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of <h1>SEBI Requires Annual Inspection of 20% of Active Brokers by Exchanges, Effective FY 2003-2004.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) mandates stock exchanges to inspect at least 20% of active brokers annually, starting from the financial year 2003-2004. This inspection includes subsidiaries of other exchanges registered as brokers. Exchanges must establish transparent criteria for selecting brokers for inspection and develop an inspection policy. Quarterly inspection reports must be submitted to SEBI, detailing the number of brokers inspected, violations found, and actions taken. An illustrative list of potential violations is provided, covering areas like improper maintenance of accounts, unauthorized transactions, and non-compliance with SEBI regulations.
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