On 13-11-2023, the Securities and Exchange Board of India (‘SEBI’) revised the Master Circular dated 17-5-2023 introducing a standard “Most Important Terms and Conditions” (‘MITC’) which will be given by the brokers to the clients to bring into focus critical aspects of broker-client relationship and for ease of understanding of the clients.

Key Points:

  1. Brokers’ Industry Standard Forum (‘ISF’) will have to publish the form, nature of communication, documentation and detailed standards for implementation of MITC on or before 1-1-2024.

  2. The date of implementation and compliance for the new onboarding clients will be 1-4-2024.

Note: The Master Circular is revised as the following uniform documents for formalizing the broker-client relationship are voluminous and investors may lose focus on critical aspects:

  1. Account opening form;

  2. Rights and obligations;

  3. Risk disclosure documents;

  4. Guidance notes;

  5. Policies and procedures;

  6. Tariff sheet.

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