Sebi notifies one-time registration system for brokers

The new regulations would replace the current practice of requiring separate registration certificate to trade in each stock exchange.

Simplifying procedural requirements in the capital markets, regulator Sebi today notified new norms that will require stock brokers and clearing entities to have one-time single registration process for operating across different bourses.

The new regulations would replace the current practice of requiring separate registration certificate to trade in each stock exchange.

The new system would ensure cost efficiency, avoidance of multiple due diligence process and prevent duplication of registration process.

The stock brokers and clearing members would be required to have only single certificate of registration issued by Securities and Exchange Board of India.

The new regulation will come into force from today, Sebi said. The exchanges will develop a mechanism to ensure appropriate due diligence while granting subsequent approvals, coordination and sharing of information among themselves about their members.

The process would also decrease the number of registration applications received by Sebi and in turn help the regulator save costs and utilise resources for better supervision and monitoring of market intermediaries. These norms were approved by Sebi's board in August.

Last year, Sebi had introduced a common registration certificate for stock brokers to function in different market segments within a stock exchange.

Under this system, an entity is issued a certificate with a unique registration number for each stock exchange or clearing corporation, as the case may be, irrespective of the number of market segments.

Further, if the entity is already registered with any segment of a stock exchange, then for operating in any other segment it need not apply to Sebi but can directly seek approval from the bourse or clearing corporation concerned.

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