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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 ..... nge 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 start business with another broker by changing affiliation. * The sub-broker shall submit the application for change in affiliation to the exchange through the broker with whom affiliation is being sought and exchange shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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. * The broker must ensure that all the sub-brokers affiliated to it submit the application for change in affiliation or surrender at the time broker applies for surrender. The application must be submitted through the exchange. * The application for surrender of certificate of registration of sub-broker shall be submitted to the exchange through the existing broker whereas the application for change in affiliation of sub-broker ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proval 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 affiliation within a period of six months from the date on which the broker ceases to exist or the registration will be deemed cancelled. * The application for surrender of certificate of registration of sub-broker (s) shall be submitted to the exchange through the existing broker whereas the application for change in affiliation of sub-broker shall be submitted to the exchange through the broker with whom affiliation is being sought. The exchange shall forward the application for surrender / change in affiliation to SEBI for approval (v) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion as sub-broker and enclose proof of service of notice for termination of agreement with the broker. * In case the sub-broker is not traceable or does not either apply for change in affiliation or surrender after termination of agreement by the broker, the broker may submit an application for surrender of registration along with proof of service of notice to the sub-broker after a period of one month from the date of termination of agreement. (vii) Broker undergoes a change in name. * The sub-brokers may only submit certificate of registration in original for the change in affiliating broker's name to be recorded on certificate. The exchange shall provide to SEBI only its recommendation and the certificate of the sub-broker seekin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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