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TMI BlogMarket Access through Authorised PersonsX X X X Extracts X X X X X X X X Extracts X X X X ..... tered stock brokers (including trading members) of stock exchanges to provide access to clients through authorised persons. The framework governing the market access through authorised persons is enclosed at Annexure-1 .This framework provides the minimum requirements and the stock exchanges and stock brokers may prescribe additional requirements, as they may deem appropriate, in the interest of investors and market. 2. The stock exchanges are advised to make necessary amendments to the bye-laws, rules and regulations to implement the framework for market access through authorized persons. 3. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a citizen of India; b) is not less than 18 years of age; c) has not been convicted of any offence involving fraud or dishonesty; d) has good reputation and character; e) has passed at least 10th standard or equivalent examination from an institution recognized by the Government; and f) has the certification, as applicable to approved user / sales personnel of the respective segment, and undertakes to continue to have valid certification thereafter. (Stock Exchange shall prescribe appropriate certification if no such certification is prescribed under SEBI Regulations and monitor compliance.) 4.2 A partnership firm, LLP or a body corporate is eligible to be appointed as authorized person a) if all the partners or dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... form(s) specified by Exchange. The agreement shall inter-alia cover scope of the activities, responsibilities, confidentiality of information, commission sharing, termination clause, etc. 6. Withdrawal of Approval Approval given to an authorised person may be withdrawn by the stock exchange: a) on receipt of a request to that effect from the stock broker concerned or the authorised person, subject to compliance with the requirements prescribed by the stock exchange, or b) on being satisfied that the continuation of authorised person is detrimental to the interest of investors or securities market or the authorised person at a subsequent date becomes ineligible under clause 4 above. 7. Obligations of Stock Broker a) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person, stock broker shall seek withdrawal of approval, withhold all moneys due to authorised person till resolution of investor problems, alert investors in the location where authorised person operates, file a complaint with the police, and take all measures required to protect the interest of investors and market. 8. Obligations of Exchange a) The stock exchange shall maintain a database of all the authorised persons which shall include the following: I. PAN Number of authorised person and in case of partnership or body corporate, PAN Number of all the partners or directors as the case may be. II. Details of the broker with whom the authorised person is registered. III. Locations of branch assigned to authorised person ..... X X X X Extracts X X X X X X X X Extracts X X X X
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