INDIA

“The client will now be required to sign only on one document ie account opening form,” Sebi said, adding it is being done to simplify and rationalise the account opening process. At present, an investor has to enter into a number of agreements depending on his trading preferences, like stock exchanges, segments, internet/wireless technology based trading. As a result, the investors need to put his sign on a large number of documents. Sebi said henceforth, in the trading account opening form, the client would need to put his signatures instead of saying ‘yes’ or ‘tick mark’ while indicating preferences for trading.As part of simplifying the account opening process, Sebi has devised uniform documentation to be followed by all the stock brokers and trading members. In the account opening process, stock brokers and trading members would also give a tariff sheet specifying various charges, including brokerage, payable by the client to avoid any disputes at a later date.Besides, any voluntary clause or document added by the stock brokers shall form part of the non-mandatory documents, Sebi added. Stock brokers have been asked to take steps to implement simplified procedure in respect of all new clients within 15 days. However, in case the investor wants to avail running account facility, execute Power of Attorney, he would have to give specific authorisation to the stock broker in order to avoid any dispute in the future. [More]
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