SEBI Identifies Qualified Stockbrokers Under Fraud Prevention Measures
The selected stockbrokers will have to meet enhanced obligations and discharge additional responsibilities.
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The markets regulator released a list of qualified stockbrokers, following a recommendation last month for a strong surveillance system by stock brokers to detect and prevent fraud or market abuse.
"These QSBs shall be required to meet enhanced obligations and discharge additional responsibilities," according to a circular by the National Stock Exchange of India. "Enhanced monitoring of QSBs shall be carried out by all exchanges, with effect from July 01, 2023."
The exchanges will issue separate circular on operating guidelines and comprehensive framework for carrying out enhanced monitoring of the designated qualified stock brokers.
The list of qualified stockbrokers selected by SEBI includes:
5Paisa Capital
Anand Rathi Share and Stock Brokers
Angel One
Globe Capital Market
HDFC Securities
ICICI Securities
IIFL Securities
Jainam Broking
Kotak Securities
Motilal Oswal Financial Services
Nextbillion Technology
Nuvama Wealth And Investment
RKSV Securities India
ShareKhan
Zerodha Broking
SEBI had in its Feb. 6 circular enumerated the parameters for selecting certain stockbrokers, having regard to their size and scale of operations, likely impact on investors and securities market, as well as governance and service standards as qualified stock brokers.