Mumbai, Nov. 25 (PTI): The Securities and Exchange Board of India (Sebi) has made it mandatory for over 70,000 market intermediaries and their officials to secure a unique identification number by March.
“Besides making it compulsory for intermediaries, we have set a target to cover small investors under central database of Market Participants and Investors (Mapin) for a unique number in the next 18 months,” Sebi chairman G. . Bajpai said at the launch of Mapin database, created and maintained by National Securities Depository Ltd.
The market participants would have to provide the unique identification number for trade transactions. The database would help the regulator improve the quality of investigations, enforcement and data analysis, Bajpai said.
National Securities managing director C. B. Bhave said if the market entities fail to obtain the number by a specified date, they would not be permitted to continue their businesses. National Securities would start allotting the numbers from December 1 and issue identity cards within two weeks of submission of applications, he said.
Sebi has also warned that it would take a stern action against FIIs if they failed to disclose details on participatory notes issued to investors.