regulator’s decision is based on the complaints it received against brokers and other market organizations who are conducting transactions through their clients’ accounts without informing them.
Both the stock exchanges—National Stock Exchange (NSE) & Bombay Stock Exchange (BSE)—would send the transaction details through SMS / email to all retail investors based on the client data uploaded by the stock brokers on the stock exchange system.
The NSE would start sending transaction details to mobile phones and email accounts of all retail investors from October 15, while BSE would start sending such SMS and email trade alerts soon.
In a circular, BSE told its member brokers that it would start sending trade alerts through SMS and email to retail investors in new format soon. “All trading members are requested to upload mobile numbers and email IDs of their clients in UCC (Unique Client Code) database of the exchange, immediately,” BSE said.
Both the stock exchanges have asked their trading members to review the client details pertaining to mobile number and/or email address and update the same, wherever necessary.
The brokers have also been asked to take care while uploading client data—including mobile number and email address—and to ensure that the data is added correctly. The brokers are not allowed to upload the mobile number and email details of their employees or other related persons on behalf of the clients, while separate mobile number / email address is required for each client.
However, at the specific written request of a client, brokers can upload same mobile number / email for more than one client provided such clients are from one family.