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<h1>SEBI Circular: Stock Exchanges Must Recognize Sub-Brokers Before Registration as per 2003 Amendment Regulations.</h1> The circular from SEBI, dated May 26, 2004, addresses the recognition of sub-brokers by stock exchanges. It refers to the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2003, which mandates exchanges to recognize sub-brokers before recommending their registration to SEBI. Exchanges must also ensure that sub-brokers are de-recognized before forwarding cancellation applications. The circular instructs exchanges to immediately grant recognition to all existing sub-brokers, if not already done, to comply with the amended regulations.