Discontinuation of registration of Sub-brokers as intermediary with SEBI
SEBI Board in its meeting held on 21-06-2018 decided to discontinue the registration of sub-brokers with SEBI. Consequently, SEBI vide its Circular No. SEBI/HO/MIRSD/DoP/CIR/P/2018/117 has decided the following:
No fresh registration shall be granted to any person as Sub-Broker. Any pending applications for registration, shall be returned to the concerned Stock Exchanges for onward transmission to the applicant.
The registered Sub-Brokers shall have time till March 31, 2019 in order to migrate to act as an AP and / or Trading Member. The Sub-Brokers, who do not choose to migrate into AP and /or TM, shall deemed to have surrendered their registration with SEBI as Sub-Broker.
The procedure for migration has been detailed in the circular.