Dated: 19th May
2005
Members are
hereby informed that the Exchange has received a SEBI Circular No SEBI/MRD/DOPS/CIR-11/2005,
dated 12th May, 2005 regarding implementation of the SEBI (Stock Broker and
Sub- Brokers) (Amendment) Regulations, 2003.
The contents of the said circular are reproduced below. Members may refer this circular in
conjunction with earlier SEBI Circular No. SEBI/MRD/DOPS/CIR-9/2005, dated 31st
March 2005, notified by the Exchange vide Notice dated 3rd May 2005
flashed in C-star on 4th May 2005.
Quote
CHIEF GENERAL MANAGER
MARKET INTERMEDIARIES REGULATION
AND SUPERVISION DEPARTMENT
Tel : 22164428/29/38/49 Fax : 22164394
The Executive
Directors/Managing Director/ Administrators
off All Stock Exchanges
Dear Sir/Madam,
Sub
:- Implementation of the SEBI (Stock Broker and Sub Brokers) (Amendment)
Regulations, 2003 and format of Model
Tripartite Agreement.
1. Please refer to Circular No.
SEBI/MRD/DOPS/CIR-09/2005 dated March 31, 2005 wherein it was directed that
the requirements of the captioned amendment regulations dated September 23,
2003 relating to changes in role of sub brokers and their main brokers,
including the format of the Model Tripartite Agreement shall be implemented
strictly from April 1, 2005 by all brokers excepting subsidiaries of recognized
stock exchanges who are registered as stock brokers and their registered sub
brokers.
2. It has now been decided that
the subsidiaries to the registered stock exchanges who are registered as stock
brokers and their registered sub brokers shall also comply with the provisions
of Securities and Exchange Board of India (Stock Brokers and Sub brokers)
(Amendment) Regulations, 2003.
(hereinafter referred to as ‘said regulations’). Considering the changes that are required in
the existing systems of the subsidiaries for
implementation and compliance with the said regulations, it has also
been decided to allow the said subsidiaries of stock exchanges and their sub brokers,
to comply with the said regulations from 01.06.2005.
3. The undersigned has been
authorized to direct the exchanges to bring the provisions of this circular to
the notice of the member brokers and also to disseminate the same on the
website.
4. This circular is being
issued in exercise of powers conferred under Section 11(1) of the Securities
and Exchange Board of India Act, 1992 (to protect the interests of investors in
securities to promote the development of, and to regulate the securities
market).
Yours faithfully,
USHA NARAYANAN
Unquote
Members are required to ensure due compliance in
this regard.