Stock exchanges and members to preserve records for a longer period in specified cases

SEBI vide circular MRD/DoP/SE/Cir- 21 /2009 dated December 9, 2009 has asked stock exchanges and its members to preserve and maintain originals of documents (if a copy of such document has been collected by enforcement agencies like CBI, Police, Crime Branch etc. for the purpose of their investigation) till the trial or investigation proceedings have concluded. As per the current regulations every stock broker should preserve the specified books of account and other records for a period ranging from two to five years.

It should be also noted in this context that the Prevention of Money Laundering Act, 2002 requires stock brokers and sub brokers to maintain their records for a period of ten years from the date of cessation of transactions between clients and brokers / sub brokers.

A copy of the circular is available here.