Towards greater transparency in information documentation

When trading in commodities, physical records must be maintained with the depository participant's principal office, branch offices and by the company owned or controlled by the nominee for five years. The main aspects documented include,

• Delivery/receipt instruction given by the clients
• Forms submitted by the clients with details of:
o Opening of an account
o Account closing
o Freezing of account
o Defreezing of account
• Forms received with respect to pledging and transmission of commodities
• Copies of correspondence which form the basis for updating the investor's information
• Record of all actions taken as per the reports generated by the system
• The register must show the following details of grievances received from the clients and also their present status
o Name of the investor
o Reference number
o Date
o Particulars of complaints filed
• Arbitration: Matter referred to arbitration, the particulars and the present status thereof including the instructions received from the clearing member for
o Transferring balances from pool to delivery account of the clearing member in order to enable it to meet its obligations to the clearing corporation
Authorizing the transfer of commodities from the pool account of the clearing member to the accounts of its clients

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MRKNAUGHTY