New Delhi: About 230 entities are awaiting SEBI approval for operating as stock broker or trade clearing members of various stock exchanges. Some applications are pending for more than a year.

According to SEBI data, most of the long-pending applications are stuck due to additional explanations and clarifications sought by the regulator to take necessary steps to give nod to entities wanting to trade in the market.

In some cases, explanations have been sought from the stock exchanges, whose trading or clearing memberships have been sought by the interested parties.

The pending cases include 104 applications for stock broker licence in the cash equity segment of various bourses.

Besides, 131 applications are pending for operating in equity or cash derivative segments of various bourses, as per the information compiled by Sebi as on February 28. In normal circumstances, Sebi grants registration or replies to the application within 30 days of application.

However, if the applicants provide incomplete or vague information and supporting documents are not enclosed, the processing of applications get delayed.

The maximum number of 34 stock broker applications has been made for trading membership of BSE, followed by 32 for Delhi Stock Exchange, currently reviving its operations.

(Agencies)