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SEBI (Stock Brokers & Sub-Brokers) (2nd Amend.) Regulations 2018

SEBI Notification No. SEBI/LAD-NRO/GN/2018/27 dated the 30th of July, 2018, reads as follows.─ In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, namely,–

1. These regulations shall be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2018.

2. These regulations shall come into force on April 01, 2019.

3. In the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992,–

 (I) in Regulation 2, in sub-regulation (1), clause (gc) shall be omitted;

 (II) Chapter III shall be omitted;

 (III) in Regulation 17, in sub-regulation (1), clauses (l) and (m) shall be omitted;

 (IV) Regulation 18B shall be omitted;

 (V) in Regulation 26, clause (xiv) shall be omitted;

 (VI) in Regulation 27, -
   i. the words and symbol “, as the case may be” shall be omitted;
   ii. the words “or sub-broker” shall be omitted

 (VII) in Schedule I, -
   i. Form B shall be omitted;
   ii. Form C shall be omitted;
   iii. Form CA shall be omitted;

 (VIII) in Schedule II, all words, symbols and numbers after the words and symbol and number, “(6) False or Misleading Returns: A stock-broker shall not neglect or fail or refuse to submit the required returns and not make any false or misleading statement on any returns required to be submitted to the Board and the stock exchange.”, shall be omitted;

 (IX) in Schedule III, clause II shall be omitted;

 (X) in the regulations, the words “or a sub-broker” wherever they occur shall be omitted;

 (XI) in the regulations, including the title of the regulations, the words, symbols and number “and sub-broker” wherever they occur shall be omitted.

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