{"id":307131,"date":"2023-11-14T18:00:31","date_gmt":"2023-11-14T12:30:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=307131"},"modified":"2023-11-14T17:20:54","modified_gmt":"2023-11-14T11:50:54","slug":"sebi-introduces-most-important-terms-and-conditions-to-formalize-broker-client-relationship-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/11\/14\/sebi-introduces-most-important-terms-and-conditions-to-formalize-broker-client-relationship-legal-news\/","title":{"rendered":"SEBI introduces “Most Important Terms and Conditions” to formalize broker-client relationship"},"content":{"rendered":"
\n

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.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    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.<\/p>\n<\/li>\n

  2. \n

    The date of implementation and compliance for the new onboarding clients will be 1-4-2024.<\/p>\n<\/li>\n<\/ol>\n

    Note:<\/span> 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:<\/p>\n

      \n
    1. \n

      Account opening form;<\/p>\n<\/li>\n

    2. \n

      Rights and obligations;<\/p>\n<\/li>\n

    3. \n

      Risk disclosure documents;<\/p>\n<\/li>\n

    4. \n

      Guidance notes;<\/p>\n<\/li>\n

    5. \n

      Policies and procedures;<\/p>\n<\/li>\n

    6. \n

      Tariff sheet.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      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 <\/p>\n","protected":false},"author":67515,"featured_media":295620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[62714,62713,62712,2563],"class_list":["post-307131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-broker-client-relationship","tag-industry-standard-forum","tag-most-important-terms-and-conditions","tag-SEBI"],"yoast_head":"\nSEBI introduces Most Important Terms and Conditions | SCC Blog<\/title>\n<meta name=\"description\" content=\"Securities and Exchange Board of India revised the Master Circular dated 17-5-2023 introducing a standard Most Important Terms and 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