SEBI – Amendment in SEBI (Stock Brokers and Sub-Brokers) Regulations – Notification No. LAD-NRO/GN/2011-12/01/11486, DATED 06-04-2011

AMENDMENT IN SEBI (STOCK BROKERS AND SUB-BROKERS) REGULATIONS

SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2011 – Amendment in regulations 2, 16L, Chapter IIIB and Schedules I and IVA

NOTIFICATION NO. LAD-NRO/GN/2011-12/01/11486, DATED 6-4-2011

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992, namely:—

1.  These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2011.

2.  They shall come into force on the date of their publication in the Official Gazette.

3.  In the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992:—

(i)  in regulation 2, in clause (fa), after the words “derivatives segment of a stock exchange” the words “or currency derivatives segment of a stock exchange” shall be inserted;

(ii)  in Chapter IIIB, the words “clearing member”, wherever appearing, shall be substituted with the words “clearing member or self-clearing member”;

(iii)  in regulation 16L,—

(a)  after sub-regulation (3), the following shall be inserted, namely:—

“(4)  An applicant who desires to act as a self-clearing member, in the currency derivatives segment of a stock exchange, in addition to complying with the requirements of sub-regulation (1), shall deposit at least a sum of rupees fifty lakh with the clearing corporation or clearing house of the currency derivatives segment in such form, and shall maintain such net worth, as may be specified by the Board from time to time.”

(b)  in the Explanation, the symbols, numbers and word “(2) and (3)” shall be substituted with “(2), (3) and (4)”;

(iv)  in Schedule I, in Form AB and DB, the words “clearing member”, wherever appearing, shall be substituted with the words “clearing member or self-clearing member”;

(v)  in Schedule IVA, the words “clearing member”, wherever appearing, shall be substituted with the words “clearing member or self-clearing member”.

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