SECP in its directive has also asked stock exchanges to submit the required amendments for SECP's approval on priority.
According to the clarifications, no broker whether individual or corporate can trade with any other broker of the same exchange on proprietary and/or client account.
Similarly, chief executive/managing director (with whatever name called) and nominee director of a brokerage house can only trade through the brokerage house which he/she is associated with in the said capacity.
Immediate family members (spouse, children, siblings and parents) of CEO/MD and nominee director of a brokerage house may trade only through the brokerage house which the CEO/MD and nominee director is associated with.
Employees of a brokerage house shall only trade through the brokerage house which they are associated with in the said capacity, while directors (other than CEO/MD/Nominee) may trade through other brokers of the same exchange, shareholders of a brokerage house may trade through other brokers of the same exchange.