“Stock Broker” means any individual or body corporate engaged in the business of buying or selling of securities on behalf of investors in return for a commission.
“Stock Dealer” means any individual or body corporate engaged in the business of buying or selling of securities or in the dealing or jobbing or trading of securities, or the underwriting or retailing of securities but shall not include an underwriter who is a registered market intermediary.
Grant Of A Licence As A Stock Broker Or Stock Dealer
Any person who is carrying on or who intends to carry on the business of a stock broker or of a stock dealer, shall make an application to the Commission for the grant of a license as a stock broker or a stock dealer, as the case may be, in such form, together with such documents and such fee as may be specified by the Commission from time to time in that behalf.
Terms And Conditions To Be Complied With For The Grant Of A Licence To A Stock Broker Or A Stock Dealer
No licence shall be granted under the SEC Act to any body corporate as a stock dealer or a stock broker as the case may be, which does not comply with the terms and conditions set out in Part II of the Schedule hereto.
Terms And Conditions To Be Complied With By An Individual For The Grant Of Licence As A Stock Broker Or A Stock Dealer
No licence shall be granted under the SEC Act to any individual who does not comply with the terms and conditions set out in Part III of the Schedule thereto
Grant Of Certificate
On receipt of an application the Commission having considered the particulars stated therein and, where it deems necessary, having given the applicant an opportunity of being heard, in person or by a representative, shall by written notice to the applicant, inform the applicant whether he is being granted a licence or not. A licencese issued by the SEC to carry on the business of a Stock Broker/ Stock Dealer is valid for a period of one year.
Renewal Of Licence
A licensed stock broker or a licensed stock dealer may three months prior to the expiry of the licence make an application to the Commission in the prescribed form, together with the prescribed fee for a renewal of his licence.