SEBI Enforces Tighter Controls on Depositories’ Dealings with Unregistered Security Advisors
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- By Chetan Kulasri
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- Last Updated on 31 August, 2024
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Notification No. SEBI/LAD-NRO/GN/2024/200, Dated: 26.08.2024
SEBI has notified the SEBI (Depositories and Participants) (Second Amendment) Regulations, 2024. A new chapter, VIIA, regarding restrictions on dealing with other entities has been introduced. It states that a depository or its agent must not have any direct or indirect association with another person who provides advice or makes any recommendation regarding security unless the person is registered with or permitted by the Board to provide such advice or recommendation.
Further, no claim of returns or performance, whether express or implied, in respect of or related to a security or securities must be made unless the Board has permitted the person to make such a claim.
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