Membership Department Circular
Ref.
No.: 0804/2005/CP/MDD/00380 April 1, 2005 Dear Dealer, Subject: Implementation
of the SEBI (Stock Broker and Sub Brokers) (Amendment)
Regulations, 2003 and format of Model Tripartite Agreement. The Exchange has received a
Circular ref. no. SEBI/MRD/DOPS/Cir-09/2005 dated December
March 31, 2005 regarding the subject captioned above. The contents of the said circular are reproduced below: Quote: 1.
SEBI vide its circular no. SEBI/MIRSD/DPS-1/Cir-31/2004
dated August 26, 2004 had inter alia prescribed model format
of the Tripartite Agreement between broker-sub broker and
clients. The requirement relating to tripartite agreement
was to come into effect from December 01, 2004, which was
extended upto January 01, 2005 vide SEBI circular reference
number SEBI/MRD/DOPS/Cir-41/2004 dated November 25, 2004 and
further extended to April 01, 2005 vide Circular No. SEBI/MDR/DOPS/Cir-44/2004
dated December 29, 2004. 2.
The requirements of the captioned Amendment
Regulations relating to changes in role of sub-brokers and
their main brokers, including the format of the Model
Tripartite Agreement specified by the above circulars, shall
be implemented strictly form April 1, 2005. Any violation of
the said requirements after such date would be viewed
strictly, entailing appropriate action. 3.
The above instruction does not apply for the present
to subsidiaries of recognized stock exchanges who are
registered as stock brokers and their registered
sub-brokers, for whom special provisions are being made in
the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992,
which would be notified shortly. 4.
The undersigned has been authorized to direct the
exchanges to bring the provisions of this circular to the
notice of the member brokers and also to disseminate the
same on the website. 5.
This circular is being issued in exercise of powers
conferred under Section 11 (1) of the Securities and
Exchange Board of India Act, 1992 to protect the interest of
the investors in securities and to promote the development
of, and to regulate the securities market. Unquote: You are requested comply with the above quoted/referred
SEBI circular with immediate effect. Thanking you, Yours faithfully, Authorised Signatory
 |
