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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

SEBI issues Master Circular for Stock Brokers

17-Jun-2025 | SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/90

Securities and Exchange Board of India (SEBI) has issued a Master Circular for Stock Brokers, effective from June 16, 2025.

Key highlights are as follows:

1. This new Master Circular supersede the previous Master Circular for Stock Brokers issued on August 9, 2024.
2. Additional information must be submitted during the registration process for Stock Brokers with SEBI, following the format outlined in Annexure-1.
3. If two or more corporate broking firms merge to form a new entity, the SEBI registration granted to the extinguished entity does not automatically transfer to the emerging entity. The new entity must meet the eligibility criteria and apply for registration anew, including payment of the registration fees.
4. All applications for registration, surrender, or other requests must be submitted exclusively through the SEBI Intermediary Portal. Applications for stock brokers and depository participants will continue to be processed through the respective Stock Exchanges and Depositories.
5. Members are required to conduct a comprehensive internal audit on a half-yearly basis, carried out by an independent qualified Chartered Accountant, Company Secretary, or Cost and Management Accountant who is in practice and has no conflict of interest.

For detailed information, please refer to the attached document.

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