Business

One person co can act as stock broker: NSE

PNS

 leading bourse National Stock Exchange (NSE) on Friday said that 'one person company' (OPC) can act as stock broker provided the entity has at least two directors. However, such broker would not be allowed to trade in his proprietary account. “OPC as described under the Companies Act is eligible to be registered as a stock broker, provided it satisfies the condition of minimum 2 directors, as stipulated under. Securities Contract (Regulation) Rules, 1957,” NSE said. Further, OPCs can register as a sub-brokers too. At the end of January, a total of 5,402 OPCs were registered in the country. It was introduced in the Companies Act, 2013 to primarily benefit entrepreneurs and facilitate easier access to funding sources through an institutional establishment.