Circular MRD/CIR/2017/684 of the Securities and Exchange Board of India dated 19th October, 2017 on the business of a stock broker [C11-MKR]

MRD/CIR/2017/684

Securities and Exchange Board of India

Mumbai, dated the 19th October, 2017

CIRCULAR

To

All adjudicating officers,

Subject: The business of a stock broker by stock brokers under the Securities and Exchange Board of India Act, 1992, regarding.

In exercise of the powers conferred by section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the business of a stock broker by stock brokers.

2. The matter has been examined. Every stock broker carrying on the business of a stock broker shall make an application in Form B to the Board within forty-five days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of a stock broker is undertaken, and the Board shall dispose of it within forty-five 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)