Circular MRD/CIR/2008/1549 of the Securities and Exchange Board of India dated 27th August, 2008 on the business of a stock broker [C18-K05]

MRD/CIR/2008/1549

Securities and Exchange Board of India

Mumbai, dated the 27th August, 2008

CIRCULAR

To

All General Managers,

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 E to the Securities Appellate Tribunal within thirty days, accompanied by a fee of one lakh 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 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)