TaxTMI 
TaxTMI 
Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker / Stock Broker and Depository Participant
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....f Power of Attorney (PoA) by the Client in favour of the Stock Broker / Stock Broker and Depository Participant 1. SEBI, vide circular no. CIR/MRD/DMS/13/2010 dated April 23, 2010, issued Guidelines for execution of Power of Attorney (PoA) by the client favouring Stock Broker / Stock Broker and Depository Participant (hereinafter referred to as "Guidelines"). Certain clarifications were issued ....
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....g: 3.1. Transfer of securities for off market trades. 3.2. Transfer of funds from the bank account(s) of the Clients for trades executed by the clients through another stock broker. 3.3. Open a broking / trading facility with any stock broker or for opening a Beneficial Owner account with any Depository Participant. 3.4. Execute trades in the name of the client(....
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.... executed by clients has further found to have been misused by the stock brokers by taking authorization even for activities as specified in paragraph 3 above. In this regard, it is reiterated that: 4.1. PoA is optional and should not be insisted upon by the stock broker / stock broker depository participant for opening of the client account. 4.2. PoA executed in favour of stock ....
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....ve. Stock Exchanges and Depositories shall ensure that PoA is not used by TM/CM/DPs for any purpose other than as specified above and in SEBI circulars dated April 23, 2010 read with SEBI circular dated August 31, 2010. 5. It has also been decided that all off-market transfer of securities shall be permitted by the Depositories only by execution of Physical Delivery Instruction Slip (DIS) duly ....