Change in affiliation of sub-brokers requires exchange recommendation and regulatory approval before certificate modification is effected. Change in affiliation of sub-brokers must be processed through the exchange via the broker with whom affiliation is sought; the exchange verifies absence of complaints and outstanding fees, forwards the complete application with its recommendation to SEBI, and SEBI records the change and issues a modified certificate. Specific scenarios-merger, acquisition, broker surrender, change in control, punitive action, termination, and broker name change-each carry procedural obligations and timeframes. Required documents include exchange and receiving-broker recommendations and the original registration certificate, or an indemnity affidavit and FIR copy if the certificate is lost.