The Multi Commodity Exchange of India Limited (MCX), on October 14, 2026, has issued guidelines pursuant to amendments to the SEBI (KYC Registration Agency) Regulations, 2011, and SEBI circulars concerning KYC validation and the centralized mechanism for reporting investor demise. Trading Members must ensure that client KYC records are uploaded to the KYC Registration Agencies (KRAs) and that only clients with the status “KYC Registered” or “KYC Validated” are permitted to trade.
With effect from November 2, 2026, clients whose KYC records uploaded between September 1 and September 30, 2026, remain “On Hold” due to failed validation, as well as clients whose PAN records have not been uploaded and show “Not Available” status with the KRAs, will not be permitted to trade or square off existing open positions until the validation requirements are met. MCX will share the list of affected clients with members through their designated email IDs. Members must review the records and monitor open positions to ensure compliance.
PANs that subsequently become KRA-compliant will be permitted to trade on T+1, based on information received by the Exchange from the KRA. Members must contact the respective KRAs for queries relating to client KYC status. The circular also reiterates that, upon an investor’s demise being reported through the centralized KRA mechanism, regulated entities must block debit transactions, suspend trading-account transactions and inactivate or close the client’s Unique Client Code (UCC) across stock exchanges.
[MCX Circular No. MCX/S&I/580/2026]
