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Date: 19-Jun-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act,

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This notification issued by the Securities and Exchange Board of India (SEBI) announces the effective date for specific provisions of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, to be September 1, 2023.
  • The provisions relate to 'Execution Only Platforms' and associated regulatory requirements.

Key Changes

  • Sub-regulation (1A) of regulation 17 of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 will come into force on September 1, 2023.
  • The row pertaining to 'Execution Only Platforms' in the Table of sub-clause (1) of clause 3 of Part B of Schedule V of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 will come into force on September 1, 2023.
  • The remark regarding the non-applicability of Variable Networth requirement for 'Execution Only Platforms segment' in Table 1 of Schedule VI of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 will come into force on September 1, 2023.
  • The row for 'Execution Only Platforms' in Table 2 of Schedule VI of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 will come into force on September 1, 2023.

Impact Analysis

Stock Brokers

  • Action Item: Review internal processes and systems to ensure compliance with the new regulations by September 1, 2023.

Investors

  • Action Item: Investors should familiarize themselves with any updated terms and conditions or operational procedures of the platforms they use.

SEBI

  • Action Item: SEBI may need to issue further guidance or clarifications on the interpretation and application of these regulations.

Key Entities Referenced

SEBI: Securities and Exchange Board of India, the regulatory body issuing the notification. Securities and Exchange Board of India Act, 1992: The Act that empowers SEBI to make regulations. Securities and Exchange Board of India (Stock Brokers) Regulations, 1992: The regulations being amended/updated by this notification. Execution Only Platforms: Trading platforms that only execute trades and do not provide advisory services.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-21062023-246702 xxxGIDHxxx CG-MH-E-21062023-246702 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 426] िई कदल्ली, सोमिार, ििू 19, 2023/ज्य ष्े ठ 29, 1945 No. 426] NEW DELHI, MONDAY, JUNE 19, 2023/JYAISHTHA 29, 1945 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा मब ं ई, 19 िूि, 2023 स.ं सबे ी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/133 बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 30 द्वारा प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा यह जिधाडररत करता ह ै कक भारतीय प्रजतभूजत और जिजिमय बोडड (स्ट्टॉक दलाल) जिजियम, 1992 के जिम्नजलजखत प्रािधाि 1 जसतम्बर, 2023 स े लाग ू होंगे, अर्ाडत:् - (i) जिजियम 17 का उप-जिजियम (1क); (ii) अि सूची-V के भाग-ख के खंड 3 के उप-खंड (1) की सारणी में दी हुई यह पंजि - ‘केिल सौदा पूरा करिाि े िाले प्लेटफॉमड (एजज़िक्यूिि ओिली प्लेटफॉमड)’; (iii) अि सूची-VI की सारणी-1 म ें दी हुई यह रटप्पणी - ‘हालााँकक, पररितडिीय ि द्ध-माजलयत (िैररएबल िेटिर्)ड की अपेक्षा ‘केिल सौदा पूरा करिािे िाले प्लेटफॉमड संबंधी खंड’ (एजज़िक्यूिि ओिली प्लेटफॉमड सेगमेंट) के प्रजत लाग ूिहीं होगी ।’; (iv) अि सूची-VI की सारणी-2 म ें दी हुई यह पंजि - ‘केिल सौदा परू ा करिािे िाले प्लेटफॉमड (एजज़िक्यूिि ओिली प्लेटफॉमड)’ । बबीता राय डू, कायडपालक जिदिे क [जिज्ञापि-III/4/असा./206/2023-24] 3887 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 19th June, 2023 No. SEBI/LAD-NRO/GN/2023/133 .—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby appoints the 1st day of September, 2023, as the date on which the following provisions of the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, shall come into force, namely:- (i) Sub-regulation (1A) of regulation 17; (ii) The row for ‘Execution Only Platforms’ in the Table of sub-clause (1) of clause 3 of Part B of Schedule V; (iii) The remark ‘However, the requirement of Variable Networth shall not be applicable for Execution Only Platforms segment’ in Table 1 of Schedule VI; (iv) The row for ‘Execution Only Platforms’ in Table 2 of Schedule VI. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./206/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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