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(STOCK-BROKERS AND SUB-BROKERS) REGULATIONS, 1992
CONTENTS 1. Short title and commencementCHAPTER II: REGISTRATION OF STOCK BROKERS 3. Application for registration of stock brokerCHAPTER III: REGISTRATION OF SUB BROKER 11. Application for registration of sub-brokerCHAPTER IIIA: REGISTRATION OF TRADING AND CLEARING MEMBERS 16A. Application for registration of trading member or clearing memberCHAPTER IV: GENERAL OBLIGATIONS AND RESPONSIBILITIES 17. To maintain proper books of accounts, records etc.CHAPTER V: PROCEDURE FOR INSPECTION 19. Board's right to inspectCHAPTER VI: PROCEDURE FOR ACTION IN CASE OF DEFAULT 25. Liability for action in case of defaultSCHEDULE I: FORMS FORM A: APPLICATION FORM FOR REGISTRATION AS STOCK BROKERSSCHEDULE II: CODE OF CONDUCT WITH THE STOCK BROKERS SCHEDULE III: FEES TO BE PAID BY THE STOCK BROKERS SCHEDULE IV: FEES TO BE PAID BY THE TRADING OR CLEARING MEMBER [OR SELF CLEARING MEMBER] OF DERIVATIVES EXCHANGE/ DERIVATIVES SEGMENT / CLEARING CORPORATION /CLEARING HOUSE
Back to top, Chap I, Chap II, Chap III, Chap IIIA, Chap IV, Chap V, Chap VI, Sch I, Sch II, Sch III, Sch IV THE
GAZETTE OF INDIA
1. (1) These regulations may be called the Securities and Exchange Board of India (Stock- brokers and Sub-brokers) Regulations, 1992. (2) These regulations shall come into force on the date of their publication in the Official Gazette. 2. In these regulations, unless the context otherwise requires:- 1*[(a) `clearing corporation or clearing house� means the clearing corporation or clearing house of a recognised stock exchange to clear and settle trades in securities."
Foot notes 1. "Clauses a & aa" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 14.03.2000 2. Clause (a) renumbered as (aaa) by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 14.03.2000 3. "Clause fa" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001 published in the Official Gazette of India dated 15.11.2001. 4.
"Clause (ga)" inserted by the SEBI (Stock Brokers &
Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette
of India dated 14.03.2000
Application for registration of stock broker 3. (1) An application by a stock-broker for grant of a certificate shall be made in Form A through the stock exchange or stock exchanges, as the case may be, of which he is admitted as a member. (2) The stock exchange shall forward the application form to the Board as early as possible but not later than thirty days from the date of its receipt. (3) Notwithstanding anything contained in sub-regulation (1), any application made by a stock- broker prior to coming into force of these regulations containing such particulars or as near thereto as mentioned in the Form A shall be treated as an application if made in pursuance of sub-regulation (1) and dealt with accordingly: Provided that the requirement of the payment of fees shall be the same as is referred to in sub-regulation (1) of regulation 10. Furnishing information, clarification, etc. 4. (1) The Board may require the applicant to furnish such further information or clarifications, regarding the dealings in securities and matters connected thereto to consider the application for grant of a certificate. (2) The applicant or, its principal officer shall, if so required, appear before the Board for personal representation. 5. The Board shall take into account for considering the grant of a certificate all matters relating to buying, selling, or dealing in securities and in particular the following, namely, whether the stock broker (a) is eligible to be admitted as a member of a stock exchange;Procedure for registration 6. The Board on being satisfied that the stock-broker is eligible, shall grant a certificate in Form D to the stock-broker and send an intimation to that effect to the stock exchange or stock exchanges as the case may be. Stock-Brokers to abide by Code of Conduct, etc. 7. The stock-broker holding a certificate shall at all times abide by the Code of Conduct as specified at Schedule II. Procedure where registration is not granted 8. (1) Where an application for grant of a certificate under regulation 3, does not fulfil the requirements mentioned in regulation 5, the Board may reject the application after giving a reasonable opportunity of being heard. (2) The refusal to grant the registration certificate shall be communicated by the Board within thirty days of such refusal to the concerned stock exchange and to the applicant stating therein the grounds on which the application has been rejected. (3) An applicant may, being aggrieved by the decision of the Board under sub- regulation (2) apply within a period of thirty days from the date of receipt of such intimation, to the Board for reconsideration of its decision. (4) The Board shall reconsider an application made under sub- regulation (3) and communicate its decision as soon as possible in writing to the applicant and to the concerned stock-exchange. Effect of refusal of certificate of registration 9. A stock-broker, whose application for grant of a certificate has been refused by the Board, shall not, on and from the date of the receipt of the communication under the sub-regulation (2) of regulation 8, buy, sell, or deal in securities as a stock-broker. Payment of fees and the consequences of failure to pay fees 10. (1) Every applicant eligible for grant of a certificate shall pay such fees and in such manner as specified in Schedule III: Provided that the Board may on sufficient cause being shown permit the stock-broker to pay such fees at any time before the expiry of six months from the date for which such fees become due. (2) Where
a stock-broker fails to pay the fees as provided in regulation
10, the Board may suspend the registration certificate, whereupon the
stock- broker shall cease to buy, sell or deal in securities as a stock-
broker.
Foot notes 5. "Clause e" inserted by the Securities and Exchange Board of India (Stock Brokers & Sub Brokers) (Amendment) Regulations, 1998 published in the Official Gazette of India dated 05.01.1998
Application for registration of sub-broker 11. (1) An application by a sub- broker for the grant of a certificate shall be made in Form B. (2) The application for registration under sub-regulation (1) above, shall be accompanied by a recommendation letter from a stock-broker of a recognised stock exchange with whom he is to be affiliated along with two references including one from his banker. (3) The application form shall be submitted to the stock exchange of which the stock- broker with whom he is to be affiliated is a member. (4) The stock exchange on receipt of an application under sub-regulation (3) shall verify the information contained therein and shall also certify that the applicant is eligible for registration as per criteria specified in sub-regulation (5). (5) The eligibility criteria for registration as a sub-broker shall be as follows, namely: (i) in the case of an individual;(6) The stock exchange shall forward the application form of such applicants who comply with all the requirements specified in sub-regulations (1) to (5) to the Board as early as possible, but not later than thirty days from the date of its receipt.(a) the applicant is not less than 21 years of age;(ii) In the case of partnership firm or a body corporate the partners or directors, as the case may be, shall comply with the requirements contained in clauses (a) to (c) of sub- regulation (i). 12. (1) The Board on being satisfied that the sub-broker is eligible, shall grant a certificate in Form E to the sub-broker and send an intimation to that effect to the stock exchange or stock exchanges as the case may be. (2) The Board may grant a certificate of registration to the appellant subject to the terms and conditions as stated in rule 5. Procedure where registration is not granted 13. (1) Where an application for grant of a certificate under regulation 11, does not fulfill the requirements mentioned in regulation 11, the Board may reject the application after giving a reasonable opportunity of being heard. (2) The refusal to grant the certificate shall be communicated by the Board within thirty days of such refusal to the concerned stock exchange and to the applicant stating therein the grounds on which the application has been rejected. (3) An applicant being aggrieved by the decision of the Board under sub-regulation (2) may within a period of thirty days from the date of receipt of such intimation, apply to the Board for reconsideration of its decision. (4) The Board shall reconsider an application made under sub-regulation (3) and communicate its decision as soon as possible in writing to the applicant and to the concerned stock exchange. 14. A person whose application for grant of a certificate has been refused by the Board shall, on and from the date of the communication of refusal under regulation 13 cease to carry on any activities as a sub-broker. General Obligations and Inspection 15. (1) The sub-broker shall - (a) pay the fees as specified in Schedule III;(2) The sub-broker shall keep and maintain the books and documents specified in regulation 17 except for the books and documents referred to in clauses (h), (i), (j), (k), (l) and (m) of sub regulation (1) of regulation 17. Application of Chapter IV, V & VI 16. The
provisions of Chapters IV, V
and VI of these regulations shall apply to a
sub-broker as they apply in case of a stock broker.
Foot notes 6. "Clause d" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 1998 published in the Official Gazette of India dated 05.01.1998
7*[CHAPTER
III A
Application for registration of Trading member or Clearing member 16A (1) An application for grant of certificate of registration by a trading member of a derivatives exchange or derivatives segment of a stock exchange shall be made in Form AA of Schedule I, through the concerned derivatives exchange or derivative segment of a stock exchange of which he is a member. (2) An application for grant of certificate of registration by a clearing member 8*[or self clearing member] of the clearing corporation or clearing house of a derivatives exchange or derivatives segment of a stock exchange, shall be made in Form AA of Schedule I, through the concerned clearing corporation or clearing house of which he is a member. Provided that a trading member who also seeks to act as a clearing member 9*[or self clearing member] shall make separate applications for each activity in Form AA of Schedule I. (3) The derivatives exchange or segment or clearing house or corporation as the case may be shall forward the application to the Board as early as possible but not later than thirty days from the date of its receipt. Furnishing of Information, Clarification, etc. 16B (1) The Board may require the applicant or the concerned stock exchange or segment or clearing house or corporation to furnish such other information or clarifications, regarding the trading and settlement in derivatives and matters connected thereto, to consider the application for grant of a certificate. (2) The applicant or its principal officer shall, if so required, appear before the Board for personal representation. 16C (1)
The Board shall take into account for considering the grant of a certificate
all matters relating to dealing and settlement in derivatives and in particular
the following, namely, whether the applicant -
(a) is eligible to be admitted as a trading member of a derivative exchange and / or a clearing member of a derivatives exchange or derivatives segment of a stock exchange or clearing corporation or house;(2) An applicant who desires to act as a trading member, in addition to complying with the requirements of sub-regulation (1), shall have a net-worth as may be specified by the derivative exchange or segment from time to time and the approved user and sales personnel of the trading member have passed a certification programme approved by the Board; (3) An applicant who desires to act as a clearing member, in addition to complying with the requirements of sub-regulation (1), shall have a minimum net worth of Rs. 300 lacs and shall deposit at least a sum of Rs. 50 lacs or higher amount with the clearing corporation or clearing house of the derivatives exchange or derivatives segment in the form specified from time to time. 11*[(4) An applicant who desires to act as a clearing member, in addition to complying with the requirements of sub-regulation (1), shall have a minimum net worth of Rs.100 lacs and shall deposit at least a sum of Rs. 50 lacs or higher amount with the clearing corporation or clearing house of the derivatives exchange or derivatives segment in the form specified from time to time.] Explanation: For the purpose of 12*[sub-regulations (2), (3) and (4)] the expression `net worth� shall mean paid up capital and free reserves and other securities approved by the Board from time to time (but does not include fixed assets, pledged securities, value of member�s card, non-allowable securities (unlisted securities), bad deliveries, doubtful debts and advances (debts or advances overdue for more than three months or debts or advances given to the associate persons of the member), prepaid expenses, losses, intangible assets and 30% value of marketable securities). 16 D. The Board on being satisfied that the applicant is eligible, shall grant a certificate in Form DA of Schedule I, to the applicant and send an intimation to that effect to the derivatives segment of the stock exchange or derivatives exchange or clearing corporation or clearing house, as the case may be. Procedure where registration is not granted. 16E (1) Where an application for the grant of a certificate under regulation 16A does not fulfil the requirements specified in 16C of the regulations, the Board may reject the application of the applicant after giving a reasonable opportunity of being heard. (2) The refusal to grant the certificate of registration shall be communicated by the Board within 30 days of such refusal to the concerned segment of the stock exchange, or clearing house or corporation and to the applicant stating therein the grounds on which the application has been rejected. (3) An applicant may, if aggrieved by the decision of the Board under sub-regulation (2) apply within a period of thirty days from the date of receipt of such information to the Board for reconsideration of its decision. (4) The Board shall reconsider an application made under sub-regulation (3) and communicate its decision as soon as possible in writing to the applicant and to the concerned segment of the stock exchange or clearing house or corporation. Effect of refusal of certificate of registration 16 F. An applicant, whose application for the grant of a certificate of registration has been refused by the Board, shall not, on and from the date of receipt of the communication under sub-regulation (2) or sub-regulation (4) of regulation 16E, deal in or settle the derivatives contracts as a member of the derivatives exchange or derivatives segment or clearing corporation or clearing house. Payment of fees and consequences of failure to pay fees 16 G (1) Every applicant eligible for grant of a certificate as a trading or clearing member 13*[or self -clearing member] shall pay such fee and in such manner as specified in Schedule IV. (2) Where a trading or clearing member 14*[or self clearing member] fails to pay the fees as provided in sub-regulation (1), the Board may suspend or cancel the registration certificate after giving an opportunity of being heard, whereupon the trading and clearing member 14*[or self clearing member] shall cease to deal in or settle the derivatives contract as a member of the derivatives segment of the exchange or derivatives exchange or clearing corporation or clearing house�. Trading member / Clearing member 15*[or self clearing member] to abide by the Code of Conduct, etc. 16H (1) The code of conduct specified for the stock brokers as stipulated in Schedule II, shall be applicable mutatis mutandis to the trading member, clearing member and such members shall at all times abide by the same. (2) The trading member and clearing member shall abide by the code of conduct as specified in the rules, bye-laws and regulations of the derivatives exchange or derivatives segment of the exchange. (3) The trading members shall obtain details of the prospective clients in `Know Your Client� format as specified by the Board before executing an order on behalf of such client. (4) The trading member shall mandatorily furnish `Risk Disclosure Document� disclosing the risk inherent in trading in derivatives to the prospective clients in the form specified by the derivatives exchange or derivatives segment. (5) The trading or clearing member shall deposit margin or any other deposit and shall maintain position or exposure limit as specified by the Board or the concerned exchange or segment or clearing corporation or clearing house from time to time. 16*[(6) The provisions of sub regulations (1) to (5) shall be applicable mutatis mutandis to a self clearimg member] Chapter IV, V and VI applicable 16 I (1) The provision of Chapter IV, V and VI shall be applicable mutatis mutandis to a trading member and a clearing member 17*[or self clearing member] and such members shall abide by the provisions of the said Chapters. (2) In the chapters referred to in sub-regulation (1), the word `stock broker� shall refer to trading member or clearing member 18*[or self clearing member] and the word �stock exchange� shall refer to `derivatives exchange or derivatives segment of an exchange or clearing corporation or clearing house.� (3) The Board may issue such directions under section 11B of the Act to the trading member or clearing member 19*[or self clearing member] as may be deemed appropriate and such member shall abide by such directions. (4) In
case of violation of any regulation, the trading or the clearing member 20*[or
self clearing member] shall be liable to penalty as specified in regulation
26.}
Foot notes 7. "Chapter III A" inserted by the SEBI (Stock Brokers & Sub Brokers)(Amendment ) Regulations, 2000 published in the Official Gazette of India dated 14.3.2000 8. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 9. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 10. "Clause d" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2002 published in the Official Gazette of India dated 20.02.2002. 11. "sub-regulation 4" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 12. Substituted for "(2) and (3)" by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 13. "or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 14. or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 15. or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 16. "Sub-regulation 6" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 17. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 18. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 19. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 20.
"or self clearing member" inserted by the SEBI (Stock
Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in
the Official Gazette of India dated 15.11.2001.
To maintain proper books of accounts, records etc. 17 (1) Every stock-broker shall keep and maintain the following books of accounts, records and documents namely; -. (a) Register of transactions (Sauda Book);(2) Every stock-broker shall intimate to the Board the place where the books of accounts, records and documents are maintained. (3) Without prejudice to sub- regulation (1), every stock- broker shall, after the close of each accounting period furnish to the Board if so required as soon as possible but not later than six months from the close of the said period a copy of the audited balance sheet and profit and loss account, as at the end of the said accounting period: Provided that, if it is not possible to furnish the above documents within the time specified, the stock-broker shall keep the Board informed of the same together with the reasons for the delay and the period of time by which such documents would be furnished. Maintenance of books of accounts and records 18. Every stock broker shall preserve the books of account and other records maintained under regulation 17 for a minimum period of five years. 21*[Appointment of compliance officer 18A (1)
Every stock broker shall appoint a compliance officer who shall be responsible
for monitoring the compliance of the Act, rules and regulations, notifications,
guidelines instructions, etc, issued by the Board or the Central Government
and for redressal of investors
(2) The compliance officer shall immediately and independently report the Board any non-compliance observed by him ] Foot notes 21. Regulation 18A inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations 2001, published in the Official Gazette of India dated 29.05.2001.
19 (1) Where it appears to the Board so to do, it may appoint one or more persons as inspecting authority to undertake inspection of the books of accounts, other records and documents of the stock- brokers for any of the purposes specified in sub-regulation (2). (2) The purposes referred to in sub-regulation (1) shall be as follows, namely: (a) to ensure that the books of accounts and other books are being maintained in the manner required;Procedure for inspection 20. (1) Before undertaking any inspection under regulation 19, the Board shall give a reasonable notice to the stock- broker for that purpose. (2) Notwithstanding anything contained in sub-regulation (1), where the Board is satisfied that in the interest of the investors or in public interest no such notice should be given, it may by an order in writing direct that the inspection of the affairs of the stock broker be taken up without such notice. (3) On being empowered by the Board, the inspecting authority shall undertake the inspection and the stock-broker against whom an inspection is being carried out shall be bound to discharge his obligations as provided under regulation 21. Obligations of stock - broker on inspection by the Board 21. (1) It shall be the duty of broker on inspection by the Board every director, proprietor, partner, officer and employee of the stock-broker, who is being inspected, to produce to the inspecting authority such books, accounts and other documents in his custody or control and furnish him with the statements and information relating to the transactions in securities market within such time as the said officer may require. (2) The stock-broker shall allow the inspecting authority to have reasonable access to the premises occupied by such stock- broker or by any other person on his behalf and also extend reasonable facility for examining any books, records, documents and computer data in the possession of the stock- broker or any other person and also provide copies of documents or other materials which, in the opinion of the inspecting authority are relevant. (3) The inspecting authority, in the course of inspection, shall be entitled to examine or record statements of any member, director, partner, proprietor and employee of the stock- broker. (4) It shall be the duty of every director proprietor, partner, officer and employee of the stock broker to give to the inspecting authority all assistance in connection with the inspection, which the stock broker may be reasonably expected to give. Submission of Report to the Board 22. The inspecting authority shall, as soon as may be possible submit an inspection report to the Board. Communication of Findings etc. 23. (1) The Board shall after consideration of the inspection report communicate the findings to the stock-broker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. (2) On receipt of the explanation, if any, from the stock-broker, the Board may call upon the stock-broker to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations. 24. Notwithstanding anything contained above, the Board may appoint a qualified auditor to investigate into the books of account or the affairs of the stock-broker: Provided that, the auditor so appointed shall have the same powers of the inspecting authority as mentioned in regulation 19 and the obligations of the stock- broker in regulation 21 shall be applicable to the investigation under this regulation. Liability for action in case of default 25. (1) A stock-broker who (a) fails to comply with any conditions subject to which registration has been granted;shall be liable to any of the penalties specified in sub- regulation (2). (2) The penalties referred to in sub-regulation (1) may be either - (a) suspension of registration, after the inquiry, for a specified period; orSuspension, cancellation of registration, etc. 26. (1) A penalty of suspension of registration of a stock- broker may be imposed if:- (i) the stock-broker violates the provisions of the Act, rules and regulations;Provided that the Board for reasons to be recorded in writing may in case of repeated defaults of the type mentioned above impose a penalty of cancellation of registration of the stock-broker. (2) A penalty of cancellation of registration of a stock-broker may be imposed if:- (i) the stock-broker violates any provisions of insider trading regulations or take-over regulations;Manner of order of suspension or cancellation 27. No order of penalty of suspension and cancellation shall be imposed except after holding an enquiry in accordance with the procedure specified in regulation 28. 22*[Provided that the holding of such an enquiry shall not be necessary in cases where the stock broker : (a) ceases to be a member of a recognised stock exchange; orProvided further that no action shall be taken against the stock broker without giving an opportunity of hearing to the stock broker]. 28. (1) For the purpose of holding an enquiry under regulation 27, the Board may appoint an enquiry officer. (2) The enquiry officer shall issue to the stock-broker a notice at the registered office or the principal place of business of the stock-broker. (3) The stock-broker may, within thirty days from the date of receipt of such notice, furnish to the enquiry officer a reply together with copies of documentary or other evidence relied on by him or sought by the Board from him. (4) The enquiry officer shall, give a reasonable opportunity of hearing to the stock-broker to enable him to make submissions in support of his reply made under sub-regulation (3). (5) Before the enquiry officer, the stock-broker may either appear in person or through any person duly authorised on his behalf: Provided that no lawyer or advocate shall be permitted to represent the stock-broker at the enquiry: Provided further that where a lawyer or an advocate has been appointed by the Board as a presenting officer under sub- regulation (6), it shall be lawful for the stock-broker to present his case through a lawyer or advocate. (6) If it is considered necessary, the enquiry officer may request the Board to appoint a presenting officer to present its case. (7) The enquiry officer shall, after taking into account all relevant facts and submissions made by the stock-broker, submit a report to the Board and recommend the penalty to be awarded as also on the justification of the penalty proposed in the notice. 29. (1) On receipt of the report from the enquiry officer, the Board shall consider the same and issue a show-cause notice as to why the penalty as it considers appropriate should not be imposed. (2) The stock-broker shall within twenty-one days of the date of the receipt of the show- cause send a reply to the Board. (3) The Board after considering the reply to the show-cause notice, if received, shall as soon as possible but not later than thirty days from the receipt of the reply, if any, pass such order as it deems fit. (4) Every order passed under sub- regulation (3) shall be self- contained and give reasons for the conclusions stated therein including justification of the penalty imposed by that order. (5) The Board shall send a copy of the order under sub- regulation (3) to the stock- broker, stock exchange of which the stock-broker is the member, 23*[***]. Effect of suspension and cancellation of registration of stock-the stock-broker 30. (1) On and from the date of the suspension of broker he shall cease to buy, sell or deal in securities as a stock-broker during the period of suspension. (2) On and from the date of cancellation, the stock-broker shall with immediate effect cease to buy sell or deal in securities as a stock-broker. Publication of order of suspension 31. The order of suspension or cancellation of certificate passed in sub- regulation (3) of regulation 29 shall be published in atleast two daily newspapers by the Board.be published in atleast two daily newspapers by the Board. Appeal to the Securities Appellate Tribunal 24*32.
[Any person aggrieved by an order of the Board made, on and after the commencement
of the Securities Laws (Second Amendment) Act, 1999, (i.e., after 16th
December 1999), under these regulations may prefer an appeal to a Securities
Appellate Tribunal having jurisdiction in the matter]
Foot notes 22. Proviso inserted by the SEBI (Stock Brokers and Sub Brokers) (Amendment) Regulations, 1999 published in the Official Gazette of India dated 06.07.1999. 23. "and to the Central Government" omitted by the Securities and Exchange Board of India (Stock Brokers and Sub brokers) Amendment Regulations, 1999 published in the Official Gazette of India dated 06.07.1999. 24.
Substituted for the following provision by the SEBI
(Appeal to the Securities Appellate Tribunal) (Amendments) Regulations,
2000 published in the Official Gazette of India dated 28.03.2000.
SCHEDULE
I � FORMS
NAME OF THE STOCK EXCHANGE : 1. Name of Member with Code No. 2. Address of Member 3. Trade name of Member 4. Form of Organisation - Sole proprietorship, partnership, corporate body, financial institution. Please give names of proprietor / partners / directors. 5. Educational Qualifications 6. Date of admission to membership 7. Whether
member of more than one Stock Exchange?
8. Indicate Fax, Telex and Phone number(s) of office and residence. 9. In the case of members admitted on any Stock Exchange after February 21, 1992 the copy of the information given to the Stock Exchange at the time of admission. I declare that the information given in this form is true to the best of my knowledge and belief. Dated : Signature Recommendation of the Stock Exchange This is to certify that _________________ is a member of this Exchange and is recommended for registration with the Securities and Exchange Board of India. Signature
25*FORM
AA
APPLICATION FORM FOR REGISTRATION AS A TRADING AND / OR A CLEARING MEMBER 26*[OR SELF-CLEARING MEMBER] WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA 1. Name of the Derivatives Exchange / Segment / Clearing Corporation / Clearing House of which the applicant is the member. Please furnish the tenure of membership. 2. Name of the Member with Code No. 3. Whether the applicant is to act as a Trading member and/or a Clearing member 27*[or self clearing member] 4. If the applicant is to act as a Trading member, the applicant is required to furnish the name and details of the clearing member 28*[or self clearing member] through whom he intend to clear and settle his trade. 5. Address of the Member 6. Trade Name of Member 7. Form of Organisation: sole proprietorship / partnership / corporate body / financial institution. (Please give names of proprietor/ partners/directors) 8. Please furnish a copy of the Memorandum and Articles of Association or the Partnership Deed, as the case may be. 9. Educational Qualifications of proprietor/partners /directors, etc. 10. Whether the applicant or its sales personnel or approved user has passed any certification programme? If so, please specify the detail. 11. The experience of the applicant or their two directors or partners in derivatives trading or securities market, if so, please give details. 12. Date of admission to membership to the derivatives exchange or derivatives segment / clearing corporation / clearing house. 13. Whether a member of more than one exchange or derivatives segment or clearing corporation or clearing house of any segment? If So, please give name (s) of the clearing corporation / clearing house, or any stock exchange(s) with code number(s)? 14. Networth of the applicant. Please furnish details along with necessary documents in support thereof. 15. Whether the applicant or its director or partners, any time convicted of any economic offence ? If so, please furnish the details? 16. Whether the applicant or its directors or partners, declared insolvent / bankrupt or declared defaulter by any exchange? If so, please furnish details? 17. Whether the applicant or its directors or partners anytime subjected to any proceedings or penalty by the Board under SEBI Act or any of the regulations framed under the SEBI Act? If so, please furnish the details. 18. Indicate fax, telex and phone number(s) 19. Whether the application is accompanied by a requisite fee as per Schedule IV of the Regulations as applicable to the applicant. I declare that the information given in this form is true and in the event of any information furnished is false, misleading or suppression of facts, my certificate of registration is liable to be cancelled by SEBI without assigning any reasons whatsoever. Dated
:
Recommendation of the derivatives exchange / derivatives segment, clearing corporation / house. This is
to certify that __________________________ is a member of this Derivatives
Exchange / Derivatives Segment or Clearing Corporation or Clearing House
and is recommended for registration with the Securities and Exchange Board
of India.
Signature
Name Designation FORM
B
APPLICATION FORM FOR REGISTRATION AS A SUB-BROKER WITH SECURITIES AND EXCHANGE BOARD OF INDIA 1. Name of applicant sub-broker: 2. Trader name of sub-broker, firm, corporate body. 3. Form of organisation � sole proprietorship, partnership, corporate body. Please give names of proprietor, all partners, directors etc. 4. Educationalqualifications of proprietor, partners, directors etc.
Name
Status
Qualifications
5. Name of the member-broker and Stock Exchange to which applicant is affiliated. 6. Date of acquiring sub-brokership 7. Infrastructural
arrangements - indicate fax, telex, phones, number of offices and residential
numbers. Also indicate the number of employees.
8. Number of branch offices and their location with phone, telex and fax numbers. I certify that the information given in this application form is true to the best of my/our knowledge and belief. Recommendation letter from the stock broker to whom I/we am/are affiliated and two references, including one from the banker as required are enclosed. Signature___________________
__________________________________________________________________________________________ Recommendation of the Stock Exchange. This is to certify that________________________________ is a sub-broker affiliated to_________________________________ member-broker of this Exchange. The application is recommended/not recommended for registration by the Board. AUTHORISED SIGNATORY Signature __________________________Stock
Exchange.
FORM
C
To, The____________________________________Stock Exchange Dear Sirs,
I/We confirm that ______________________ is transacting business through me for a period from ______________ and he is a fit and proper person to be registered as a sub-broker. I/We also confirm that he is known to me/us for well over_____ years and he has got good financial background, moral character and integrity. He has been transacting business frequently and was meeting the market commitments as and when they arise. I/We hereby recommend his application for granting registration for carrying on shares and securities business as sub-broker. I/We also wish to state that whatever the information that has been submitted is true to the best of my/our knowledge and if at a later date if any material information comes to my/our knowledge subsequent to the submission of this application, I/We undertake to keep informed about the same. I/We member/s of ___________________________Exchange hereby agree to recommend the above mentioned applicant. Yours faithfully, Signature of Member/s. FORM
D
In exercise of the powers conferred by sub-section (1) of section 12 of the Securities and Exchange Board of India Act, 1992 read with the rules and regulations made thereunder, the Board hereby grants a certificate of registration to _________________________________________ a member of the _________________________________________ Stock Exchange(s) as a Stock Broker for carrying on the activities of buying, selling or dealing in securities and carrying on such other activities as are permitted by such Stock Exchange(s) subject to conditions prescribed in the rules and in accordance with the regulations. Registration
number allotted is as under:
This certificate shall be valid till it is suspended or cancelled in accordance with the regulations. Date:______________
By Order
29*FORM
DA
CERTIFICATE OF REGISTRATION In exercise of the powers conferred by sub section (1) of section 12 of the Securities and Exchange Board of India Act, 1992 read with the rules and regulations made thereunder, the Board hereby grants a certificate of registration to __________________________________ a member of the __________________ derivatives exchange / derivatives segment / clearing corporation / clearing house as trading / clearing member for carrying on the activities of dealing in derivatives / clearing & settlement of derivatives trades and for carrying on such other activities as are permitted by such exchange(s) / segment(s) / clearing corporation / clearing house subject to the conditions prescribed therefor, from time to time, by the Board. Registration number allotted is as under: _________________________
This certificate
shall be valid till it is suspended or cancelled in accordance with the
Regulations.
Date : _______________ By order
Securities and Exchange Board of India FORM
E
In exercise of the powers conferred by sub-section (1) of section 12 of the Securities and Exchange Board of India Act, 1992 read with the rules and regulations made thereunder, the Board hereby grants a certificate of registration to ___________________________________ as a Sub-Broker subject to the Rules and in accordance with the regulations. Registration
number allotted is as under :
This certificate shall be valid till it is suspended or cancelled in accordance with the regulations. Date:______________
By Order
Foot notes 25. "Form AA" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 14.03.2000. 26. "or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 27. "or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 28. "or self -clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2001, published in the Official Gazette of India dated 15.11.2001. 29.
"Form DA" inserted by the SEBI (Stock Brokers &
Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette
of India dated 14.3.2000.
SCHEDULE
II
A. GENERAL (1) Integrity: A stock-broker, shall maintain high standards of integrity, promptitude and fairness in the conduct of all his business. (2) Exercise Of Due Skill And Care: A stock-broker, shall act with due skill, care and diligence in the conduct of all his business. (3) Manipulation: A stock-broker shall not indulge in manipulative, fraudulent or deceptive transactions or schemes or spread rumours with a view to distorting market equilibrium or making personal gains. (4) Malpractices: A stock-broker shall not create false market either singly or in concert with others or indulge in any act detrimental to the investors interest or which leads to interference with the fair and smooth functioning of the market. A stock-broker shall not involve himself in excessive speculative business in the market beyond reasonable levels not commensurate with his financial soundness. (5) Compliance With Statutory Requirements: A stock-broker shall abide by all the provisions of the Act and the rules, regulations issued by the Government, the Board and the stock exchange from time to time as may be applicable to him. B. DUTY TO THE INVESTOR (1) Execution Of Orders: A stock-broker, in his dealings with the clients and the general investing public, shall faithfully execute the orders for buying and selling of securities at the best available market price and not refuse to deal with a Small Investor merely on the ground of the volume of business involved. A stock-broker shall promptly inform his client about the execution or non-execution of an order, and make prompt payment in respect of securities sold and arrange for prompt delivery of securities purchased by clients. (2) Issue Of Contract Note: A stock-broker shall issue without delay to his client a contract note for all transactions in the form specified by the stock exchange. (3) Breach Of Trust: A stock-broker shall not disclose or discuss with any other person or make improper use of the details of personal investments and other information of a confidential nature of the client which he comes to know in his business relationship. (4) Business And Commission: (a) A stock-broker shall not encourage sales or purchases of securities with the sole object of generating brokerage or commission.(5) Business Of Defaulting Clients: A stock-broker shall not deal or transact business knowingly, directly or indirectly or execute an order for a client who has failed to carry out his commitments in relation to securities with another stock-broker. (6) Fairness To Clients: A stock-broker, when dealing with a client, shall disclose whether he is acting as a principal or as an agent and shall ensure at the same time, that no conflict of interest arises between him and the client. In the event of a conflict of interest, he shall inform the client accordingly and shall not seek to gain a direct or indirect personal advantage from the situation and shall not consider clients' interest inferior to his own. (7) Investment Advice: A stock-broker shall not make a recommendation to any client who might be expected to rely thereon to acquire, dispose of, retain any securities unless he has reasonable grounds for believing that the recommendation is suitable for such a client upon the basis of the facts, if disclosed by such a client as to his own security holdings, financial situation and objectives of such investment. The stock-broker should seek such information from clients, wherever he feels it is appropriate to do so. 30*[(7A) Investment Advice in publicly accessible media � (a) A stock broker or any of his employees shall not render, directly or indirectly, any investment advice about any security in the publicly accessible media, whether real - time or non real-time, unless a disclosure of his interest including the interest of his dependent family members and the employer including their long or short position in the said security has been made, while rendering such advice.(8) Competence Of Stock Broker: A stock-broker should have adequately trained staff and arrangements to render fair, prompt and competent services to his clients. C. STOCK-BROKERS VIS-A-VIS OTHER STOCK-BROKERS (1) Conduct Of Dealings: A stock-broker shall co-operate with the other contracting party in comparing unmatched transactions. A stock-broker shall not knowingly and wilfully deliver documents which constitute bad delivery and shall co-operate with other contracting party for prompt replacement of documents which are declared as bad delivery. (2) Protection Of Clients Interests: A stock-broker shall extend fullest co-operation to other stock-brokers in protecting the interests of his clients regarding their rights to dividends, bonus shares, right shares and any other right related to such securities. (3) Transactions With Stock-Brokers: A stock-broker shall carry out his transactions with other stock-brokers and shall comply with his obligations in completing the settlement of transactions with them. (4) Advertisement And Publicity: A stock-broker shall not advertise his business publicly unless permitted by the stock exchange. (5) Inducement Of Clients: A stock-broker shall not resort to unfair means of inducing clients from other stock- brokers. (6) False
Or Misleading Returns: A stock-broker shall not neglect or fail or refuse
to submit the required returns and not make any false or misleading statement
on any returns required to be submitted to the Board and the stock exchange.
SECURITIES
AND EXCHANGE BOARD OF INDIA
A. GENERAL (1) Integrity : A sub-broker, shall maintain high standards of integrity, promptitude and fairness in the conduct of all investment business. (2) Exercise Of Due Skill And Care : A sub-broker, shall act with due skill, care and diligence in the conduct of all investment business. B. DUTY TO THE INVESTOR (1) Execution Of Orders : A sub-broker, in his dealings with the clients and the general investing public, shall faithfully execute the orders for buying and selling of securities at the best available market price. A sub-broker shall promptly inform his client about the execution or non-execution of an order and make payment in respect of securities sold and arrange for prompt delivery of securities purchased by clients. (2) A. Issue of Purchase or Sale Notes : (a) A sub-broker shall issue promptly to his clients purchase or sale notes for all the transactions entered into by him with his clients.(3) BREACH OF TRUST : A sub-broker shall not disclose or discuss with any other person or make improper use of the details of personal investments and other information of a confidential nature of the client which he comes to know in his business relationship. (4) BUSINESS AND COMMISSION : (a) A sub-broker shall not encourage sales or purchases of securities with the sole object of generating brokerage or commission.(5) BUSINESS OF DEFAULTING CLIENTS : A sub-broker shall not deal or transact business knowingly, directly or indirectly or execute an order for a client who has failed to carry out his commitments in relation to securities and is in default with another broker or sub-broker. (6) FAIRNESS TO CLIENTS : A sub-broker, when dealing with a client, shall disclose that he is acting as an agent and shall issue appropriate purchase/sale note ensuring at the same time, that no conflict of interest arises between him and the client. In the event of a conflict of interest, he shall inform the client accordingly and shall not seek to gain a direct or indirect personal advantage from the situation and shall not consider clients' interest inferior to his own. (7) INVESTMENT ADVICE : A sub-broker shall not make a recommendation to any client who might be expected to rely thereon to acquire, dispose of, retain any securities unless he has reasonable grounds for believing that the recommendation is suitable for such a client upon the basis of the facts, if disclosed by such a client as to his own security holdings, financial situation and objectives of such investment. The sub-broker should seek such information from clients, wherever they feel it is appropriate to do so. 31*[7A � Investment Advice in publicly accessible media � (a) A sub-broker or any of his employees shall not render, directly and indirectly any investment advice about any security in the publicly accessible media, whether real � time or non real-time, unless a disclosure of his interest including his long or short position in the said security has been made, while rendering such advice. (b) In case, an employee of the sub-broker is rendering such advice, he shall also disclose the interest of his dependent family members and the employer including their long or short position in the said security, while rendering such advice.] (8) COMPETENCE OF SUB-BROKER : A sub-broker should have adequately trained staff and arrangements to render fair, prompt and competent services to his clients and continuous compliance with the regulatory system. C. SUB-BROKERS VIS-A-VIS STOCK BROKERS (1) CONDUCT OF DEALINGS : A sub-broker shall co-operate with his broker in comparing unmatched transactions. A sub-broker shall not knowingly and wilfully deliver documents which constitute bad delivery. A sub-broker shall co-operate with other contracting party for prompt replacement of documents which are declared as bad delivery. (2) PROTECTION OF CLIENTS INTERESTS : A sub-broker shall extend fullest co-operation to his stock-broker in protecting the interests of their clients regarding their rights to dividends, right or bonus shares or any other rights relatable to such securities. (3) TRANSACTIONS WITH BROKERS : A sub-broker shall not fail to carry out his stockbroking transactions with his broker nor shall he fail to meet his business liabilities or show negligence in completing the settlement of transactions with them. (4) LEGAL AGREEMENT BETWEEN BROKERS : A sub-broker shall execute an agreement or contract with his affiliating brokers which would clearly specify the rights and obligations of the sub-broker and the principal broker. (5) ADVERTISEMENT AND PUBLICITY : A sub-broker shall not advertise his business publicly unless permitted by the stock exchange. (6) INDUCEMENT OF CLIENTS : A sub-broker shall not resort to unfair means of inducing clients from other brokers. D. SUB-BROKERS VIS-A-VIS REGULATORY AUTHORITIES (1) GENERAL CONDUCT : A sub-broker shall not indulge in dishonourable, disgraceful or disorderly or improper conduct on the stock exchange nor shall he wilfully obstruct the business of the stock exchange. He shall comply with the rules, bye-laws and regulations of the stock exchange. (2) FAILURE TO GIVE INFORMATION : A sub-broker shall not neglect or fail or refuse to submit to the Board or the stock exchange with which he is registered, such books, special returns, correspondence, documents, and papers or any part thereof as may be required. (3) FALSE OR MISLEADING RETURNS : A sub-broker shall not neglect or fail or refuse to submit the required returns and not make any false or misleading statement on any returns required to be submitted to the Board or the stock exchanges. (4) MANIPULATION : A sub-broker shall not indulge in manipulative, fraudulent or deceptive transactions or schemes or spread rumours with a view to distorting market equilibrium or making personal gains. (5) MALPRACTICES : A sub-broker shall not create false market either singly or in concert with others or indulge in any act detrimental to the public interest or which leads to interference with the fair and smooth functions of the market mechanism of the stock exchanges. A sub-broker shall not involve himself in excessive speculative business in the market beyond reasonable levels not commensurate with his financial soundness. Foot notes 30. Clause 7A inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations 2001, published in the Official Gazette of India dated 29.05.2001. 31.
Clause 7A inserted by the SEBI (Investment Advice by
Intermediaries) (Amendment) Regulations 2001, published in the Official
Gazette of India dated 29.05.2001.
SCHEDULE
III
I. FEES TO BE PAID BY THE STOCK-BROKER 1. Every stock-broker shall subject to paragraphs 2 and 3 of this Schedule pay registration fees in the manner set out below: (a) Where the annual turnover does not exceed rupees one crore during any financial year, a sum of rupees five thousand for each financial year or;2. Fees referred to in clause (a) and (b) of paragraph 1 above shall be paid - (a) in respect of the financial year 1992-1993 within one month of the commencement of these regulations;3. Every remittance of fees referred to in clauses (a) and (b) of paragraph 1, shall be accompanied by a certificate as to the authenticity of turnover on the basis of which fees have been computed duly signed by the stock exchange of which the stock-broker is a member or by a qualified auditor as defined in Section 226 of the Companies Act, 1956. Explanation - For the purposes of paragraphs 1, 2 and 3 "annual turnover" means the aggregate of the sale and purchase prices of securities received and receivable by the stock broker either on his own account as well as on account of his clients in respect of sale and purchase or dealing in securities during any financial year. 33*[4. Where a corporate entity has been formed by converting the individual or partnership membership card of the exchange, such corporate entity shall be exempted from payment of fee for the period for which the erstwhile individual or partnership member, as the case may be, has already paid the fees subject to the condition that the erstwhile individual or partner shall be the wholetime Director of the corporate member so converted and such Director will continue to hold minimum 40% shares of the paid-up equity capital of the corporate entity for a period of atleast three years from the date of such conversion] 34*[�Explanation: It is clarified that the conversion of individual or partnership membership card of the exchange into corporate entity shall be deemed to be in continuation of the old entity and no fee shall be collected again from the converted corporate entity for the period for which the erstwhile entity has paid the fee as per the regulations�]. 35*[4A. Where a stock exchange has formed a subsidiary company, which has become a stock broker of another stock exchange, then the turnover of the stock broker who is buying, selling or dealing in securities, through the subsidiary company as a sub-broker, shall be excluded from the turnover of the subsidiary company, only if the stock broker has paid five years turnover based fees plus fee for a block of five years in accordance with the regulations, on the concerned stock exchange which has formed the subsidiary company.] 36*[5. If a stock broker fails to remit fees in accordance with paragraph 1 and 2, he shall be liable to pay interest @ 15% per annum for each month of delay or part thereof; Provided that the liability to pay interest as aforesaid may be addition to any other action which the Board may take as deem fit against the stock broker under the Act, or the Regulations; Provided further that if the liability of the stock broker on account of payment of interest works out to be Rs. 100 or less the same may be waived off by the Board taking into consideration the administrative cost involved in recovering the said amount]. II. FEES TO BE PAID BY SUB-BROKER: (a) A Sub-broker shall pay a fee of rupees one thousand for each financial year for an initial period of five years. (b) After the expiry of the five years mentioned above, the sub-broker shall pay a fee of rupees five hundred for each financial year as long as the Certificate remains in force. III. MANNER OF FEES TO BE PAID The fees
indicated above shall be paid on or before the 1st day of October each
year payable by 37*[draft]
in favour of 38*[the
Securities and Exchange Board of India" at Bombay or at the respective
regional office].
Foot notes 32.
"Clause bb" inserted by the SEBI (Stock Brokers and
Sub Brokers) (Amendment) Regulations, 2002 published in the Official Gazette
of India dated 20.02.2002.
33. "Paragraph 4" inserted by the SEBI (Stock Brokers and Sub Brokers) (Second Amendment) Regulations, 1998 published in the Official Gazette of India dated 21.01.1998. 34. "Explanation" inserted by Securities and Exchange Board of India (Stock Brokers and Sub Brokers) (Amendment) Regulations, 2002 published in the Official Gazette of India dated 20.02.2002. 35. "Paragraph 4A" inserted by the Securities and Exchange Board of India (Stock Brokers and Sub Brokers) (Third Amendment) Regulations, 1998 published in the Official Gazette of India dated 30.08.2000. 36. "Paragraph 5" inserted by Securities and Exchange Board of India (Stock Brokers and Sub Brokers) (Amendment) Regulations, 2002 published in the Official Gazette of India dated 16.12.1998. 37. Substituted for "a cheque or" by the SEBI (Payment of Fees) (Amendment) Regulations, 1995 published in the Official Gazette of India dated 28.11.1995. 38. "the Securities and Exchange Board of India" at Bombay or at the respective regional office" inserted by rthe SEBI (Payment of Fees) (Amendment) Regulations, 1995 published in the Official Gazette of India dated 28.11.1995 39*SCHEDULE
IV
FEES TO BE PAID BY THE TRADING OR CLEARING MEMBER 40*[OR SELF-CLEARING MEMBER] OF DERIVATIVES EXCHANGE / DERIVATIVES SEGMENT / CLEARING CORPORATION / CLEARING HOUSE. 1. A clearing member shall pay a fee of Rs.25,000/- every year till his registration is in force, in the manner specified below:- (a) for the first financial year along with the application for registration;2. A trading member shall pay every year a fee till his registration is in force, in the manner specified below:- (a) where the annual turnover does not exceed Rs. 500 crore in the financial year, a sum of Rs. 10, 000 for each financial year; andExplanation : For the purpose of clause 2, the expression ` annual turnover� shall mean the aggregate value of all trades executed by the trading member on the derivatives exchange or the derivatives segment and shall also include the value of trades settled on the expiration of derivatives contracts. 41*[However, for option contracts, the `annual turnover� shall be computed on the basis of the premium traded for the option contracts and in case where the option is exercised / assigned, the `annual turnover� shall be computed on the basis of the notional value of the option contracts exercised / assigned, in addition to the annual turnover� computed on the basis of premium traded] 42*[2A The �self-clearing member� shall pay every year a fee as specified in clause 1 & 2. The provisions of clauses 3 to 6 shall be applicable mutatis mutandis to a self-clearing member.] 3. Every remittance of fees by a trading member as specified in clause 2 shall be made every financial year as under :- (a) For the first financial year in which certificate of registration is granted a sum of Rs. 10, 000/- shall be paid along with the application for registration.4. A trading member who also acts as a clearing member shall pay the annual fee separately, as applicable to each category as specified in clause 2 and 3 above. 5. The fees indicated above shall be paid by draft in favour of ` Securities and Exchange Board of India, Mumbai�. Such draft shall be forwarded to the Board through the concerned derivatives exchange or derivatives segment or clearing corporation or clearing house.�� 6. The
financial year shall mean the year commencing from 1st April and ending
on 31st March of the following year.
(F.NO:
20 / 7 / SE / 92)
sd/-
Foot notes 39. "Schedule IV" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 14.03.2000 40. "or self clearing member" inserted by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 15.11.2001. 41. Paragraph added by the SEBI (Stock Brokers & Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette of India dated 15.11.2001. 42.
Paragraph 2A inserted by the SEBI (Stock Brokers &
Sub Brokers) (Amendment) Regulations, 2000 published in the Official Gazette
of India dated 15.11.2001.
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