Market Intermediaries Regulation and Supervision Department (MIRSD)

Note: SEBI follows the transparent procedure for processing various applications received from intermediaries. By and large, reply is sent to the applicant within a period of 30 days. Once the requirements are complied with, as advised in our letter, the desired service, such as, grant of registration, cancelation of registration etc. is completed. The applicants may please note that in case they provide incomplete / vague information or supporting documents, wherever required, are not enclosed, this may lead to further correspondence and delay in processing of their applications. In case the application has remained unattended or there is an inordinate delay, the applicant should not hesitate in writing to the respective Division Chief or the Executive Director, whose contact details are mentioned in the website.

Activities Timelines

A. Fresh registration of Intermediaries

    Stock brokers.

    Sub-brokers.

    Depository participants.

    Merchant bankers.

    RTI/STA.

    Credit rating agencies.

    Bankers to and Issue.

    Debenture Trustees.

    Approved intermediary under Stock Lending Scheme.

30 days.

B. Cancellation/surrender of registration.

    Stock brokers.

    Sub-brokers. 

    Depository participants.

    Merchant bankers.

    RTI/STA.

    Credit rating agencies.

     Bankers to and Issue.

     Debenture Trustees.

     Approved intermediary under Stock Lending Scheme.

30 days.

C. Prior approval for change in control of intermediary.

    Stock brokers

    Depository participants

    Merchant bankers

    RTI/STA

    Credit rating agencies

    Bankers to and Issue

    Debenture Trustees

    Approved intermediary under Stock Lending Scheme

30 days.

Application to SEBI for opening of Wholly Owned Subsidiaries or Entering into Joint Ventures in other countries

30 days.

Investor grievances

The investor grievances received by SEBI against intermediaries will be taken up electronically with the concerned entity/SRO through SCORES (https://scores.gov.in/Admin). The intermediary shall be responsible for taking adequate steps for redressal of grievances within one month from the date of receipt of the complaint and keep the investor/SRO(s) duly informed of the action taken thereon. Failure to comply with the said requirement will render the intermediary liable for penal action.