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SEBI advice to brokers

MUMBAI: The Securities and Exchange Board of India (SEBI) on Wednesday advised all depositories, stock brokers and sub-brokers to put in place a proper policy framework within a month as per the guidelines provided in the Prevention of Money Laundering Act, 2002 (PMLA) and appoint an officer responsible for ensuring compliance with the provisions of the Act. Detailed procedures regarding the maintenance of information and related matters for SEBI-registered intermediaries under PMLA and formats for reporting by the intermediaries are being finalised and would be issued subsequently, SEBI said.

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