Regulation 10A - Application for registration - Securities and Exchange Board of India (Stock Brokers) Regulations, 1992

1 [CHAPTER II-A REGISTRATION OF CLEARING MEMBERS Application for registration. 10A. 2 [(1) No person shall act as a clearing member, unless he obtains a certificate of registration from the Board: Provided that no separate registration shall be required for a stock broker registered with the Board to act as a clearing member in a clearing corporation of which he is admitted as a member, subject to grant of approval by the concerned clearing corporation 5 [ : ] 6 [ Provided further that no separate registration shall be required for any person registered with the limited purpose clearing corporation as a participant for participating in the tri-party repo segment for undertaking proprietary trades in corporate bonds. ] 7 [ Explanation 1 ] .- For the purpose of this sub-regulation, it is clarified that no separate registration shall be required for a clearing member registered with the Board to operate in more than one clearing corporation, of which he is admitted as a member, subject to grant of approval by the concerned clearing corporation.] 8 [ Explanation 2. For the purposes of these regulations, participant means any person who is an eligible entity as stipulated under the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018. ] (2) An application for grant of a certificate of registration as clearing member shall be submitted to the Board in Form AD of Schedule I through the clearing corporation 3 [****] of which he is admitted as a member. (3) The Clearing Corporation 4 [****] shall forward the application form to the Board as early as possible, but not later than thirty days from the date of its receipt. ] ************** NOTES:- 1 Chapter II-A inserted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27.09.2013 2 Substituted by the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014 w.e.f. 8.10.2014. Prior to substitution the sub-regulation read as follows: (1) Any person who desires to act as a clearing member, shall seek a certificate of registration from the Board for each clearing corporation in which he seeks to operate: Provided that no separate registration shall be required for a stock broker registered with the Board to operate as a clearing member in the clearing corporation which is promoted by the stock exchange of which he is a member. 3 (s) omitted by the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014 w.e.f. 08.10.2014 4 (s) omitted by the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014 w.e.f. 08.10.2014 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/140 dated 24-07-2023 before it was read as, . 6. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/140 dated 24-07-2023 7. Re-Numbered vide Notification No. SEBI/LAD-NRO/GN/2023/140 dated 24-07-2023 before it was read as, Explanation 8. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/140 dated 24-07-2023