Chapter-5 Provisions Relation to License to Carry on Securities Business

Section 64: License not to be issued to carry on securities business without specifying agent

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1) No license shall be issued to anyone to carry on securities business as a securities broker without specifying at least one person to act as an agent of the securities broker.

2) No license shall be issued to anyone to carry on securities business as a securities trader without specifying at least one person to act as an agent of the securities trader.

3) No license shall be issued to anyone to carry on securities business relating to collective investment schemes and investment fund management without specifying at least one person to act as an agent of the scheme manager.

4) The procedures to be fulfilled in specifying an agent by a securities business person, qualification of the agent and provisions relating thereto shall be as prescribed.

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Section 64: License not to be issued to carry on securities business without specifying agent

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