In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE on Thursday said it will commence the service of sending SMS to all investors from Friday.
"In order to check unauthorised stock market trades through investor accounts, as per SEBI circular, BSE will commence the service of sending SMS to all investors with effect from October 12, as per the details of the investor available in the UCC (Unique Client Code) database," BSE said in a statement.
Investors will have the facility to inform BSE where the details received through SMS do not pertain to them, it said.
BSE had earlier issued a circular in this regard to its trading members to upload mobile numbers and email IDs
of their clients in UCC database of the exchange, to facilitate dissemination of such trade alerts.
The National Stock Exchange (NSE) would start sending transaction details to mobile phones and email accounts of all retail investors with effect from Monday (October 15).
To check unauthorised stock market trades through investor accounts, market regulator Sebi had asked exchanges to send SMS/email alerts to every retail investor for all transactions in their names in a day.
The move follows complaints against brokers and other market entities conducting transactions through accounts of their clients without the knowledge of the investor concerned.
The market regulator had proposed such a facility to alert investors about trades being conducted in their accounts more than a year ago in August 2011.
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"In order to check unauthorised stock market trades through investor accounts, as per SEBI circular, BSE will commence the service of sending SMS to all investors with effect from October 12, as per the details of the investor available in the UCC (Unique Client Code) database," BSE said in a statement.