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NCFM Course in Hyderabad : Capital Market - Sub-Brokers
In capital market segment the sub broker is an important intermediary between stock broker and client. A sub-broker shall be appointed by trading members of the Exchange to act as an agent of the concerned trading member for assisting the investors in buying, selling or dealing with securities. The sub-broker is affiliated to the trading member and required to be registered with SEBI. A sub-broker is allowed to be associated with only one trading member of the Exchange.
‘Trading members, who wants to appoint the sub-brokers’ are requested to submit the following documents to the Membership Department of the Exchange:
(a) Copy of sub-broker - broker agreement duly certified by the trading members
(b) Application form for registration as a sub-broker with Securities and Exchange Board of India (Form B)
(c) Recommendation letter to be given by the trading member with whom the sub-broker is affiliated (Form C)
The trading member has to ensure the settlement of all deals entered into the system, originated the deals from its sub-broker as well.
The sub-broker will be required to adhere to NSE’s ‘know your clients’ requirements.
Following are the important documents pertaining to deal with the sub-broker:
(a) Individual client registration application form
(b) Non-individual client registration application form
(c) Sub-broker client agreement
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