SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
September 17, 2001
The Executive Directors / Managing Directors, All Stock Exchanges
Sub : Associates in relation to a stock broker
‘Associate’ in relation to a stock broker, individual, body corporate or firm, shall include a person:
(ii) in respect of whom the stock broker, individual or body corporate or firm, directly or indirectly, by itself or in combination with other persons, exercises control or
(iii) whose director or partner is also a director or partner of the stock broker, body corporate or the firm, as the case may be. The expression ‘control’ shall have the same meaning as defined under clause (c) of Regulation 2 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
Yours faithfully
