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of <h1>Brokers Must Disclose Proprietary Trading to Clients for Greater Transparency, Per SEBI Directive Under 1992 Act.</h1> The circular mandates brokers to disclose to clients whether they engage in client-based business or proprietary trading, enhancing transparency in broker-client dealings. Brokers must inform existing clients within a month and new clients at the Know Your Client agreement stage. If a broker starts proprietary trading later, they must notify clients beforehand. Stock exchanges are instructed to amend relevant rules, inform member brokers, and update their websites accordingly. Exchanges must report implementation status to SEBI in the November 2003 Monthly Development Report. This directive is issued under the Securities and Exchange Board of India Act, 1992, to protect investor interests and regulate the securities market.
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