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Custody Investor Number (IN) Opening

Service ID
3.2.2

Details
Based on agreement /POA signed by investors and licensed custodians – custody banks are allowed to submit IN opening requests to Dubai CSD for their clients.  


Fees
N/A

Procedures
  • Fill the electronic form which should contains the following:
  1. Local custodian name
  2. Global custodian name
  3. Investor name (matches the official documents)
  4. Investor number (starts with custodian initials)
  5. Nationality/country of origin
  6. Local custodian address
  • Attach a valid copy of an official document which shows the legal name of the investor (passport for individuals, and commercial license or registration, article or memorandum of association for corporates), and place the bank’s stamp in all pages along with signature of an authorized person.
  • Attach a valid copy of the National ID for UAE nationals.
Ensure availability of global custodian documents with Dubai CSD (copy of memorandum of association of global custodian, copy of custody agreement between local and global custodians).

Required Documents
  • Attaching a  copy of the Memorandum of Association, a copy of the Commercial License and the Commercial Registry, certified by the local custodian of investor (in case of corporates).
  • Attaching a copy of transcription of the valid Passport, certified by the local custodian, a copy of a valid National ID for UAE citizens, certified by the local custodian of investor (in case of Individuals).

How to Apply?
Online through Dubai CSD eServices

FAQs

Before the custodian members send the request of opening a DFM Investor Number (NIN), they need to ensure that their potential client does not hold an existing DFM investor number with the DFM, and in case the client does already hold an investor number with inventory positions, the custodian member should send a transfer request along with the account opening request. The requirements for migrating an existing client to custody are as follows:
  • Complete Custodians Transfers from by the custodian. 
  • Custodians should also provide a copy of the client’s written instruction of the same (signed). The signature will be verified against the signature on the “Entry of Investors Data” Form initially submitted (this only applies when the client is moving securities to a custody account).
  • Global custodian letter / SWIFT instruction of the same (if applicable).
  • Transfer fees (refer to the Services Catalogue)
In case the existing client wishes to move out of custody and holds inventory positions, the custodians should send a transfer request and attach the account opening request which should be prepared by the client or their trading member. The requirements of the transfer request are as follows:
  • Complete Custodians members Transfers form by the custodian member.  
  • Global custodian member letter / swift instruction of the same (if any).
  • Transfer fees (refer to the Services Catalogue).