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The custodial participant or CP code is a unique code assigned to every NRI customer by the clearing member.
NRIs who want to trade in equity F&O contracts have to open a custodial account and obtain a CP code from the custodian, who are SEBI registered member of a clearing corporation. Stock brokers use these codes to execute F&O buy and sell transactions on behalf of NRI clients.
Trading in the equity derivative segment requires NRIs to transfer funds to his custodian account.