Starting a sub-broker franchise in India requires clearing a fairly accessible eligibility bar — 18+ years, a minimum education level (with an alternative path if you don’t meet it), and a clean background record — along with a defined set of documents: identity and age proof, educational certificates, bank/reference letters, a stamp-paper agreement with your broker, and entity-specific paperwork if you’re applying as a partnership, LLP, or company.
The good news: nearly everything on this checklist is uploaded digitally by your broker through the exchange’s online portal— no physical document submission is required at the exchange end. Here’s the complete, organised checklist.
Eligibility At a Glance
Before gathering documents, confirm you meet the baseline eligibility criteria:
| Criterion | Requirement |
| Minimum age | 18 years |
| Minimum education | HSC (10+2) pass is commonly required |
| Alternative to education criteria | Market Experience Certificate may be accepted instead, demonstrating relevant prior market experience |
| Entity types allowed | Individual, Partnership Firm, LLP, or Body Corporate |
| Existing registration check | Must confirm not currently registered as AP with another broker in the same segment |
| Background | Clean legal and financial record, no history of fraud or dishonesty |
For the full regulatory context behind these criteria, see our SEBI registration requirements guide.
Personal Identity & Age Proof Documents
These form the foundation of any application, whether you’re applying as an individual or as a representative of an entity:
- PAN card (mandatory for tax and KYC purposes)
- Aadhaar card or another accepted government-issued ID
- Proof of age — a birth certificate, HSC marksheet, or equivalent document establishing your date of birth
- Recent passport-size photographs
- Address proof — utility bill, Aadhaar, or bank statement showing current address
Tip: most brokers require these to be certified true copies, so keep originals handy for verification rather than submitting only photocopies.
Educational Proof (and the Market Experience Alternative)
- HSC (10+2) pass certificate, or your highest educational qualification if higher
- If you don’t meet the minimum education requirement, a Market Experience Certificate can often be submitted instead — this typically needs to be issued by a recognised entity confirming your relevant experience in the securities market
This flexibility is genuinely useful for career-changers or experienced market participants who may not hold formal degrees but have hands-on trading or advisory experience.
Financial & Reference Documents
- Bank statement or cancelled cheque (used for both KYC and setting up your commission payout account)
- Two reference letters — commonly required from people who can vouch for your character and standing, with at least one from your banker, confirming they’ve known you for a specified period
- Net worth declaration, if applicable to your specific broker/segment
The Broker–Authorised Person Agreement
This is the single most important document in the entire checklist, and it has specific formatting requirements:
- The agreement must be executed on a non-judicial stamp paper, commonly valued at ₹100 (or as per the applicable stamp duty in your specific state, since this varies by jurisdiction)
- It must be signed by witnesses in addition to both parties
- It must follow the format prescribed by the exchange (NSE/BSE) — the segment you’re applying for on the exchange portal must match exactly what’s specified in the agreement
- A single agreement can typically cover multiple segments (equity, F&O, currency, commodity) if you’re applying for more than one
Entity-Specific Documents (Partnership, LLP, or Company)
If you’re applying as anything other than an individual, additional documents are required:
| Entity Type | Additional Documents Required |
| Partnership Firm | Partnership Deed; CA/CS-certified profit-sharing ratio declaration; signatures of all partners (or authorized signatory with certified Letter of Authority) |
| LLP | LLP Agreement; CA/CS-certified profit-sharing ratio declaration; signatures of designated partners |
| Body Corporate | Certificate of Incorporation; Memorandum & Articles of Association; board resolution; list of directors/shareholders with shareholding details |
Important detail: CA/CS certifications for profit-sharing ratios and similar declarations are typically only valid if issued within a recent window (commonly not older than 6 months from the application date) — an expired certification is a common, avoidable cause of application delay.
Office & Infrastructure Documents (If Operating a Franchise Model)
If you’re setting up a physical office as part of a franchise-style Authorised Person model, some brokers/exchanges require details of your operational setup, including:
- Office space details (ownership/lease proof)
- Number of computers and their configuration
- Internet service provider details
- Telephone lines, fax, scanner, and printer availability
- Number of NISM-qualified staff, if you plan to employ dealers or client-facing staff
This requirement typically doesn’t apply to basic, home-based AP models—it mainly applies to larger franchise or master franchise setups.
Declarations & Undertakings You’ll Need to Sign
Beyond documents, most applications require you to sign specific declarations, including:
- An undertaking confirming you have no prior conviction involving fraud or dishonesty
- A declaration that you’re not currently registered as a sub-broker/Authorized Person with any other broker in the same segment
- A confirmation that you will deal only through your appointing broker, and not receive or hold client funds/securities in your own name
- No Objection Certificate (NOC) from your previous broker, if you were previously registered as an AP elsewhere and are now switching
Document Checklist by Applicant Type
| Document | Individual | Partnership/LLP | Body Corporate |
| PAN, Aadhaar, address proof | Required (applicant) | Required (all partners) | Required (all directors) |
| Educational proof / Market Experience Certificate | Required | Required (active partners) | Required (key personnel) |
| Bank statement/cancelled cheque | Required | Required | Required |
| Two reference letters (incl. banker) | Required | Required | Required |
| Broker-AP Agreement (stamp paper) | Required | Required | Required |
| Partnership Deed / LLP Agreement | Not applicable | Required | Not applicable |
| Certificate of Incorporation, MOA/AOA | Not applicable | Not applicable | Required |
| CA/CS-certified profit-sharing declaration | Not applicable | Required | Not applicable |
| Board resolution | Not applicable | Not applicable | Required |
| Office infrastructure details (franchise model only) | If applicable | If applicable | If applicable |
Common Document Mistakes That Delay Applications
- Submitting an expired CA/CS certification — most brokers require these to be recent (commonly within 6 months)
- Mismatch between the agreement and the exchange portal entry — the trading segment specified in your agreement must exactly match what’s selected during online application
- Missing witness signatures on the stamp-paper agreement
- Incomplete partner/director documentation — every partner or director typically needs their own individual KYC documents submitted, not just the primary applicant’s
- Forgetting the NOC when switching from a previous broker, which can stall a new application significantly
- Using photocopies where certified true copies are required
Frequently Asked Questions
Do I need to submit documents physically to SEBI or the exchange?
No. Your broker uploads scanned, certified copies of all required documents through the exchange’s online compliance portal— no physical submission is required at the exchange level.
What if I don’t meet the minimum education requirement?
Many brokers accept a Market Experience Certificate as an alternative, provided you can demonstrate relevant prior experience in the securities market.
Is a stamp-paper agreement mandatory, or can it be a simple written contract?
It’s mandatory. The Broker–Authorised Person agreement must be executed on a non-judicial stamp paper of the prescribed value (commonly ₹100, subject to your state’s stamp duty rules) and must follow the exchange’s prescribed format.
Do partnership firms need separate documents for every partner?
Yes. Every partner (or director, in the case of a body corporate) typically needs to submit their own individual identity, age, and address proof documents, not just the firm’s registration paperwork.
How long does document verification typically take once submitted?
Once your broker uploads a complete, accurate document set, exchange verification is generally efficient—most delays happen because of incomplete or mismatched documentation rather than the review process itself.
Final Takeaway
Most delays in becoming an Authorised Person aren’t caused by eligibility problems — they’re caused by incomplete or mismatched documentation.
Gather your identity, education, financial, and (if applicable) entity documents in advance, make sure your broker–AP agreement is executed correctly on the right stamp paper with witness signatures, and double-check that every detail matches across your agreement and the exchange application.
Get this checklist right the first time, and you’ll avoid the single most common reason sub-broker applications get delayed.