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TMI BlogChange in affiliation of Sub-brokersX X X X Extracts X X X X X X X X Extracts X X X X ..... esh certificate needs to be obtained for change in affiliation, such a change may require approval from the Board. This circular intends to clarify the procedure to be adopted in case of change in affiliation by the sub-broker. The procedure to be followed and the documents to be submitted for seeking approval for change in affiliation by the sub-brokers is specified in the table given below: S. No Scenarios Remarks Procedure and Documents to be submitted by the applicant. (A) (B) (C) (i) A sub-broker intends to discontinue business with one broker and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s) / action(s) is /are pending against the sub-broker seeking change in affiliation and the sub-broker has no outstanding fee against it. ( c ) The Exchange shall forward the application complete in all respects to SEBI along with its recommendation. ( d ) SEBI shall take the change in affiliation on record and effect the changes on the sub-broker certificate. ( e ) The modified certificate shall be dispatched to the exchange to be handed over to the broker / sub-broker. (iii) A broker applies for surrender. Sub-brokers affiliated to a broker who has applied for surrender of registration may apply for change in affiliation to another broker or apply for surrender ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A broker undergoes change in control or change in status and constitution / sale / transfer / transmission Sub-brokers affiliated to a broker who has undergone change in control/change in status or constitution / transfer/ sale/ transmission , may apply for change in affiliation to another broker or apply for surrender The broker undergoing change must ensure that all the sub-brokers affiliated to it submit the sub-brokers application for change in affiliation or surrender after the issuance of prior approval to the broker and before the registration of the incoming broking entity. The application must be submitted through the exchange. Incase the broker expires, the sub-brokers may change their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) The broker or the sub-broker terminates the agreement. In case the broker or the sub-broker terminates the agreement, the sub-broker may apply for change in affiliation or surrender registration. In case the sub-broker intends change in affiliation and broker does not issue NOC, the sub-broker may apply for change in affiliation after completion of one month from the date of termination of agreement with the proof of request to the broker for NOC. In case the sub-broker terminates the agreement, the sub-broker shall submit an application to the exchange for surrender of certificate of registration as sub-broker and enclose proof of service of notice for terminatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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