SEBI issues Master Circular for Stock Broker



June 01, 2018


All Stock Exchanges
All Registered Stock Brokers

Dear Sir / Madam,

Subject: Master Circular for Stock Brokers

1. Securities and Exchange Board of India (SEBI), from time to time, has been issuing various circulars/directions to Stock Brokers. In order to enable the users to have access to the applicable circulars at one place, Master Circular in respect of Stock Brokers has been prepared.
2. This Master Circular is a compilation of relevant circulars issued by SEBI which are operational as on date of this circular. References in the circular to the Statutes / Regulations which now stand repealed, have been suitably updated.
3. The Master Circular is a compilation of all the existing / applicable circulars issued by Market Intermediaries Regulation and Supervision Department of SEBI pertaining to Stock Brokers. Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to Stock Brokers. A list of SEBI circulars compiled in this Master Circular is given in Appendix at the end of this Master Circular.

4. In case of any inconsistency between the Master Circular and the applicable circulars, the content of the relevant circular shall prevail.
5. This circular is available on SEBI website at

Yours faithfully
Debashis Bandyopadhyay
General Manager

Master Circular for Stock Brokers 

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