Relaxation in SEBI (Stock Brokers and Sub-brokers) Regulations, 1992
In a path-breaking move towards relaxing the procedural statutory requirements and to simplify restructuring of stock brokers, the Capital Market regulator SEBI has vide its circular no. CIR/MIRSD/2/2011 dated 03.06.2011 relaxed the provisions of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 as under:
Â· The requirement of prior approval of SEBI in case of change in status and constitution has been done away with.
Â· Now the stock brokers would only be required to obtain prior approval of Stock Exchanges and SEBI prior approval will only be required in case of Change in Control.
The SEBI Circular bearing no. CIR/MIRSD/2/2011 dated 03.06.2011 is attached herewith and the detailed analysis will follow shortly.