sub broker, to hold a separate registration with SEBI as a sub broker, including the member of Stock exchanges who also act as sub broker ... contract notes were issued as a broker and not as an agent / sub broker, although DASL traded for their client through a principal broker
GFPL. He was also not found to be a sub broker registered with SEBI. It was found that NSE, vide letter dated October ... Ganga Nagar , Rajasthan. GFPL was further refrained from appointing any sub agent or enter into any arrangement which would tantamount to sub agency
Ganganagar, Rajasthan. GFPL in turn appointed DKM as the sub agent for managing SMC's so-called branch at Abohar.
DKM was managing
agreement as are required to be done by a sub broker. As an agent of the
broker, Ganpati can only be a sub broker ... hesitation
in holding that Ganpati on its own showing is an agent/sub broker of SMC and since it
had not been registered with
provides for the registration of intermediaries such as
stock brokers, sub brokers, share transfer agents and others. Under
sub section (3) of section ... markets;
(b) registering and regulating the working of stock
brokers, sub-brokers, share transfer agents,
bankers to an issue, trustees of trust deeds,
registrars
firm as a sub-broker of
the appellant. It is by now well settled that a sub-broker is an agent of the broker ... principal responsible for any
5
wrong doing of the sub-broker as an agent. This apart, we also find that the Board in
the impugned
Shankar Sharma vs Securities And Exchange Board Of India on 19 September, 2001
ORDER
1
statute, and in condemning as ultra vires action taken by agents, sub-committees or delegates, however expressly authorized by the authority endowed with the power
sub broker had traded was the Executive Director of the same broking firm with whom the sub broker was earlier registered as sub-broker ... SEBI Act reads as under
Registration of stock broker, sub-broker, share transfer agents etc. 12. (1) No stock-broker, sub- broker, share transfer agent
markets;
(b) registering and regulating the working of
stock brokers, sub-brokers, share transfer agents,
bankers to an issue, trustees of trust deeds,
registrars ... market and to
regulate the working of the stock brokers, sub brokers,
share transfer agents, intermediaries, depositories,
custodian of securities etc. Merely because SEBI
exercises
