Updated on Friday, November 06, 2009, 23:44 IST Tags:Sebi, brokers

Mumbai: Many more persons and entities can now be agents of brokers with market regulator Sebi allowing individuals and different businesses to carry on such activities without trading terminals.

"With a view to expand the reach of the markets for exchange traded products, it has been decided to allow Sebi registered stock brokers to provide access to clients through authorised persons," the Securities and Exchange Board of India (Sebi) said in a circular today.

Authorised person is any one -- individual, partnership firm, LLP or corporate body -- who is appointed as such by a stock broker and who provides access to trading platform of a stock exchange as an agent of the stock broker.

Currently, sub-brokers have to have trading terminal and other requirements to meet, which new agents might not have.

For being agents of brokers, the regulator said the criteria is that person should be an Indian citizen, have not been convicted of any offence, has the certification for trading in the respective segment and has passed atleast the 10th standard.

Welcoming the move, SMC Capital head of equities Jagannadham Thunuguntla said, "It will help brokers to increase their network and to provide better services to their clients for marketing exchange-traded products."

Bureau Report