The Securities and Exchange Board of India (SEBI) has issued a Circular on maintenance of websites by stock brokers and depository participants. This Circular was issued on 15th February 2023 and shall be effective from 16th August, 2023.
It may be recalled that SEBI has mandated certain information to be published by Stock Brokers (SBs) /Depository Participants (DPs) on their respective websites. This information includes basic details of the SB/ DP such as:
- registration number,
- registered address of Head Office and branches, if any
- Names and contact details such as email ids etc. of all key managerial personnel (KMPs) including compliance officer
- Step-by-step procedures for opening an account, filing a complaint on a designated email id, and finding out the status of the complaint, etc.
- Details of Authorized Persons
A designated website brings in transparency and helps the investors to keep themselves well informed about the various activities of the SB/DP. Hence, the stock exchanges and depositories are directed to ensure the following:
- bring the provisions of this circular to the notice of SBs and DPs, as the case may be,
- disseminate the same on their websites;
- make amendments to the relevant bye-laws, rules and regulations for the implementation of these provisions
- communicate to SEBI, the status of the implementation of the provisions of this circular in their monthly development report and
- monitor compliance of this circular and submit a compliance report to SEBI by 31st August, 2023.
