Circular No. 637
Ref. No. NSE/MEMB/10917 June 30, 2008
Sub.: Processing of Sub Broker Registration Applications
Trading Members are requested to note the new procedure applicable for sub broker registration applications from July 1, 2008 and this circular is in replacement to the Exchange Circular reference number: NSE/MEMB/9421 dated August 31, 2007.
1. Members would continue to submit the sub broker registration applications electronically through ENIT (go to sub broker master and click on ‘Fresh’) and ensure that the physical documents are received by the Exchange within 7 days from submission of application in ENIT.
2. In case of non receipt of physical documents by the Exchange within 7 days from submission of application in ENIT, the Reference request number would be rejected in ENIT.
3. Members would be informed through letter and Bill vide FTP to make available in its Exchange Dues Account the processing fee amounting to Rs. 2,000/- plus the applicable service tax for every sub broker registration application. Alternatively, the status of the sub broker registration application would be ‘Documents Received’ in ENIT.
4. In case of any deficiency in the application, the application form would be returned to the member.
5. In case the member desires to resubmit the same application vide ENIT after rectifying the deficiencies then the member needs to go to the sub broker master and click on the ‘Resubmit’ button. The member then needs to enter the ‘ENIT reference request number’ and the details of that sub broker registration application would be displayed. The member needs to check and update the details as required and then submit the same to the Exchange. In such cases of resubmission, the Exchange would not charge the sub broker registration processing fee.
6. In case of complete applications, members would be informed through letter in FTP regarding the applications complete in all respect and for which the requisite SEBI registration fees should be made available in their Exchange dues account.
7. The Exchange would start collecting the SEBI registration fees through debiting the Exchange dues account of the members for sub broker applications which are processed and complete in all respect from the very next day of intimation to the member.
8. In case the amount of SEBI registration fees is not debited from the member’s Exchange Dues Account within 10 days from the date of intimation to the member, then the respective sub broker applications would be returned to the member. In case of resubmission of such applications, the Exchange would process the applications from point 1 considering the application as a fresh application.
9. Status of applicants for which the applicable SEBI registration fees has been collected and recognized by the SRC, would be informed to the members by way of display of ‘Date of recognition’ through ENIT.
10. For cases where applicants is not recognized by SRC or the sub broker registration application has been withdrawn by the member, then the Exchange would not refund the SEBI registration fee collected but such fees would be adjusted towards subsequent sub broker registration application by the same member.
11. After recognition granted by SRC, status of sub broker applications uploaded by Exchange to SEBI would be informed to members by way of display of ‘Upload reference number’ and ‘Upload date’ through ENIT within 3 days of upload by Exchange to SEBI.
12. In case the member applies for withdrawal of the sub broker registration application after its recognition by SRC or for cancellation of the application after it is registered with SEBI, then the member would need to procure the refund of the SEBI registration fees directly from SEBI.
13. On receipt of the sub broker registration certificate from SEBI, the details of registration number and registration date would be made available to the member through ENIT. The physical sub broker registration certificate would be forwarded to the member for onward dispatch to sub broker.
14. Partial or the total amount collected towards SEBI sub broker registration fees would not be adjusted towards any other dues payable to the Exchange.
15. In case the member applies afresh for SEBI registration for sub brokers applications returned to the member who have been derecognized since they were unable to provide necessary clarification as sought by SEBI within the time stipulated by SEBI, then the Exchange would process such applications from point 1 as given in this circular.
Further, the members need to attach the scanned copies and send the physical copies of the following documents as of the latest date along with the sub broker registration application form:
a) Proof of address of the applicant entity (trade name) – This is a mandatory field and the address on the proof needs to match with that of the application. Only the latest Telephone Bill, Electricity bill, valid ration card, valid Passport, valid Driving License and bank statement of the last one month from a Nationalised Bank is acceptable.
b) Proof of experience certificate – This is a mandatory field only in cases where qualification of Individual/Partner/Director is less than HSC. Experience of atleast two years in the capacity of employee/dealer in capital market in the name of Individual/Partner/Director is only acceptable.
Please get in touch with Mr. Ramakanta Shatapathy / Ms. Annapurni / Mr. Saurabh Mahajan at telephone numbers – 26598247, 26598249, 26598100-114 (Ext. 4108, 4124, 4115) for any clarification that you may need in this regard.
For National Stock Exchange of India Ltd