Mumbai, July 13: The Bombay Stock Exchange Brokers' Forum has informed its members of the formation of a forum for sub-brokers. The sub-brokers' forum so formed shall try to bring all sub-brokers under a single umbrella.

According to a notice, the forum for sub-brokers will aim at building itself as a self regulatory organisation (SRO) which will in turn set the mechanism of self regulation of its members rolling, instilling confidence in the capital market and reducing the risk of member-brokers.

The immediate task facing the forum would be to ensure registration of a maximum number of sub-brokers with SEBI. This forum would act as a representative body to deal with all the concerned authorities.

The BSE brokers forum is an association of the members which takes up broker-related problems to the governing board, SEBI and government authorities. It may be recalled that sub-brokers were asked to register with SEBI by June 30. After this date, deliveries from an unregistered member would be bad delivery in the market.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.