Intermediaries

Intermediaries, in the context of Indian capital markets, are SEBI-registered entities that facilitate the smooth functioning of financial markets by connecting investors with issuers and ensuring efficient, transparent, and regulated transfer of funds and securities. SEBI's regulatory framework covers a wide range of intermediaries including stockbrokers, sub-brokers, depository participants (DPs), merchant bankers, registrars and transfer agents (RTAs), portfolio managers, investment advisers, research analysts, credit rating agencies, KYC Registration Agencies (KRAs), custodians, underwriters, and mutual fund distributors. Each category of intermediary is subject to specific registration requirements, capital adequacy norms, conduct standards, and ongoing compliance obligations under the respective SEBI regulations. The intermediary ecosystem is critical to investor protection — SEBI's enforcement actions against errant intermediaries, its SCORES (SEBI Complaints Redress System) grievance platform, and mandatory investor grievance redressal mechanisms at exchanges and depositories ensure accountability across the intermediary chain in India's capital markets.