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Chief General Manager Market Intermediaries Regulations And Supervision Dept. Tel : 2216 4428/29/38/49 Fax:
2216 4394 SEBI/MRD/DOPS/CIR-11/2005 The Executive Directors / Managing Directors /
Administrators Of All Stock Exchanges Dear Sir / Madam, Sub: Implementation of the SEBI
(Stock Brokers and Sub brokers) (Amendment) Regulations, 2003 and format of
Model Tripartite Agreement. 1.
Please refer to Circular No. SEBI/MRD/DOPS/CIR-09/2005 dated March 31,
2005 wherein it was directed that the requirements of the captioned amendment
regulations dated September 23, 2003 relating to changes in role of sub brokers
and their main brokers, including the format of the Model Tripartite Agreement
shall be implemented strictly from April 1, 2005 by all brokers excepting
subsidiaries of recognized stock exchanges who are registered as stock brokers
and their registered sub brokers. 2.
It has now been decided that the
subsidiaries to the registered stock exchanges who are registered as stock
brokers and their registered sub brokers shall also comply with the provisions
of Securities and Exchange Board of India (Stock Brokers and Sub brokers)
(Amendment) Regulations, 2003. (hereinafter referred to as ‘said regulations’). Considering the changes that are
required in the existing systems of the subsidiaries for implementation and compliance with the
said regulations, it has also been decided to allow the said subsidiaries of
stock exchanges and their sub brokers, to comply with the said regulations from
01.06.2005. 3.
The undersigned has been authorized to direct the exchanges to bring the
provisions of this circular to the notice of the member brokers and also to
disseminate the same on the website. 4.
This circular is being issued in exercise of powers conferred under
Section 11(1) of the Securities and Exchange Board of India Act, 1992 (to
protect the interests of investors in securities to promote the development of, and to regulate the securities market). Yours faithfully, USHA NARAYANAN |
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