Impact of scripless trading on business practices of Sub-brokers.

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1 Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound, Senapai Bapa Marg, Lower Parel, Mumbai Ph: ; Fax: January Visi us a Naional Securiies Deposiory Limied Dema by NSDL - Towards a secure fuure

2 Naional Securiies Deposiory Limied Inroducion While he rading in he sock exchanges is effeced only hrough he regisered rading members (brokers) of he exchanges, here are number of sub-brokers who are servicing a large cross secion of invesors as he agens of he main brokers. Wih he increasing populariy of scripless rading many brokers and sub-brokers are aemping o assess possible impac of his in heir business pracices. This noe ries o address he concerns of hese marke inermediaries and o sugges modificaions in he business pracices o help hem effecively manage in he changed environmen. In a loose sense, he broker can be considered o be a wholesaler of services and he sub-broker can be considered o as a reailer of services. Alhough he main services provided by hese brokers are execuion of he buy/sell orders and selemen of hese rades on behalf of he invesors, hey also provide advice on sock picking and rading sraegies. The sub-brokers have helped brokers o exend hese services o a broader cross secion of invesors across a larger geographical area. As a par of selemen of rades, he sub-brokers also collec he securiies and funds from he invesor and delivers he same o he main broker for onward selemen wih he Clearing Corporaion (CC)/Clearing House (CH). In addiion o his broking service, oday brokers someimes use sub-brokers as a layer separaing hem from he clien and parly proecing hem from bad delivery problems. The sub-broker is responsible o he main broker on one side and he invesor on he oher side. This is achieved by broker issuing he conrac noe on he sub-broker and sub-broker issuing he purchase/sale noe on he clien. Thus in view of he long erm business relaion he sub-broker has wih he main broker, and as his is a business for him, he ends up aking he risk of a poenial bad delivery on himself. In fac many subbrokers have expressed he view ha heir major concern was he risk of bad delivery. The deposiory sysem provides an answer o hese problems. 1

3 Naional Securiies Deposiory Limied For rading in physical securiies, he sub-brokers collec he rade orders from heir cliens and place hese orders wih he main broker for execuion in he marke. The main broker eners he deails of each rade agains each sub-broker in a separae accoun kep for each sub-broker. Afer execuion of he rade, he main broker issues he conrac noe. Mosly he conrac noe is issued in he name of he sub broker who in urn issues separae purchase/sale noe o his cliens. In his case, in he books kep by he main broker, all rades are shown agains he subbroker and he main broker does no rack deails of each individual clien. However, here are some cases where brokers issue conrac noes, direcly in he name of he clien. Based on he commercial undersanding beween he broker and he subbroker, he sub-broker may decide on when o deliver, o he main broker, securiies agains sale orders and funds agains purchase orders. Very ofen, hese are handed over by he sub-broker o he broker jus before he pay-in. Even in case of rading in dema securiies he same sysem can be followed. However in his case, as here is no fear of bad deliveries unlike in he case of physical securiies, he brokers can direcly issue he conrac noe in he name of clien. This is in addiion o faciliaing a cos effecive selemen (as can be seen from he secion below) wih a clean audi rail, may provide furher confidence o he cliens. In his case he sub-brokers need o provide he deails of he cliens o he main broker for issuing he conrac noes. 2 Trading Naional Securiies Deposiory Limied Concern of sub-broker. Revealing of he clien deails may be agains he business ineres of he sub-brokers The long-erm susenance of he sub broker is no based on he secrecy of he clien. Raher, i is based on he higher invesor reach made possible by he sub-broker nework, which oherwise may no have been aained by he main broker alone. The sub-brokers also helped o reduce he adminisraive overhead in clien handling. In fac as explained above, he issuance of conrac noe o he sub-broker was more of insurance o he broker agains bad delivery and his added an unnecessary risk o he sub-broker. In his safe dema environmen, he sub-broker can confine his services o broking in real sense insead of providing insurance agains bad paper. More over, hey can also increase heir reach o a larger arge audience. Moreover in he physical marke, he broker would any way may come o know he deails of mos of he cliens of he sub-brokers as hese cliens may be selling securiies regisered in heir name some ime or oher, which would expose he clien deails o he main broker. Concern of he main broker. The need for issuing he conrac noe in he name of each clien adds o he back office work. Compared o he reducion in back office aciviies of soring he paper cerificaes, his is only a small addiional aciviy. In fac many cases, he sub-broker hemselves would share a par of he job, like hey help in filling up of TD, aaching share cerificaes wih i, arranging o despach o he main broker. ec a he ime of selemen of physical securiies. 3

4 Naional Securiies Deposiory Limied A presen in selemen of physical securiies, he sub-broker would collec funds from he cliens who have purchased securiies. Mosly he sub-broker ges he funds credied o his bank accoun and issues a cheque o he exend of his ne payable o he main broker afer adjusing for his par of he brokerage, in ime for pay-in or as per he credi period allowed by he main broker. Afer he pay ou, he sub-broker collecs he securiies from he main broker and arranges o deliver o his purchasing cliens. In some cases, if he sub-broker also has selling cliens for he same securiies, he subbroker will reain wih him he securiies of he selling clien for disribuing o he buying cliens and he main broker may only be delivering ne receips o he sub-broker. To rack he securiies for any fuure bad deliveries, he sub-broker and/or he main broker would affix heir respecive seals on he back of he ransfer deed. In case of dema securiies, he sub-brokers have wo opions: 1. Arrange o deliver he securiies direcly from he pool accoun of main broker o he beneficial owner accoun of he buying cliens. Towards his, he sub-broker may prepare a saemen giving deails of his receiving cliens including name & clien- ID of he clien, name & DP-ID of clien s DP and name and quaniy of securiies o be delivered. Main broker may aach he same (duly samped and signed) o his delivery insrucion duly filled and hand over he same o his DP. Based on his delivery insrucion, he securiies would be credied o he clien accouns. The sub-broker would have o ensure ha he receiving cliens have a valid deposiory accoun. They should now insruc heir cliens o give a corresponding receip 4 Selemen Purchase of Shares Naional Securiies Deposiory Limied insrucion wih maching enry for Clien-ID, quaniy and execuion dae unless hey have already given a sanding insrucion o DP for auomaic credi o heir accoun. The sub-broker may advice his cliens o avail he faciliy of giving sanding insrucion, which would reduce he need for selemen by selemen receip insrucions. The sub-broker a he ime of giving he lis of receiving cliens may ensure ha his lis conains he deails of only hose cliens wih whom paymen arrangemens are seled. In cases where his is no so, he subbroker can eiher reain he same in main brokers pool accoun (wih heir permission as his will arac cusody charges o hem) or ake hem o heir own beneficial owner accoun mainained for heir rading aciviies. Clien A A/c CM Pool A/c Diagram 1: Transfer of securiies from main brokers pool a/c o direc credi in Cliens beneficiary A/c (pay ou). Insrucion o be used: Broker: Delivery insrucion for pay ou. Clien: Sanding insrucion or receip insrucion. Here i is assumed ha, he sub-brokers of he selling cliens has arranged o deliver o he pool accoun of main broker, he securiies of he selling cliens in a manner explained below under secion iled selling of securiies. 5 Clien B A/c Clien C A/c Clien D A/c

5 Naional Securiies Deposiory Limied This mode of direc delivery o he clien s accoun is independen of, wheher he funds have been paid direcly by he clien o he main broker or paid hrough he sub-broker is irrelevan o he decision of direc delivery of securiies o he clien accoun so long as he sub broker has provided necessary auhorisaion o he broker o his effec. 2. Arrange o deliver he securiies from he pool accoun of he main broker o beneficial owner accoun of he sub-broker kep for rading purpose and hen forward he same o buying clien. In his case he main broker would insruc his DP using a delivery insrucion, o ransfer securiies from his pool accoun o beneficial owner accoun of he sub-broker, securiies o he exen of purchase. This ransfer may be o he exen of his gross purchase or ne purchase depending on wheher he sub-broker had arranged o deliver o he pool accoun all he securiies of his selling cliens or wheher he reained he securiies of he selling cliens in his rading accoun. Diagram 2. Transfer securiies from main brokers Pool A/c o Subbrokers beneficiary A/c and subsequen ransfer o he cliens. (pay ou of securiies.) 6 CM Pool A/c Sub-broker beneficiary A/c Clien A A/c Clien B A/c Clien C A/c Clien D A/c Naional Securiies Deposiory Limied Insrucion o be Used: Broker: Delivery Insrucion o ransfer securiies from pool a/c o Sub-brokers beneficiary a/c for pay ou. Sub broker: Receip insrucion for receiving securiies from brokers pool accoun or sanding insrucion for auomaic credi. Delivery insrucion for off marke rade (scrip wise) o ransfer securiies o all he cliens. Cliens Sanding Insrucion or Receip insrucion for off marke rade o receive securiies from sub brokers beneficiary accoun. As in he above case, he way funds were roued will have no bearing on he rouing of he securiies so long as necessary auhorisaion is aken on record. Seps involved in purchase ransacions under some of he scenarios discussed above are as follows. Case 1 Conrac noe : Direcly o he clien by he main broker. Securiies : Direcly o Cliens beneficial owner accoun by he main broker Funds : Direcly o Broker from he clien (Refer Diagram 1.) 1. Sub-broker insrucs main broker for purchase of securiies. 2. Main broker execues he rade in rading erminal of he relevan Sock Exchange (like NEAT/BOLT ec.) 3. Main broker issues he conrac noe on he name of he clien, which may be colleced by he sub-broker and delivered o he clien. 4. The sub-broker collecs he paymen cheque from cliens and hands over o he main broker. (The paymen arrangemen of wheher funds o be delivered before rade execuion or a he ime of pay-in ec. may be based on heir prior commercial arrangemen.) 5. The rade deails are enered in he regiser kep by he broker for each sub-broker. 6. The sub-broker provides a saemen o he main broker giving he following deails for he delivery of securiies o his cliens on or before payou. 7

6 Naional Securiies Deposiory Limied Clien Name Clien ID Clien DP s name DP ID of he Clien Name of scrip & Quaniy o be credied Execuion dae 7. Afer pay ou, he main broker issues a delivery insrucion o his DP wih he above deails of he arge cliens. 8 The Sub-broker arranges o have his maching receip insrucions of he clien delivered o heir respecive DP for hose cliens who have no given sanding insrucion for credi o heir accouns. 9. The main broker pays he sub-broker his share of brokerage. Case 2 Conrac Noe : Issued o sub-broker by main broker who in urn issues a Purchase/Sale noe o he clien. Securiies : Through he sub-broker s beneficial owner accoun. Funds : Through Sub-brokers bank accoun (Refer Diagram 2.) 1. Sub-broker insrucs main broker for purchase of securiies. 2. Main broker execues he rade in rading erminal of he relevan Sock Exchange (like NEAT/BOLT ec.) 3. Main broker issues he conrac noe in he name of he sub-broker who in urn issues a Purchase/Sale noe o he clien. 4. The rade deails are enered in he regiser kep by he broker for each sub-broker. 5. The sub-broker collecs he paymen cheque from cliens and deposi in his bank accoun. (The paymen arrangemen of wheher funds o be delivered before rade execuion or a he ime of pay-in ec may be based on heir prior commercial arrangemen.) 8 Naional Securiies Deposiory Limied 6. The sub-broker informs main broker o credi all he securiies o his beneficiary accoun. Main broker gives delivery insrucion o his DP and sub broker will give receip insrucion unless here is a sanding insrucion for credis. 7. Once he securiies are credied in he sub brokers accoun he will give delivery insrucion for off marke rades o his DP and all his cliens will give corresponding receip insrucion wih common execuion dae unless here is sanding insrucion for credis. Sub broker may keep he following deails of his cliens for delivering securiies. Clien Name Clien ID Clien DP s name DP ID of he Clien Name of scrip & Quaniy o be credied Execuion Dae Selling of Shares Selling of Shares Presenly in selemen of sale of physical securiies, he sub-broker would collec securiies from he selling cliens and forward he same o he main broker in ime for pay-in or before he execuion of he rade as per he previous agreemen. They would deliver securiies o he exen of gross sales or ne sales based on heir prior agreemen. 9

7 Naional Securiies Deposiory Limied Naional Securiies Deposiory Limied Afer he pay ou, he main broker would issue a cheque o he exen of ne receivable afer adjusing for his brokerage of he sub-broker who in urn would effec he paymen o he clien afer deducion of he brokerage of he sub-broker. In case of dema securiies, he securiies can be delivered o he pool accoun of he main broker eiher hrough he sub-broker s accoun or direcly as explained in he case of purchase of securiies, bu in he reverse direcion. The main broker can monior he receip of securiies agains a sale order in o his accoun for each selemen wih help of he ransacion saemen of his CM accoun for ha selemen number and he rade (sauda) regiser. The ransacion saemen would give deails of he clien accoun number & Cliens DP name o he exen of delivery by he clien. CM Pool A/c Clien A A/c Clien B A/c Clien C A/c CM Pool A/c Sub-broker beneficiary A/c Diagram 4. Transfer securiies from clien s accoun o sub broker beneficiary accoun and subsequenly o CM pool A/c. (for pay in ) Insrucion o be Used: Cliens: Delivery Insrucion for off marke rades. Sub broker: Receip insrucion for receiving securiies from his cliens or sanding insrucion for auomaic credi and Delivery insrucion o ransfer o CM pool A/c. Broker: Sanding Insrucion or Receip insrucion o receive from sub brokers beneficiary accoun. Seps involved in sales ransacions under some of he scenarios discussed above are as follows. Clien A A/c Clien B A/c Clien C A/c Clien D A/c Diagram 3. Transfer securiies from Cliens accoun o main brokers Pool Accoun. (For pay in ) Insrucion used: 1) Clien: Delivery Insrucion o heir DP. 2) Broker: May give sanding insrucion o his DP or give corresponding receip Insrucion wih common execuion dae. 10 Clien D A/c Case 1. Conrac noe : Direcly o he clien by he main broker. Securiies : Direcly o main broker from he Cliens beneficial owner accoun Funds : Direcly o Clien from he main broker. (Refer Diagram 3.) 1. Sub-broker insrucs main broker for sale of securiies. 2. Main broker execues he rade in rading erminal of he relevan Sock Exchange (like NEAT/BOLT ec.) 3. Main broker issues he conrac noe on he name of he clien, which may be colleced by he sub-broker and delivered o he clien. 11

8 Naional Securiies Deposiory Limied 4. The rade deails are enered in he regiser kep by he broker for each sub-broker. 5. The sub-broker collecs all he delivery insrucion from all his cliens and gives i o he DPs of each clien and ensures ha he main brokers pool accoun is credied before pay in deadline. (Sub broker needs o check he informaion on he insrucion before submiing o DPs.) 6. The sub-broker provides a saemen o he main broker giving he following deails for he receip of securiies of his cliens. Clien Name Clien ID Clien DP s name DP ID of he Clien Name of scrip & Quaniy o be credied Execuion Dae 7. Afer pay ou, he main broker issues a cheque in he name of all he cliens and may pass he same hrough his sub broker. Case 2. Conrac Noe : Issued o sub-broker by main broker who in urn issues a Purchase/Sale noe o he clien. Securiies : Through he sub-broker s beneficial owner accoun. Funds : Through Sub-brokers bank accoun (Refer Diagram 4.) 1. Sub-broker insrucs main broker for sale of securiies. 2. Main broker execues he rade in rading erminal of he relevan Sock Exchange (like NEAT/BOLT ec.) 3. Main broker issues he conrac noe in he name of he sub-broker who in urn issues a purchase/sale noe o he clien. 4. The rade deails are enered in he regiser kep by he broker for each sub-broker. 5. The sub-broker informs all his cliens o credi he securiies sold, o 12 Naional Securiies Deposiory Limied his beneficiary accoun by giving delivery insrucion for off marke rades. Sub-broker will give receip insrucion unless here is a sanding insrucion for credis. 6. Sub broker may keep he following deails of his cliens for receiving securiies. Clien Name Clien ID Clien DP s name DP ID of he Clien Name of scrip & Quaniy o be credied Execuion Dae 7. Sub-broker receives all he securiies in his beneficial owner accoun from his cliens and gives each delivery insrucion, scrip wise o credi securiies o his main brokers pool accoun before pay in. Main broker will give receip insrucion or sanding insrucion. I may be noed ha, selemen by he main broker wih he CC/CH is effeced hrough a CM accoun in he deposiory sysem. Bu, as he sub-brokers are no members of he CC/CH direcly here are no separae CM accoun for hem. If he sub-broker inends o roue he securiies hrough his accoun hen i is advisable ha he opens a separae beneficial owner s accoun exclusively for rading purposes. He may keep his personal invesmen securiies in a differen beneficial owner accoun. This would help him keep books in a sysemaic fashion for filing of ax reurns. If he sub-broker is rouing securiies hrough his rading accoun, hen he movemen of securiies in o his accoun from he clien accoun and movemen from his accoun o his cliens accoun will be considered as off-marke ransacions in he deposiory sysem and will arac differen selemen charges. 13

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