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The circular mandates stock brokers to establish institutional mechanisms for preventing and detecting fraud or market abuse, as per Chapter IVA of the Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2024. This includes systems for surveillance of trading activities and internal controls, obligations of brokers and employees, escalation and reporting mechanisms, and a whistle-blower policy. The Broker's Industry Standards Forum (ISF), in consultation with SEBI, will formulate implementation standards and operational modalities. The circular will be implemented in a risk-based, staggered manner, with effective dates ranging from January 1, 2025, to April 1, 2026, based on the number of active client codes. Qualified Stock Brokers (QSBs) must comply by August 1, 2024. Stock exchanges must notify brokers, amend relevant regulations, and report implementation status to SEBI.