Securities And Exchange Board Of India (Stock Brokers And Sub-Brokers) (Amendment) Regulations, 1999. - S.O. No.541(E) - SEBI/LE/13516/99 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 6th July, 1999 S.O.541(E).- In exercise of the powers conferred by sub-section (1) of 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: I. (i) These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 1999. (ii) They shall come into force on the date of their publications in the Official Gazette. II. In the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, 1. In Regulation 27, a proviso shall be inserted namely: Provided that the holding of such an enquiry shall not be necessary in cases where the stock broker: a) ceases to be a member of a recognised stock exchange; or b) is declared defaulter by the stock exchange and is not readmitted to the membership of the exchange within a period of six months from such declaration; or c) surrenders the membership of the stock exchange; or d) is declared insolvent by a Court; or e) fails to pay the registration or annual fees to the Board in the manner specified in the regulations; or f) voluntarily surrenders certificate to the Board; or g) is wound up by an order passed by the Court. Provided further that no action shall be taken against the stock broker without giving an opportunity of hearing to the stock broker. 2. In regulation 29, in sub-regulation (5), the words and to the Central Government shall be omitted. [F. No. SEBI/LE/13516/99] D. R. MEHTA, Chairman Foot Note: 1. Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, the principal Regulations, was published in the Gazette of India on October 23,1992, vide G.S.R. 780 (E). 2. It was subsequently amended on: (a) November 28, 1995 by SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O. No. 939 (E). (b) January 5, 1998 by SEBI (Stock Brokers and Sub-Brokers) Regulations, 1998 vide S.O. No. 13(E). (c) January 21, 1998 by SEBI (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 1998 vide S.O. No. 75 (E). (d) December 16, 1998 by SEBI (Stock Brokers and Sub-Brokers) (Third Amendment) Regulations, 1998 vide S.O. No. 1078 (E).