1. Business Concept and Regulation - SB

In Section 2(gb) of SEBI (Stock Brokers and Sub-brokers) Regulations 1992, the term stock broker is defined.
The definition says “stock broker” means a member of a stock exchange;

Section 2(ga) defines, “stock exchange” means a stock exchange which is for the time being recognised by the Central Government or by the Board under section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

In Section 2 (gc) the term sub-broker is defined.
“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;”]