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Securities and Exchange Board of India

Chief General Manager

Market Intermediaries Regulation &

Supervision Department

SEBI/MIRSD-DR 1/MSS/CIR-21/04

May 26, 2004

To

The Executive Director/Managing Director All Stock Exchanges

Dear Sir/Madam,

 Your attention is invited to the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2003 notified vide notification No. SO 1095 (E) dated 23rd September, 2003. This amendment makes it mandatory for the exchanges to recognise the sub-brokers while recommending the application for registration of sub brokers.

In view of the above, you are advised to ensure that the sub-broker seeking registration is recognised by the exchange before the application is recommended to SEBI for registration as sub-broker. Similarly, the applications for cancellation of sub-broker registration must be forwarded to SEBI only after the sub-broker seeking cancellation is de-recognised by the exchange.

Further, you are advised to ensure that all the existing sub-brokers on your exchange are granted recognition immediately, if not done already.

Yours faithfully,

(M. S. Sahoo)

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