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of <h1>SEBI Updates Direct Market Access Guidelines: Investment Managers Can Represent Institutional Clients, New Document Replaces Broker-Client Agreement.</h1> The Securities and Exchange Board of India (SEBI) issued a circular modifying previous guidelines on Direct Market Access (DMA) for stock exchanges. The changes include allowing SEBI-registered entities to act as investment managers for institutional clients using DMA, with the investment manager executing necessary documents on behalf of clients. The requirement for a specific Broker-Client Agreement is replaced with a 'Terms and Conditions' document. Stock exchanges must specify eligible investor categories for DMA, currently limited to institutional clients. Brokers must authorize clients or investment managers for DMA, ensuring compliance with Know Your Client requirements. Existing provisions from earlier circulars remain applicable.
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