Role of sub-broker category discontinued

The Securities and Exchange Board of India (SEBI) issued a circular on 3 August which provides that the sub-broker category (under the SEBI regulations governing stockbrokers and sub-brokers) is discontinued as an intermediary to be registered with SEBI. Some highlights of the circular are:

• No fresh registration will be granted to any person as a sub-broker and any pending applications for registration as sub-brokers will be returned to the relevant stock exchanges for onward transmission to the applicant;

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  The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.