Eligibility of a sub-broker to trade through the Subsidiary Company.

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....ear Sir, Sub:    Eligibility of a sub-broker to trade through the Subsidiary Company. 1. The Stock Exchanges have been allowed to set up subsidiary company to acquire membership rights of other stock exchanges subject to certain conditions vide SEBI circular no. SMD-II/Policy/Cir-37/1999 dated November 26, 1999. 2. As per the conditions mentioned in the circular, the subsid....

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....s, regulations and the byelaws as well as in the Memoranda/ Articles of Associations of the subsidiary companies to the effect that the only members eligible to trade on the stock exchange are eligible to trade/ continue to trade through the subsidiary company. 4. The undersigned has been authorised to also direct the stock exchanges to a) bring the provisions of this circular to the notice ....