Securities and exchange board of india




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Ref: CIR/IMD/FIIC/19/2014 dated October 09, 2014

  1. Single registration for Stock Brokers & Clearing Members.

1. Please find enclosed the Notification No. LAD-NRO/GN/2014-15/15/1671 dated October 08, 2014 amending the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as Broker Regulations). As per the amendment, the existing requirement of obtaining registration as stock broker/ clearing member for each stock exchange/clearing corporation has been done away with and instead a single registration with any stock exchange/ clearing corporation shall be required. For operating in any other stock exchange(s)/ clearing corporation(s), approval will be required from the concerned stock exchange or clearing corporation.

2. For the purpose of implementing the revised registration requirements, the following guidelines are being issued:

a. If a new entity desires to register as a stock broker or clearing member with any stock exchange or clearing corporation, as the case may be, then the entity shall apply to SEBI through the respective stock exchange or clearing corporation in the manner prescribed in the Broker Regulations. The entity shall be issued one certificate of registration, irrespective of the stock exchange(s)/ clearing corporation(s) or number of segment(s).

b. If the entity is already registered with SEBI as a stock broker with any stock exchange, then for operating on any other stock exchange(s) or any clearing corporation, the entity can directly apply for approval to the concerned stock exchange or clearing corporation, as per the procedure prescribed in the Broker Regulations for registration. The stock exchange/ clearing corporation shall report to SEBI about such grant of approval.

c. Similarly, if any entity is already registered with SEBI as a clearing member in any clearing corporation, then for operating in any other clearing corporation(s) or any stock exchange, the entity shall follow the procedure as prescribed in Clause 2b above.

d. Fees shall be applicable for all the stock brokers, self clearing members and clearing members as per Schedule V of the Broker Regulations. As per current requirement, the entity shall continue to be liable to pay fees for each segment approved by the stock exchange or clearing corporation, as per the Schedule to the Brokers Regulations.

3. The stock exchange or clearing corporation shall grant approval for operating in any segment(s) or additional segment(s) to the SEBI registered stock broker, self-clearing member or clearing member, as the case may be, after exercising due diligence and on being satisfied about the compliance of all relevant eligibility requirements, and shall also, interalia ensure:

a. The applicant, its directors, proprietor, partners and associates satisfy the Fit and Proper Criteria as defined in the SEBI (Intermediaries) Regulations, 2008;

b. The applicant has taken satisfactory corrective steps to rectify the deficiencies or irregularities observed in the past in actions initiated/ taken by SEBI/ stock exchanges(s) or other regulators. The stock exchange or clearing corporation may also seek details whether the Board of the applicant is satisfied about the steps taken. They may also carry out inspection, wherever considered appropriate; and

c. Recovery of all pending fees/ dues payable to SEBI, stock exchange and clearing corporation;

4. The stock exchange(s) and clearing corporation(s) shall coordinate and share information with one another, about their members.

5. The Stock Exchanges and Clearing Corporations are directed to –

a. bring the provisions of this circular to the notice of the Stock Brokers, Proprietary

Trading Members, Self Clearing members and Clearing members as the case may be, and also disseminate the same on their websites;

b. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision in co-ordination with one another; and



c. communicate to SEBI, the status of the implementation of the provisions of this circular through Monthly Development Report of the following month.

Ref: CIR/ MIRSD/ 4/ 2014 dated October 13, 2014


  1. Modification of client codes of non-institutional trades executed on stock exchanges (All Segments)




  1. SEBI had issued circular CIR/DNPD/6/2011 dated July 05, 2011 pertaining to client code modifications of non-institutional trades on stock exchanges.




  1. Upon receipt of various representations from stock brokers and stock exchanges to review the penalty structure specified in the aforementioned circular, it has been decided to partially modify the circular as under:




  1. Stock exchanges may waive penalty for a client code modification where stock broker is able to produce evidence to the satisfaction of the stock exchange to establish that the modification was on account of a genuine error.

  2. Not more than one such waiver per quarter may be given to a stock broker for modification in a client code. Explanation: If penalty wavier has been given with regard to a genuine client code modification from client code AB to client code BA, no more penalty waivers shall be allowed to the stock broker in the quarter for modifications related to client codes AB and BA.

  3. Proprietary trades shall not be allowed to be modified as client trade and vice versa.

  4. Stock exchanges shall submit a report to SEBI every quarter regarding all such client code modifications where penalties have been waived.




  1. Stock exchanges shall undertake stringent disciplinary actions against stock brokers who undertake frequent client code modifications.

  2. All other conditions as specified in the SEBI Circular dated July 05, 2011 remain unchanged.


Ref: CIR/MRD/DP/29/2014 dated October 21, 2014


  1. Revision of proprietary position limits of non-bank stock brokers for currency derivatives contracts




  1. This is further to SEBI circular no. CIR/MRD/DP/20/2014 dated June 20, 2014, wherein, revised position limits in the USD-INR, EUR-INR, GBP-INR and JPY-INR contracts were specified.




  1. Based on the feedback received from market participants with regard to the proprietary positions limits of stock brokers in the exchange traded currency derivatives contracts, it has been decided to clarify the following:

(i) Position limits stated at para 12(a) of SEBI circular CIR/MRD/DP/20/2014 dated June 20, 2014 shall be the total limits available to the stock brokers for taking positions on proprietary basis and for positions of their clients.

(ii) Para 12.(b) of SEBI circular CIR/MRD/DP/20/2014 dated June 20, 2014 shall be read as under:

Proprietary open position limits of a stock broker, who is not a bank, across all contracts in a permitted currency pair shall be higher of (a) 15% of the total open interest in the currency pair, or (b) USD 50 million / EUR 25 million / GBP 25 million / JPY 1000 million, as applicable.


  1. Stock Exchanges and Clearing Corporations are directed to:

(a) take necessary steps to put in place systems for implementation of this circular, including necessary amendments to the relevant bye-laws, rules and regulations;

(b) bring the provisions of this circular to the notice of the stock brokers / clearing members and also disseminate the same on their website; Securities and Exchange Board of India



(c) communicate to SEBI the status of implementation of the provisions of this circular.
Ref: CIR/MRD/DP/30/2014 dated October 22, 2014
Note: Above information are indicative only. For details, please log on to

http://www.sebi.gov.in/sebiweb/home/list/1/7/0/0/Circulars
ORDERS PASSED BY CHAIRMAN/MEMBERS AND ADJUDICATING OFFICERS


  • SEBI vide order dated October 30, 2014, imposed a total monetary penalty of `82,00,000 (Rupees Eighty Two Lakh Only) on the following noticees in the matter of M/s. Goldstone Technologies Limited (GTL) for entering into self trades and inflating the volumes in the market thereby, giving a false and misleading appearance of trading in the scrip of GTL and thus violating the provisions of Regulation 3(a), (b), (c), (d), 4(1) and 4(2)(a), (b) & (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets), Regulations, 2003:




S.No.

Name of the Noticee

Penalty Amount (in `)

1

Shri Bharat Shantilal Thaker

5,00,000

2

Shri Chirag Rajnikant Jariwala

5,00,000

3

Shri Bhavesh Pabari

5,00,000

4

Shri Prem Mohanlal Parikh

5,00,000

5

Shri Hemant Madhusudan

5,00,000

6

Shri Ankit Sanchaniya

5,00,000

7

Shri Jigar Praful Ghoghari

5,00,000

8

Shri Vipul Hiralal Shah

5,00,000

9

Ms Mala Hemant Sheth

5,00,000

10

Shri Gaurang Ajit Seth

5,00,000

11

Shri Vivek Kishanpal

5,00,000

12

Shri Bhupesh Rathod

5,00,000

13

Shri Ketan Babulal Shah

5,00,000

14

Shri Bipin Jayant Thaker

5,00,000

15

Shri Bharat G Vaghela

5,00,000

16

Shri Bipin Kumar Gandhi

5,00,000

17

Arcadia Share & Stock Brokers Pvt. Ltd

2,00,000




TOTAL

82,00,000
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