Mumbai: Many more persons and entities can
now be agents of brokers with market regulator Sebi allowing
individuals and different businesses to carry on such
activities without trading terminals.
"With a view to expand the reach of the markets for
exchange traded products, it has been decided to allow Sebi
registered stock brokers to provide access to clients through
authorised persons," the Securities and Exchange Board of
India (Sebi) said in a circular today.
Authorised person is any one -- individual, partnership
firm, LLP or corporate body -- who is appointed as such by a
stock broker and who provides access to trading platform of a
stock exchange as an agent of the stock broker.
Currently, sub-brokers have to have trading terminal and
other requirements to meet, which new agents might not have.
For being agents of brokers, the regulator said the
criteria is that person should be an Indian citizen, have not
been convicted of any offence, has the certification for
trading in the respective segment and has passed atleast the
10th standard.
Welcoming the move, SMC Capital head of equities
Jagannadham Thunuguntla said, "It will help brokers to
increase their network and to provide better services to their
clients for marketing exchange-traded products."
Bureau Report
First Published: Friday, November 06, 2009, 23:44