stock brokers

Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking 'running account authorisation' from their clients at least once a year -- which was made mandatory in December 2009 -- after repeated requests from brokerages in this regard. Full Article

SEBI - Format for application to SEBI for opening of wholly owned subsidiaries or entering into joint ventures in other countries (Applicable for Stock Brokers, Bankers to an Issue, Merchant Bankers, Registrar to an Issue and Share Transfer Agents, Full Article

trading members and clearing members in the equity derivatives and currency derivatives segments. stock brokers in the cash segment who are covered under Schedule III A [payment of fees by stock brokers] of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 and stock brokers in the cash segment who may migrate to Schedule III A [payment of fees by stock brokers] of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 in future (as and when they migrate). Full Article

After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act, 1961 (‘the Act’ for short) and often high-pitched Income tax assessments are being made at several places. Full Article

Market regulator Securities and Exchange Board of India asked bourses on Wednesday to preserve original records related to an investigation till the trial is over instead of the current practice of keeping the papers only for five years. ". the respective original is to be maintained till the trial or investigation proceedings have concluded," market regulator Sebi said in a circular to all stock exchanges. Full Article

Further, as per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in electronic form, provisions of Information Technology Act, 2000 in this regard shall be complied with. Full Article

In a move to bring greater transparency and discipline among market participants, the Securities and Exchange Board of India (Sebi) on Thursday put out mandatory requirements related to dealings between investors and stock brokers (including trading members). The move gives brokers the right to take actions against clients. The deadline for implementing the norms is March 31, 2010. Full Article

This is in continuation of circulars (a) No. SMD/SED/CIR/93/23321 dated November 18, 1993 specifying the norms for regulation of transactions between clients and brokers, (b) No. SEBI/MIRSD/DPS-1/Cir-31/2004 dated August 26, 2004 specifying the model format for the Member Clients Agreements, and (c) No. MRD/DoP/SE/Cir-20/2005 dated September 8, 2005 specifying the conditions for issuing electronic contract notes. Full Article