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    <title>Role of Sub-Broker (SB) vis-a-vis Authorized Person (AP)</title>
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    <description>SEBI discontinues the category of Sub-Broker as a SEBI-registered intermediary, stops fresh registrations, and requires registered Sub-Brokers to migrate to act as an Authorized Person or become a Trading Member by the prescribed deadline; failure to migrate will be treated as deemed surrender and registration will be withdrawn. Exchanges must facilitate migration/registration, amend bye-laws, refund renewal fees paid beyond the specified year on recommendation, publicise the changes, monitor compliance and report implementation to SEBI.</description>
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