Securities and Exchange Board of India

Ů Ů Ŋ Ŋ Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2024/143 October 22, 2024 To, All registered Intermediaries All recognized Stock Exchanges All recognized Clearing Corporations All registered Depositories BSE Limited (Administration and supervisory body for Investment Advisers and Research Analysts- IAASB/RAASB) Sir / Madam, Sub: Association of persons regulated by the Board and their agents with certain persons Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2024, Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024 and Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2024 have been notified by SEBI on August 26, 2024. These regulations inter alia provide that persons regulated by the Board (including recognised stock exchanges, clearing corporations and depositories), and agents of such persons shall not have any direct or indirect association with another person who- (i) provides advice or any recommendation, directly or indirectly, in respect of or related to a security or securities, unless the person is registered with or Ů Ů Ŋ Ŋ Securities and Exchange Board of India otherwise permitted by the Board to provide such advice or recommendation; or (ii) makes any claim, of returns or performance expressly or impliedly, in respect of or related to a security or securities, unless the person has been permitted by the Board to make such a claim. The aforesaid provisions are not applicable in respect of an association through a "specified digital platform". The person regulated by the Board (including recognised stock exchanges, clearing corporations and depositories) is required to ens

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