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A sub-broker, a remisier, and an authorised person are important intermediaries who facilitate the functioning of financial markets by connecting investors with trading members and stock exchanges. Although their specific roles and regulatory frameworks differ, all three contribute to the process of expanding market participation, increasing investor access, and ensuring the effective distribution of financial services. Their functions not only support the trading infrastructure but also play a vital part in investor awareness, order execution, and compliance with market rules. A sub-broker is an intermediary who is not a direct member of a stock exchange but acts on behalf of a trading member to assist investors in dealing in securities. The sub-broker acts as a link between investors and stockbrokers and helps in mobilising investments from individuals who may not directly approach a broker. Before the regulatory changes introduced by the Securities and Exchange Board of India (SEBI), sub-brokers were registered with SEBI and their operations were well-defined under specific guidelines. They would perform functions such as sourcing clients, assisting them in opening accounts, providing investment guidance, executing transactions on behalf of clients through the main _________ __________ ____ __________ ______ _______ ________ __________.
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