Mumbai, March 19: Sebi today released a discussion paper on code of conduct for sub-brokers.

Among others, the code stipulates that a sub-broker shall not charge from his clients a brokerage, including the brokerage charged by the broker, exceeding 2.5 percentage of the trade executed price.

This comes even as a separate group is reviewing the regulations for sub-brokers. The major recommendations of the group said that the sub-broker would be registered with the stock exchanges and the registration of sub-brokers with the Sebi would be a secondary level. This is similar to the process of registration for stock brokers.

Similarly, the sub-brokers would be regulated by the bourses which would amend rules and regulations accordingly.