SEBI (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2011 – Amendment in Regulations 17, 26 and Schedule II

NOTIFICATION F.NO. LAD-NRO/GN/2011-12/19/26273, DATED 17-8-2011

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) (Second 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 17, in sub-regulation (1), clause (n) shall be substituted with the following, namely:—

“(n) Client account opening form in the format as may be specified by the Board.”

 (ii)  in regulation 26, existing clause (xii), shall be substituted with the following, namely:—

“(xii) Failure to maintain client account opening form.”

(iii)  in Schedule II,

 (a)  under the head “Code of Conduct for Stock Brokers”, clause D shall be omitted.

 (b)  under the head “Code of Conduct for Sub-Brokers”, in clause C, sub-clause (4) shall be omitted.