Circular SEBI/HO/MRD/CIR/P/2020/1814 of the Securities and Exchange Board of India dated 20th August, 2020 on the business of a stock broker [C11-X2Y]

SEBI/HO/MRD/CIR/P/2020/1814

Securities and Exchange Board of India

Mumbai, dated the 20th August, 2020

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.

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 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 Central Government within forty-five days, accompanied by a fee of twenty-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 Central Government 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)