SEBI issues an updated master circular consolidating registration, supervision, client protections, tech resilience and QSB obligations for stock brokers. The Master Circular consolidates SEBI instructions to stock brokers up to August 9, 2024, superseding the May 22, 2024 circular, rescinding specified prior circulars insofar as they relate to stock brokers while preserving legal effects of past actions, and is issued under Section 11(1) of the SEBI Act. It prescribes unified rules on registration (including single registration), risk-based supervision and inspections, internal and system audit norms, client-facing requirements (KYC, Unique Client Code, running account settlement, prohibition of cash), technology and cyber-resilience obligations, an Early Warning Mechanism for diversion of client securities, and an enhanced regime for designation and obligations of Qualified Stock Brokers.
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SEBI issues an updated master circular consolidating registration, supervision, client protections, tech resilience and QSB obligations for stock brokers.
The Master Circular consolidates SEBI instructions to stock brokers up to August 9, 2024, superseding the May 22, 2024 circular, rescinding specified prior circulars insofar as they relate to stock brokers while preserving legal effects of past actions, and is issued under Section 11(1) of the SEBI Act. It prescribes unified rules on registration (including single registration), risk-based supervision and inspections, internal and system audit norms, client-facing requirements (KYC, Unique Client Code, running account settlement, prohibition of cash), technology and cyber-resilience obligations, an Early Warning Mechanism for diversion of client securities, and an enhanced regime for designation and obligations of Qualified Stock Brokers.
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