The Securities and Exchange Board of India (SEBI) has issued an updated Master Circular for stock brokers as of August 9, 2024. This circular consolidates all relevant guidelines and directions issued to stock brokers up until this date, superseding the previous Master Circular dated May 22, 2024. The new Master Circular rescinds specific provisions from earlier circulars that were listed in its appendix, ensuring that all actions taken under the rescinded circulars remain valid under the updated provisions. The update aims to streamline compliance by providing stock brokers with a single reference document that encompasses all applicable rules and regulations. This circular is issued under the authority of Section 11(1) of the SEBI Act, 1992, and is available on the SEBI website. The update is part of SEBI’s ongoing efforts to enhance regulatory clarity and accessibility for market participants.
Securities and Exchange Board of India
Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1 /P/CIR/2024/110 Dated: August 09, 2024
To,
All Recognized Stock Exchanges
Stock Brokers through Recognized Stock Exchanges
Madam/Sir,
Subject: Master Circular for Stock Brokers
I. Securities and Exchange Board of India (SEBI), from time to time, has been issuing various circulars/directions to Stock Brokers. In order to enable the users to have access to the provisions of the applicable circulars at one place, SEBI had issued Master Circular dated May 22, 2024 in respect of Stock Brokers.
II. Subsequently, various guidelines/directions were issued to Stock Brokers by way of circulars/advisory. In view of the same, the Master Circular dated May 22, 2024 has been updated to include all relevant circulars that were issued till date i.e. August 09, 20241. The instant master circular supersedes the Master Circular for Stock Brokers dated May 22, 2024.
III. Vide Master Circular for Stock Brokers dated May 22, 2024, the directions/instructions contained in the circulars listed out in the Appendix to that Master Circular, to the extent they relate to the Stock Brokers, were rescinded. In addition, with the issuance of this Master Circular, the directions/instructions contained in the circulars listed out at Sr. nos.1 17-118 in the Appendix to this Master Circular, to the extent they relate to the Stock Brokers, shall stand rescinded.
IV. Notwithstanding such rescission,
a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded;
V. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992.
VI. This circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Aradhana Verma
General Manager
Tel. No: 022 26449633
[email protected]
