• HDFC securities
• 10 Jul 2024
• Knowledge Centre

Understanding the Issue

Recently, an important update was issued by the Exchange via circular no. NSE/ISC/60116, dated January 04, 2024. This circular permits the same mobile number or email ID to be associated with multiple clients, provided these clients are related as a spouse, dependent parent, or child. However, there have been instances where clients have incorrectly mapped their relationships.

Common Mapping Errors

A typical example of this problem occurs when a client attempts to map their mobile/email with both themselves and their spouse. During this process, they enter the Date of Birth (DOB) for themselves and their spouse but mistakenly select the "Child" or "Grandparent" option instead of "Spouse." This incorrect selection disrupts the age criterion, causing errors in the relationship mapping. Other similar errors include the incorrect selection of gender, spouse, grandparent, or child. These mistakes have been noted and need to be addressed to ensure the accuracy of client information.

Steps for Correction

In response to these issues, regulatory and compliance teams have directed a process for correcting relationship mappings. Clients have been notified via email and SMS to update their relationship details. It is crucial for clients to act on these notifications promptly.

Consequences of Non-Correction

Clients who do not correct their relationship details will be progressively moved to the D001 journey, which places their accounts in a temporary inactive state. This process will begin with clients who have zero brokerage and will proceed in the increasing order of brokerage.

Reactivation Process

Clients moved to the D001 journey will be required to update their correct relationship details or provide a new email/mobile number for the mapped account upon opening the app. Once the correct information is updated, the client's account will be reactivated within two business days (T+2).

Final Note

Ensuring accurate relationship mapping is essential for maintaining compliance and operational integrity. We urge all clients to review and update their relationship details promptly to avoid any disruptions in their account activity. Your cooperation is greatly appreciated as we work towards resolving these issues efficiently.

Note: Kindly ignore if already updated.