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The SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 notified on May 31, 1993 have served as one of the important fundamental regulatory framework for the Indian securities market. With the technological developments, the way in which securities are issued, held, and transferred is now fundamentally different. Registrars to an Issue and Share Transfer Agents (RTAs) are key to this process. Further, the number of securities held in physical form has been going down consistently after the introduction of dematerialization of securities. It may be mentioned that the number of physical shareholding is less than 1% of the total holding as on March 31, 2025. Role of RTAs has further reduced in view of the fact that securities are issued only in dematerialized form. In response to this changing landscape, SEBI undertook a comprehensive review of RTA regulations, 1993 resulting in notification of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 on December 16, 2025.
Following is the collection various NISM Study Material of Indian Securities Market. The NISM Study Material may be downloaded from the provided pdfs.
The fee structure for the brokers prescribed in the regulations was based on the recommendations made way back in 1992 by the R S Bhatt Committee. The recommendations of the Committee were based on the then level of brokerage earned by the brokers. Over the next decade, the market structure witnessed sea change, which coupled with fierce competition among brokers, has brought down the level of brokerage drastically. This necessitated a review of the fee structure for the stock brokers. Accordingly, on January 21, 2002, SEBI constituted a Committee under the Chairmanship of Mr. D. C. Anjaria to review the fee structure for the stock brokers. The Committee submitted its report during November 2003.
The article traces the evolution of SEBI from its conceptualization in the G.S. Patel Committee Report, 1985 to its establishment in the year 1988, its empowerment through legislation as a statutory body in the year 1992 and beyond. Accordingly, this article highlights the salient features of Acts such as the SEBI Act, 1992, the Depositories Act, 1996, the Securities Contracts [Regulation] Act, 1956, and the Companies Act, 2013. The article also delves into the details of the important legislative empowerment of SEBI through legislative amendments in the years 1995, 1999, 2002, 2004, 2014, 2015 and 2019.
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