This was done at the instance of the Secondary Market Advisory Committee of Sebi, after discussing with major stock exchanges, to expand the reach of the markets for exchange traded products, said a Sebi release here.
The framework governing the market access through authorised persons provides the minimum requirements, while stock exchanges (SEs) and brokers may prescribe additional requirements appropriately in the interest of investors and market, it added. Accordingly, the SEs are advised to make necessary amendments to the bye-laws, rules and regulations to implement the framework for market access through authorised persons.
Stock broker may appoint one or more authorised persons after obtaining specific prior consent from the SE concerned for each such person.
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