SEBI Introduces Revised Registration Framework for Market Intermediaries
The Securities and Exchange Board of India (SEBI) has introduced standardised application formats for the registration of stock brokers and clearing members
Mumbai | February 18, 2026
The Securities and Exchange Board of India (SEBI) has introduced standardised application formats for the registration of stock brokers and clearing members, with retrospective effect from January 7, 2026. The move follows the enforcement of the SEBI (Stock Brokers) Regulations, 2026, aimed at strengthening regulatory oversight and streamlining compliance procedures within India’s securities market.
Directions to Exchanges and Clearing Corporations
In a circular issued to all recognised stock exchanges and clearing corporations, SEBI outlined the revised application forms and updated registration certificate formats under the new regulatory framework. Exchanges and clearing corporations have been instructed to notify their members and participants about the updated requirements and amend their bye-laws, rules, and internal regulations accordingly to ensure full compliance.
Enhanced Disclosure Norms
Under the revised structure, applicants are required to furnish detailed disclosures regarding their organisational structure, financial standing, net worth, and relevant professional experience. Comprehensive personal and professional information of proprietors, partners, and directors must also be submitted.
Additionally, applicants must provide declarations concerning insolvency status, past defaults, and adherence to SEBI’s “fit and proper person” criteria applicable to market intermediaries, reinforcing transparency and accountability in the registration process.
Prescribed Forms and Documentation
The updated framework specifies Form A for stock brokers and Form B for clearing members. Supporting documents, including the memorandum and articles of association or partnership deed, along with details of clearing arrangements for trade settlement where applicable, must accompany the application. Payment of the prescribed registration fees under the Stock Brokers Regulations, 2026, is mandatory.
Legal Authority
The circular has been issued under Section 11(1) of the SEBI Act, 1992, and Regulation 51 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, with the objective of safeguarding investor interests and ensuring orderly development and regulation of India’s securities market.