Online Registration Mechanism for Securities Market Intermediaries
Summary
SEBI mandates the operationalization of the SEBI Intermediary Portal for online registration and processing for specified securities market intermediaries. Stock brokers, sub-brokers, and depository participants must continue to submit applications through their respective exchanges or depositories despite the new online mechanism. The circular directs stock exchanges and clearing corporations to implement necessary systems and amend bye-laws to comply with these requirements.
Text
Hon'ble Minister of Finance... announced that the process of registration of financial market intermediaries will be made fully online by SEBI.
It has now been decided to operationalize SEBI Intermediary Portal (https://siportal.sebi.gov.in) for the intermediaries to submit all the registration applications online.
SEBI Intermediary Portal is made operational for following intermediaries: Stock Brokers, Sub-brokers, Merchant Bankers (MB), Underwriters (UW), Registrar to an Issue and Share Transfer Agents (RTA), Debenture Trustees (DT), Bankers To An Issue (BTI), Credit Rating Agency (CRA).
Further, SEBI Intermediary Portal will be operational for depository participants from May 31, 2017.
Henceforth, all applications for registration/surrender/other requests shall be made through SEBI Intermediary Portal only. The applications in respect of stock brokers/ sub-broker and a depository participants shall continue to be made through the stock exchanges and depositories respectively.
The applicants will be separately required to submit relevant documents viz. declarations/undertakings required as a part of application forms prescribed in relevant regulations, in physical form, only for records without impacting the online processing of applications for registration.
Where applications are made through the stock exchanges / depositories, the hard copy of the application made by their members shall be preserved by them and shall be made available to SEBI, as and when called for.
Stock exchanges / clearing corporations and Depositories are directed to: a. take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations; b. bring the provisions of this circular to the notice of their members and also disseminate the same on their websites;
This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of and to regulate the securities market.
Source: SecMarx — Online Registration Mechanism for Securities Market Intermediaries. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.