The new norms would do away with the current system that require stock brokers to get separate registration certificates from the Securities and Exchange Board of India for every market segment they trade in, like equity, equity derivatives and currency derivatives.
"The existing practice of obtaining multiple registrations for operating in different segments of a stock exchange/clearing corporation has been done away with and instead a single registration per stock exchange/clearing corporation shall be required," Sebi said in a circular.
"For operating in multiple segments, approval will be required from the stock exchange or clearing corporation," it added.
At present, separate registrations are also needed for each category like trading member, trading-cum self-clearing member and a professional clearing member.
Issuing the new guidelines, Sebi said that a new entity seeking to register as a stock broker in any segment(s) of a stock exchange, then it is require to apply to the regulator through the respective exchange in the manner prescribed
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