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SEBI (Stock Brokers & Sub-Brokers) Amendment Regulations, 2014

The Securities and Exchange Board of India has issued SEBI (Stock Brokers & Sub-Brokers) Amendment Regulations, 2014 dated 8th October, 2014 and has made the following amendments:

1. In regulation 3, Sub-regulation(1):

No person shall act as stock broker unless he gets himself registered with SEBI. Further if the clearing member is already registered with the Board then he shall not be required to obtain the registration from the board to act in the stock exchange subject to the approval of the concerned stock exchange.

2. In regulation 10 the following amendment shall be made:

A stock broker or a clearing member who is already a member of the exchange and wants to operate in any other segment of the stock exchange shall apply to the concerned stock exchange in the manner specified by the Board.

3. In regulation 10A:

No person shall act as a clearing member unless he obtains a certificate of registration from the Board. Further no separate registration shall be required for the stock exchange to act as a clearing member in the clearing corporation subject to the grant of approval of the clearing corporation.

4. Approval for operation in other clearing corporation or segment of clearing corporation contains that if any clearing member or a stock broker who wants to operate in any other clearing corporation shall apply to the concerned clearing corporation in the manner as provided by the board.

5. In schedule 1, Form A-

(i) in Form A, –
(A)in Table 1-
(a) in Serial No. 7, after the words “financial institution” the words
and symbols “,others (please specify)” shall be inserted;
(b) after Serial No. 8, the following Serial No. shall be inserted,
namely-

9. PAN of the applicant

(B) Table 3 shall be omitted;
(C) In ‘Other details’ para 2 shall be omitted;

(ii) Form AA shall be omitted.

(iii)

in Form AD,-
(A) in Table 1-
(a) in Serial No. 7, after the words “financial institution” the words
and symbols “,others (please specify)” shall be inserted;
(b) after Serial No. 8, the following Serial No. shall be inserted,
namely-

9. PAN of the applicant

(B) Table 3 shall be omitted;

(iv) Form D shall also be substituted.

The Amendment rules containing the above full details can be accessed below.

SEBI (Stock Brokers & Sub- Brokers) Amendment Regulations, 2014

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