Home Circulars & Notifications Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021

Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021

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The Securities and Exchange Board of India (SEBI) on May 05, 2021 has issued the Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021 to further amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.

Regulation 30A has been inserted vide Securities and Exchange Board of India (intermediaries) Second Amendment) Regulations, 2021.

“Special procedure for action on expulsion from membership of the stock exchange(s) or clearing corporation(s) or termination of all the depository participant agreements with depositories:

1. While disposing of the proceedings under this regulation, the Board shall not be bound by the procedure specified in the foregoing provisions of this Chapter.

2. On receipt of intimation from all the stock exchange(s) or clearing corporation(s) of which the stockbroker or clearing member, as the case may be, was a member, that such stock broker or clearing member, has been expelled from its membership, the Board may issue a notice to such stock broker or clearing member calling upon the noticee to make its submission(s), if any, within a period not exceeding twenty-one days from the date of service thereof, through a written reply, along with documentary evidence, as to why the certificate of registration, granted under the Act or the regulations made thereunder, should not be cancelled.” as per the notification.

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