The National Commodity & Derivatives Exchange Limited (NCDEX) on December 10, 2025, issued a circular regarding the Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011.
Clients whose KYC are not found to be validated by KRAs where -
KYCs are “On Hold” for any reasons (both AADHAAR and Non-AADHAAR based OVD) uploaded to the KRA from November 01, 2025 to November 30, 2025.
Such UCCs shall neither be permitted to trade on the Exchange, nor will they be able to square up their open positions, if any, w.e.f. December 22, 2025 until they comply with the aforesaid requirement. Eventually, such open positions will naturally expire on the expiry date of the respective contract.
All PANs that become KRA compliant subsequently, will be permitted to trade on T+1, based on the information received from KRA by the Exchange on T day.
[Circular No. NCDEX/MEMBERSHIP-045/2025]
