Investors to submit form to brokers for receiving electronic contract note: Sebi
The move is aimed at bringing uniformity across segments with regard to receipt of electronic contract notes.
In a circular, the Securities and Exchange Board of India (Sebi) said, "In case, client opts to receive the contract note in electronic form, he shall provide an appropriate e-mail ID to the stock broker."
In case of any change in the e-mail ID, client has to communicate the same to the stock broker through a physical letter, it added.
"If the client has opted for internet trading, the request for change of email id may be made through the secured access by way of client specific user id and password."
According to the regulator's circular issued in February 2015, the electronic contract note declaration form obtained from the client was to remain valid till it is revoked by the client. This provision has now been rescinded by Sebi.
Sebi noted that as per its earlier circulars, clients in commodity derivatives segment were required to submit a physical form to the trading member providing e-mail id for receiving contracts notes in electronic form, whereas, clients in segments other than commodity derivatives were required to provide these details to the stock broker.
Accordingly, the regulator has revised norms pertaining to receipt of electronic contract notes "for ease of investors with regard to receiving electronic contract notes." SRS MRMR