BSE streamlines OFS bidding process for investors

Streamlining the registration process for investors who are planning to bid in the offer for sale (OFS) segment, the BSE has launched a new facility to upload client codes.
Under the new facility, called the Quick UCC for OFS, brokers can upload a new client code or multiple client codes with minimum details. The new system will make the process faster and less cumbersome.
To facilitate maintaining database of their clients, brokers are required to use unique client code (UCC) which acts as an exclusive identification for investors trading on the stock exchanges.
"Based on our members' representation to bid in OFS, in addition to the existing system of UCC registration, a provision to upload a new client code or multiple client codes through batch upload system, has been made," the BSE said in a circular today.

Under the new system, brokers would require to upload new client code of those who wish to bid in the OFS by filling only six mandatory fields, including PAN details, the premier exchange said.
Earlier in July, the markets regulator Sebi had issued a new set of guidelines for bidding in the OFS segment that requires companies to disclose their OFS plans two banking days in advance.
OFS facilitates promoters of listed companies to offload their shareholding in a company in a transparent manner and ensured wider retail participation.