Sebi today extended the time limit for implementation of the guidelines it had prescribed with regard to the prevention of unauthorised trading by stock brokers to April 1, 2018.
Through two separate circulars last year, the Securities and Exchange Board of India (Sebi) had come out with various norms to be implemented from January 1, 2018 for averting unauthorised trading activities by the stock brokers.
The regulator's decision to extend the time limit has come following representations from BSE Brokers Forum and Association of National Exchanges Members of India, "expressing difficulties faced by stock brokers" in the implementation of the guidelines and seeking extension for their implementation, Sebi noted in a circular.
Sebi said it has been decided to make the guidelines for prevention of unauthorised trading by stock brokers effective from April 1, 2018.
Other provisions shall "remain unchanged and no further extension" shall be granted for the implementation of last year's circulars, it added.
Among others, the regulator had directed stock brokers to compulsorily keep record of orders placed by clients from beginning of the current calender year.
Besides, they were asked to compulsorily "use telephone recording system to record the instructions and maintain telephone recordings" in case the client was giving the orders on phone.
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