The Stock Broker Sub-Council has finalized Consent Template CT010 to evaluate the authenticity and financial stability of customers seeking Futures and Options (F&O) services. In line with SEBI regulations, entities providing F&O services must verify a customer’s income before onboarding or activating these services, ensuring compliance and responsible trading practices.
For Sahamati's internal records and explanation to the community
| Sl. No. | Consent Template Information | Description | Further Explanation |
|---|---|---|---|
| 1 | Consent Template ID | CT010 | For Sahamati's internal records and explanation to the community |
| 2 | Status | Active | For Sahamati's internal records and explanation to the community |
| 3 | Use Case Category | Account Monitoring | For Sahamati's internal records and explanation to the community |
| 4 | Use case | To assess the financial position for FNO services activation | To check the financial position of the customer for the assessment of genuineness and financial soundness of the customer for FNO services activation |
| Last published on: | 14th Feb 2025 |
Consent Attributes and Values ( as per ReBIT specifications)
| Sl. No. | Consent Details (Attributes) | Values (as agreed in the Council | Rationale |
|---|---|---|---|
| 1 | Purpose Text | As agreed by FIUs to show to the customer: “To assess genuineness and financial soundness of the customer for FNO services activation” As per ReBIT: Explicit one-time consent for the accounts | SEBI regulations reqiure the entities offering Futures and Options services to verify the income of the customer before onboarding or activation of the services. |
| 2 | Purpose Code | 105 | Purpose code for one-time consent, in line with the one time activity of verification of the customer's financial condition at the time of onboarding |
| 3 | Purpose Code Category Name | Account Query and Monitoring | In line with per ReBIT Purpose Codes |
| 4 | FI Types | DEPOSIT, TERM_DEPOSIT, RECURRING_DEPOSIT, SIP, CP, GOVT_SECURITIES, EQUITIES, BONDS, DEBENTURES, MUTUAL_FUNDS, ETF, IDR, CIS, AIF, INVIT, REIT, GSTR1_3B | All FI types that enable the RE to analyse the financial position of the customer |
| 5 | Consent Types | Profile, Summary, Transactions | Requires all consent types to assess the genuineness as well as the financial soundness of the customer |
| 6 | Fetch-type | One-Time | One time activity of verification of the customer's financial condition at the time of onboarding |
| 7 | Maximum Frequency | NA | NA |
| 8 | Maximum FI Data Range | 6 months | Council members agreed that 6 months data was reasonable statement period to assess the risk profile of the customers, based on the feedback shared by FIUs who are live with this use case. |
| 9 | Maximum Consent expiry | 1 month | Council members considered 1 month validity period to be adequate to process the request of customer for FNO activation. |
| 10 | Maximum Data Life | 7 Days | Council members considered data life to be adequate to process the customer data received for the said use case |
| 11 | Last published on: | 14th feb 2025 |
Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.
Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.