Sebi Tightens Stockbroker Norms to Curb Unauthorised Trades

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Under the stricter regulatory framework, stockbrokers have to compulsorily “use telephone recording system to record the instructions and maintain telephone recordings,” in case the client is giving the orders on phone.

PTI

Updated:September 26, 2017, 7:52 PM IST

Sebi Tightens Stockbroker Norms to Curb Unauthorised Trades
File photo of SEBI building, Mumbai. Representative image
New Delhi: To prevent unauthorised trading activities, markets regulator Sebi on Tuesday directed stockbrokers to compulsorily keep a record of orders placed by clients from January 1, 2018.

Under the stricter regulatory framework, stockbrokers have to compulsorily “use telephone recording system to record the instructions and maintain telephone recordings,” in case the client is giving the orders on phone.

Issuing a circular to the stock exchanges, Sebi said that in spite of measures taken, a considerable proportion of investor complaints is of the nature of ‘unauthorised trades’.

“… it has now been decided that all brokers shall execute trades of clients only after keeping evidence of the client placing such order,” the circular said.

The evidence could be a physical record written and signed by the client, telephone recording, e-mail from authorised ID, log for internet transactions, a record of SMS or any other legally verifiable record, as per the circular.

“When a dispute arises, the burden of proof will be on the broker to produce the above records for the disputed trade,” it added.

The circular would be effective from January 1, 2018.

The regulator said the decision has been taken to further strengthen regulatory provisions against unauthorised trades as also to harmonise the requirements across markets.

Currently, the regulations for commodity derivative markets require members to execute the trade of clients only after keeping evidence of placing the order and the proof could also be in the form of sound recording.

However, there are no such requirements in equity, equity derivative and currency derivative markets.

“Sebi in the past has taken several steps to tackle the menace of ‘unauthorised trades’ viz periodic running account settlement, post transactions SMS/ email by exchanges/ depositories, ticker on broker/ DP websites…,” the circular said.

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