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<h1>SEBI Amends Stock Brokers Regulations: New Clause 4A Excludes Certain Turnover from Subsidiary Calculations.</h1> The Securities and Exchange Board of India (SEBI) issued the Second Amendment to the Stock Brokers and Sub-Brokers Regulations, 2000, under the authority of Section 30 of the SEBI Act, 1992. Effective upon publication, the amendment introduces a new clause, 4A, to Schedule III of the 1992 regulations. It stipulates that if a stock exchange's subsidiary becomes a stock broker at another exchange, the turnover of a stock broker dealing through this subsidiary as a sub-broker will be excluded from the subsidiary's turnover, provided the broker has paid the required fees for a specified period.