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Home / Stock Broking & Intermediaries / Authorised Person (AP) Registration
Last updated: 2 October 2026
An Authorised Person (AP) gives clients access to a stock broker’s trading platform under the broker’s supervision, once each stock exchange concerned has approved the appointment. Expertvuw reviews eligibility, prepares the documentation and coordinates with the broker so the application reaches the exchange complete.
An Authorised Person is appointed by a SEBI-registered stock broker and approved by the stock exchange before dealing with any client. The AP acts for the broker: clients are the broker’s clients, and the AP may not collect fees directly from them. The framework sits in the SEBI Master Circular for Stock Brokers dated 17 June 2025 (market access through Authorised Persons), the SEBI (Stock Brokers) Regulations, 2026 and each exchange’s AP norms.
Under current exchange norms, an individual AP must be an Indian citizen aged at least 18, have passed at least the 10th standard and have no conviction involving fraud or dishonesty. Partnership firms, LLPs and companies qualify where every partner or director meets these criteria and the constitutional documents permit securities business. An AP is affiliated to one broker in a segment, and approval is sought segment by segment through the broker on the exchange portal, which for NSE is the ENIT member portal.
Brokers remain responsible for their APs and must inspect them under exchange supervision frameworks. In August 2026 the exchanges placed stricter AP eligibility and infrastructure norms out for public consultation, so requirements are checked against the latest exchange circulars at the time of application.
Based on the regulations and circulars referred to on this page. Last updated: 28 September 2026.
The stock exchange approves the AP on the broker's application (SEBI Master Circular for Stock Brokers, 17 June 2025; NSE AP norms).
Indian citizen, at least 18 years, minimum 10th standard pass, no fraud or dishonesty conviction (NSE AP eligibility norms).
An AP is affiliated to only one trading member in a segment (NSE FAQs on appointment of Authorised Persons).
An AP cannot collect fees directly from clients; client dealings remain in the broker's name (NSE AP norms).
Brokers inspect at least 50% of APs yearly and each AP at least once in two years (NSE Circular 56/2024, 28 August 2024).
Exchanges released proposed stricter AP eligibility norms for public comment in August 2026; final circulars will govern.
Most delays come from eligibility or document gaps that surface only after the broker files the application.
Every partner or director must individually meet the criteria, and a single gap stalls the entity's application.
A partner or director of an existing AP cannot separately be appointed, so earlier broker links must be checked first.
Trade names must avoid exchange-restricted words, and advertising without required approvals is an inspection finding.
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Set-up and handling of investor complaints on SCORES within prescribed timelines.
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We check applicant, partner and director eligibility and any existing affiliations before the broker is approached.
The document set, undertakings and broker–AP agreement are prepared and executed in the exchange-specified format.
The broker completes its own due diligence and verification of the applicant and office.
The broker files the application for each exchange and segment, on NSE through the ENIT member portal.
Exchange queries are answered through the broker; on approval, a registration code and approval letter are issued.
Terminal access, display of broker details and internal processes are set up before client dealings begin.
Approval is followed by continuing supervision by the broker and the exchanges.
Brokers inspect APs periodically, and high-turnover or complaint-linked APs are inspected every year (NSE Circular 56/2024).
The affiliated broker's name and SEBI registration number are shown clearly in AP communications.
Complaints are handled with the broker, which must redress investor grievances within 21 calendar days (Stock Brokers Regulations, 2026).
Changes in constitution, address or segments, and any cancellation, are processed through the broker on the exchange portal.
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No. An AP is appointed by a SEBI-registered stock broker and approved by the stock exchange. It works under the broker’s registration and supervision rather than holding a separate SEBI certificate.
In a given segment an AP is affiliated to only one trading member. Exchange FAQs allow an exception where the first broker is not a member in a particular segment, in which case another broker registered in that segment may be used.
Current exchange AP norms focus on citizenship, age, education and fit-and-proper criteria, and any security deposit is set by the broker in the AP agreement. The exchanges’ August 2026 consultation proposes adding certification, experience and financial criteria, so we confirm the position in force when you apply.
It typically depends on how complete the documents are, the broker’s own checks and any exchange queries. We do not commit to a fixed approval date because approval rests with the broker and the exchange.
Expertvuw provides advisory, documentation, application preparation and coordination support. It is not a stock broker or an Authorised Person, and certifications that require a practising professional are provided by independent licensed professionals.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.