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TMI BlogSecurities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2003.X X X X Extracts X X X X X X X X Extracts X X X X ..... (Amendment) Regulations, 2003. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In Securities and Exchange Board of India (Stock Brokers And Sub-Brokers) Regulations, 1992 - (i) In regulation 11, (a) in sub-regulation (5), after clause (ii), following sub-clauses shall be inserted, namely :- (iii) The applicant has the necessary infrastructure like adequate office space, equipment and manpower to effectively discharge his activities. (iv) The applicant shall be a person recognized by the stock exchange as a sub-broker affiliated to a member broker of the stock exchange. (b) For the existing sub-regulation (6), the following sub-regulation shall be substituted, namely : - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roker and with the client of the sub-broker to establish privity of contract between the stock broker and the client of the sub-broker . (v) After regulation 18A, the following shall be inserted, namely :- 18B Stock Broker not to deal with unregistered sub-broker. The stock broker shall not deal with any person as a sub-broker unless such person has been granted certificate of registration by the Board under sub-regulation (1) of Regulation 12. (vi) In Schedule I, (a) in Form B , after the words This is to certify that ______ is a and before the words sub-broker affiliated to _____ member broker of this exchange. , the word recognized shall be inserted. (b) after Form C , the following Form CA shall be inserted, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing, namely : - (2) A sub-broker shall render necessary assistance to his client in obtaining the contract note from the stock broker . (d) In clause (B), in sub-clause (6), the following words shall be omitted, namely :- and shall issue appropriate purchase / sale note . (e) In clause (C), the existing sub-clause (4) shall be substituted with the following, namely : - (4) Agreement between sub-broker, client of the sub-broker and main broker : A sub-broker shall enter into a tripartite agreement with his client arid with the main stock broker specifying the scope of rights and obligations of the stock broker, sub-broker and such client of the sub-broker. [F. No. SEBI/LE/17901/2003] GYANENDRA NATH ..... X X X X Extracts X X X X X X X X Extracts X X X X
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