Circular SEBI/HO/MRD/CIR/P/2017/4627 of the Securities and Exchange Board of India dated 10th June, 2017 on the business of an intermediary [C11-KK4]

SEBI/HO/MRD/CIR/P/2017/4627

Securities and Exchange Board of India

Mumbai, dated the 10th June, 2017

CIRCULAR

To

All adjudicating officers,

Subject: The business of an intermediary by intermediaries under the Securities and Exchange Board of India Act, 1992, regarding.

This circular is issued in exercise of the powers conferred under section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market

1. References have been received seeking clarification on the manner in which section 9 applies to the business of an intermediary by intermediaries.

2. The matter has been examined. Every intermediary carrying on the business of an intermediary shall make an application in Form B to the Securities Appellate Tribunal within thirty days, accompanied by a fee of one thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of an intermediary is undertaken, and the Securities Appellate Tribunal shall dispose of it within thirty days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)