Grant of extension of time to entities operating/desirous of operating as Online Bond Platform Providers (OBPPs) for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of In
Summary
SEBI grants a three-week extension for Online Bond Platform Providers to apply for stock broker registration, moving the deadline to March 1, 2023. This extension addresses technical difficulties in MCA e-filing and aligns with Ministry of Corporate Affairs' own grace period. The directive is issued under Section 11(1) of the SEBI Act and Regulation 55(1) of the ILNS Regulations.
Text
Regulation 51A requires that a person acting as an OBPP without the certificate of registration on or prior to November 09, 2022, may continue to do so for a period of three months from November 09, 2022 or such other time period as may be specified by the Board, or if it has made an application for grant of a certificate of registration within the specified period, till the disposal of such application by the Board.
Para 5.1 of SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2022/154 dated November 14, 2022 on ‘Registration and regulatory framework for Online Bond Platform Providers’ requires entities desirous of operating as OBPPs to be companies incorporated in India.
Considering the difficulties faced by entities operating/ desirous of operating as OBPPs and taking into account the relaxation by MCA, it has been decided to grant additional time period of three weeks commencing from February 09, 2023 (i.e. the end of three months from November 09, 2022) for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992. Accordingly, the application for registration by OBPPs as stock brokers shall be made by March 01, 2023.
The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Grant of extension of time to entities operating/desirous of operating as Online Bond Platform Providers (OBPPs) for making an application to obtain certificate of registration as a stock broker under the Securities and Exchange Board of In. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.