Discontinuation of Sub-Broker registration: existing sub brokers must migrate to Authorized Person or Trading Member by deadline. SEBI discontinues the category of Sub-Broker as a SEBI-registered intermediary, stops fresh registrations, and requires registered Sub-Brokers to migrate to act as an Authorized Person or become a Trading Member by the prescribed deadline; failure to migrate will be treated as deemed surrender and registration will be withdrawn. Exchanges must facilitate migration/registration, amend bye-laws, refund renewal fees paid beyond the specified year on recommendation, publicise the changes, monitor compliance and report implementation to SEBI.
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Provisions expressly mentioned in the judgment/order text.
Discontinuation of Sub-Broker registration: existing sub brokers must migrate to Authorized Person or Trading Member by deadline.
SEBI discontinues the category of Sub-Broker as a SEBI-registered intermediary, stops fresh registrations, and requires registered Sub-Brokers to migrate to act as an Authorized Person or become a Trading Member by the prescribed deadline; failure to migrate will be treated as deemed surrender and registration will be withdrawn. Exchanges must facilitate migration/registration, amend bye-laws, refund renewal fees paid beyond the specified year on recommendation, publicise the changes, monitor compliance and report implementation to SEBI.
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