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Stock Brokers are governed by the following regulations:
Table of Contents
They are either individuals or entities who are given specific licenses to deal in securities & trading on behalf of the client for his transaction settlement. He works as an agent. He charges a commission for the entailed service from the buyers & sellers in question.
An investor should regard the stockbroker[1] as one who provides valuable services/duties and information to assist in making the right investment decisions. They are adequately qualified to provide solutions to a varied number of questions that an investor might come across or need answers to and assist in participating in the current market scenario.
E.g.: HDFC, Reliance Money, Angel Broking, Relegate, etc.
An application for a license by a stockbroker for grant of a certificate of registration to commence the business shall be made in ‘Form A’ through the stock exchange or stock exchanges, as the case may be, of which he is applied for to be the member so as to operate.
Every such registered broker displays registration details on their website and on all the official documents maintained. One can confirm the registration details on SEBI’s website by tracking the status or scrutinizing the list as well. The details of the registered brokers’ details are mentioned on the website as well.
However, the broker’s registration number shall begin with the letters “INB” and that of a sub-broker with the letters “INS” in alphanumeric capacity.
*Board on being satisfied shall grant the Certificate in ‘Form D’
Also Read: Stock Broker License Registration.
A “Sub-Broker” is an individual or an entity who is although not a member of a Stock Exchange but who acts on behalf of a member-broker as an agent or otherwise for assisting the investors in buying, selling or dealing probably trading in securities via such member-brokers.
*Here,“Annual Turnover” means the aggregate of the sale and purchase prices of securities received and receivable by the stockbroker on his own account as well as on account of his clients in respect of sale and purchase or dealing i.e. trading in securities during any specified financial year.
The fees specified above shall be paid on or before the 1st day of October each year payable by draft in favor of “SEBI (CUSTODIAN OF SECURITIES) REGULATIONS, 1996” at Bombay Head Office, or at the respective Regional Office having the specified jurisdiction.
Our Trending Article: Stock Broking License: An Overview.
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