Stock Broking and Sub-broking - Business Concept and Regulation

Download regulations for Stockbroking and subbroking from:
http://www.sebi.gov.in/act/stockreg1.pdf


Indian definitions

SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK-BROKERS AND SUB-BROKERS) REGULATIONS, 1992

Subsection
2(gb) “stock broker” means a member of a stock exchange;
2(gc) “sub-broker” means any person not being a member of stock exchange who acts on behalf of a stock broker as an agent or otherwise for assisting the investors
in buying, selling or dealing in securities thorough such stock brokers;”
2(gd) `trading member’ means a member of the derivatives exchange or derivatives segment of a stock exchange and who settles the trade in the clearing corporation or clearing house through a clearing member;


US Definitions
The term “broker” has the same meaning as given in section 3 of the Securities Exchange Act of 1934 [15 U.S.C. 78c].

The term “dealer” has the same meaning as given in section 3 of the Securities Exchange Act of 1934 [15 U.S.C. 78c], but does not include an insurance company or investment company.