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Stock brokers have cause for cheer as they can now go in for a simple one-time process of registration for operating as a broker or a clearing member in any stock exchange or clearing corporation.
They also henceforth do not need to obtain multiple certificates from SEBI for operating in the different segments of equity, equity derivatives, currency derivative and debt.
The latest SEBI move will also obviate the need for separate certificate for each category of operations – trading member, trading-cum-self clearing member and professional clearing member.
With a view to further simplifying the registration requirements for stock brokers/clearing members, the SEBI Board has approved single registration for operating in all stock exchanges/clearing corporations, Chairman UK Sinha told reporters after the Board meeting here.
Under the proposed regime, initial certificate of registration as stock broker/clearing member will be granted by SEBI and subsequent permissions to act as stock brokers/clearing member of other stock exchanges/clearing corporations will be granted by respective stock exchange/clearing corporation after following the prescribed procedure.
Indications are that even existing stock brokers will get to migrate to the new regime of single registration.
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