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Members Compliance

Compliance

Compliance is the state of being in accordance with the relevant provisions and established guidelines framed by regulator(s). Our role is to take efforts towards facilitating our members function in accordance with the provisions of Securities Contract (Regulation) Act, 1956 and Rules framed there-under; SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 and Circulars issued there-under and the Rules, Bye-laws, Regulations and Circulars of the Exchange and the Clearing Corporation. Regulatory compliance is a prevalent business concern because of an ever-increasing number of regulations and a fairly wide-spread lack of understanding about what is required for a member to be in compliance with relevant regulatory requirements. In order to educate the members on the salient features of compliance with relevant regulatory stipulations, the Exchange has put in order, a Compliance Manual.

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IPO

To facilitate better understanding of the client registration documents to the investors, the Exchange has made available documents viz The Rights & Obligations of stock broker, sub-broker and client for trading on exchanges, Uniform Risk Disclosure Documents and Guidance Note detailing Do’s and Don’ts for trading on exchanges in 15 regional vernacular languages on Exchange website at http://www.msei.in/members/compliance/kyc.aspx and can be downloaded.

IPO

SEBI has prescribed that, the member shall make available the standard documents (Rights & Obligations, Risk Disclosure Document, Do’s and Don’ts) to their clients either in electronic or physical mode as per the preference of the clients and the same shall be applicable to all new clients from August 01, 2016.

IPO

SEBI has advised the registered intermediaries to upload the KYC data with CKYCR (Central KYC Records Registry), in respect of all individual accounts opened on or after August 1, 2016, wherever KYC is required to be carried out as per the circulars issued by SEBI from time to time and accordingly take steps to prepare their systems for uploading the KYC data.

IPO

SEBI has advised the registered intermediaries to upload the KYC data of the existing clients with CKYCR (Central KYC Records Registry), and has also provided the time limit for doing the same.

IPO

Requirement for copy of PAN Card to open accounts of FPIs - To ease the PAN verification process at the time of account opening of FPIs, it is decided that the intermediaries can verify the PAN of FPIs online from the website authorized by Income Tax department at the time of account-opening for FPIs. However, FPIs need to provide the copy of PAN card within 60 days of account-opening or before remitting funds out of India, whichever is earlier to their intermediaries.

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Signature on Physical Contract Notes - The member can opt to affix facsimile signatures (scanned signature) on physical contract notes issued to their clients after ensuring that adequate controls and procedures are put in place regarding the use of facsimile/scanned signatures.

IPO

Enhanced Supervision of Stock Brokers - SEBI vide circular no. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016 has provided new guidelines relating to compliances to be followed by the stock brokers and the time limits to be adhered for such compliances.

IPO

Enhanced Supervision of Stock Brokers - SEBI vide circular No. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/138 dated December 20, 2016 extended the time limits for the implementation of provisions of the earlier circular viz. SEBI vide circular no. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016

IPO

Schemes/Leagues/Competitions Launched by Registered Stock Brokers – The Exchange will not grant approval to any advertisement by brokers which are related to leagues/schemes/competitions etc. till further communication by SEBI and members are advised to withdraw any advertisements already issued which are related to leagues/schemes/competitions launched by them or by any third party/ Group Company/ associate of the member and/or any advertisement featuring celebrities with immediate effect.

IPO

SEBI has partially modified the Guidelines for issuing advertisements by the stock brokers and has advised to ensure strict compliance with following requirements

For any further clarifications please contact us from Monday to Friday between 9.00 am to 5.30 pm on

Members are requested to forward all inspection / compliance related correspondence on the following address:

Metropolitan Stock Exchange of India Ltd.
Inspection Department, 4th floor, Vibgyor Towers, Plot No C 62, G Block, Opp. Trident Hotel, Bandra Kurla Complex, Bandra (E), Mumbai – 400098.

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