Take over of sub-brokership

LAXMIKANT JAIPURKAR (Practicing Company Secretary/Tax Consultant)   (403 Points)

21 January 2010  

One sub-broker of equities/commodities running his present business on individual's name. Now he want to form the new company with object of take over of the existing proprietory business and admit new directors/shareholders in the new company. \

I have the following queries :

1. Can SEBI will allow to change the name of existing sub-brokership from individual to company.

2. Can the name of sub-broker will change with effect from the incorporation of company.

3. If SEBI now allow to change the name and asks to apply freshly for sub-brokership. Then can the new company run the existing business with some MoU / agreements