38th Meeting of the Brokers Industry Standards Forum celebrating its First Anniversary
Bengaluru, 19th September 2024: The Brokers Industry Standards Forum (ISF) marked its first anniversary on the 18th of September 2024. The Brokers ISF is one of the pilot Industry Standards Forum setup by SEBI to inter alia industry bodies setting standards for implementation of various regulatory directives issued from time to time.
The Brokers ISF is anchored by the three prominent Indian stockbroker Member Association viz. Association of National Exchange Members of India (ANMI), Bombay Stock Exchange Brokers Forum (BBF) and Commodity Participant Association of India (CPAI). The members and other invitees of the Brokers ISF consist of domain expert market practitioners including representatives of qualified Stock Brokers, Custodians, High Frequency Trading Firms, etc. All the Market Infrastructure Institutions (MIIs) including the Stock Exchanges, Clearing Corporations and Depositories are also part of the Brokers ISF.
The Secretariat of the Brokers ISF is handled by the National Stock Exchange of India Limited (NSEIL). The SEBI Market Intermediaries Regulation and Supervision Department (MIRSD) is the regulatory nodal point of contact for the Brokers ISF. The co-chairs of the Brokers ISF always consist of one representative from the MII and one from the intermediary community. One of the ISF Members is also appointed as Sherpa of the ISF.
Over the last year, the Brokers ISF has met 38 times and taken up around 150 agenda items that have referred to it by the regulatory bodies/ MIIs or the member associations/industry bodies. The agenda has ranged from proposing revised framework of upstreaming, framework for voluntary freezing/blocking the online access of trading account, direct pay-out of securities framework and standards, rationalisation of redundant submissions, quicker turnaround times by MIIs, drafting of Most Important Terms and Conditions (MITC) document, etc. The inputs/ recommendations of the Brokers ISF have been instrumental in issue of around 50 circulars/ instructions by SEBI/ Stock Exchanges which try to facilitate ease of operations while achieving the regulatory goals.
SEBI Chairperson Madhabi Puri Buch, who was invited by the Brokers ISF to the anniversary meeting said “We are delighted and appreciate the untiring efforts of the Brokers ISF. This body fills in an important role between the regulated entities and the regulatory bodies for a discussion and standards in the overall interest of the Indian Capital Markets”.
SEBI Whole Time Member Kamlesh Varshney said “Over the past one year, we have seen Brokers ISF give very relevant and balanced inputs to SEBI. We are pleased with the outcomes and our expectations from this body are only higher”.
SEBI Chief General Manager Jeevan Sonparote, said “the Brokers’ ISF is an ideal example of achieving desired results with collaborative approach”.
In reflecting on the past year, the co-chair (MII) Piyush Chourasia commented “The recommendations of Brokers’ ISF have been instrumental in setting standards for SEBI/Exchange regulations, by striking a balance between effective compliance and ease of doing business for the brokers. The number of recommendations of Brokers’ ISF accepted by SEBI/Exchanges in last one year speaks for itself on the success of the working of the ISF.”
Kishor Kansagra, Chairman of BBF and current co-chair (intermediaries) of Brokers ISF said “Considerable regulatory trust has been placed on the Brokers ISF. As a group, we go the extra mile to fulfil the same to the best of our ability”.
Vinod Goyal, President of ANMI said “we appreciate the regulator for giving us a platform to share the market concerns and also understand the regulatory one to get a fine balance”
Sanjay Rawal, President of CPAI said “this body has seen wonderful and animated discussions over the past one year in the interest of the Indian Capital Markets. We look forward to more of the same.”
Uttam Bagri, current Sherpa of Brokers ISF said “the most beautiful aspect of this platform is the opportunity for us intermediaries to appreciate and understand the regulatory perspective and at the same time giving inputs of the practical ground realities -ensuring that the impact of regulatory directions is by design and not by default”
