SEBI Rules for Authorized Person
A ‘Sub-Broker’ which is known as ‘Authorized Person’, is any person who is not a Trading Member of a Stock Exchange but who acts on behalf of a Trading Member as an agent or otherwise for assisting investors in dealing in securities through such Trading Members.
SEBI has directed that no Trading Member shall deal with a person who is acting as a Sub-Broker unless he is registered with SEBI and it shall be the responsibility of the Trading Member to ensure that his clients are not acting in the capacity of an Authorized Persons unless they are registered with SEBI.
The agreement lays down the rights and responsibilities of Trading Members as well as Authorized Persons.
It is mandatory for Trading Members to enter into an agreement with all the Sub-Brokers.
All Authorized Persons are required to obtain a Certificate of Registration from SEBI without which they are not permitted to deal in securities.
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