Domestic dealer classes and representatives.

SEC-2.1A Investment Dealer (Full Service Dealer including Underwriting)

FSC · SEC-2.1A · Licence

1. FullDeal Ltd’s shop

FullDeal Ltd is the desk this chapter is for. Full-service dealing including underwriting.

The first file on the desk is this. FullDeal Ltd will deal in listed shares and underwrite new issues on SEM. SEC-2.1A. Representatives still need Type codes.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Sections 29 and 53. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not SEC-2.1B (excluding underwriting), not an investment-banking FSA licence, and not a representative licence.

Third, the assumptions stay in the file. Fictional dealer. Cut-off 20 September 2026.

Securities Act 2005, Sections 29 and 53. See the register note · Open the published text ↗.

2. A week with A house that underwrites IPOs

Monday. The promoter walks in with “A house that underwrites IPOs.” Write the facts before anyone names a code: FullDeal Ltd will deal in listed shares and underwrite new issues on SEM.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Full-service dealing including underwriting.

Wednesday. They record what this permission is used for. SEC-2.1A. Representatives still need Type codes.

Thursday. They write what the letter does not cover. Not FS-6.1 by itself. Not SEC-2.1B.

Friday. They lock the assumptions. Fictional dealer. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.1A is used for. The Act matters when FullDeal Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not SEC-2.1B (excluding underwriting), not an investment-banking FSA licence, and not a representative licence. Name the other desk when the work changes: SEC-2.1B (excluding underwriting); an investment-banking FSA licence; a representative licence.

• SEC-2.1B (excluding underwriting)
• an investment-banking FSA licence
• a representative licence

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The dealer company. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 100,000 (USD 3,000). Status at cut-off: Published intermediary category as at 1 July 2026.

Who may hold it. The dealer company. Representatives are separate codes.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Dedicated form and criteria. Capital and underwriting capacity belong in the file. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for FSC fees. Brokerage regulations are a stock-exchange fee, not a second FSC code.

6. How to cite SEC-2.1A

The structured library card keeps the same coordinates for search. Open SEC-2.1A in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting)

FSC · SEC-2.1B · Licence

1. DealEx Ltd’s shop

DealEx Ltd is the desk this chapter is for. Full-service dealing without underwriting.

The first file on the desk is this. DealEx Ltd will execute and advise on listed securities but will not underwrite IPOs. SEC-2.1B and its criteria PDF.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not SEC-2.1A, not a broker-only licence (SEC-2.2), and not a representative.

Third, the assumptions stay in the file. Fictional dealer. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A full-service house that will not underwrite

Monday. The promoter walks in with “A full-service house that will not underwrite.” Write the facts before anyone names a code: DealEx Ltd will execute and advise on listed securities but will not underwrite IPOs.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Full-service dealing without underwriting.

Wednesday. They record what this permission is used for. SEC-2.1B and its criteria PDF.

Thursday. They write what the letter does not cover. Excluding underwriting is not a discount-broker licence.

Friday. They lock the assumptions. Fictional dealer. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.1B is used for. The Act matters when DealEx Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not SEC-2.1A, not a broker-only licence (SEC-2.2), and not a representative. Name the other desk when the work changes: SEC-2.1A; a broker-only licence (SEC-2.2); a representative.

• SEC-2.1A
• a broker-only licence (SEC-2.2)
• a representative

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The dealer. Dedicated criteria PDF. Fees as at 1 July 2026: Processing fee Rs 7,500 (USD 1,000). Status at cut-off: Published intermediary category as at 1 July 2026.

Open the published criteria PDF ↗

Who may hold it. The dealer. Liquidity-provider arrangements, if used, are items in the published criteria PDF.

Published criteria. Dedicated criteria PDF. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Stated capital and liquidity-provider evidence are in that PDF. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.1B

The structured library card keeps the same coordinates for search. Open SEC-2.1B in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteLicensing criteria — Investment Dealer (Full Service Dealer excluding Underwriting) SEC-2.1B ↗Register note

SEC-2.1C Investment Dealer (Derivatives)

FSC · SEC-2.1C · Licence

1. DerivDesk Ltd’s shop

DerivDesk Ltd is the desk this chapter is for. Deal in derivatives as an investment dealer.

The first file on the desk is this. DerivDesk Ltd will deal in exchange-traded derivatives for clients. SEC-2.1C.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not SEC-2.1B cash securities, not a VASP broker-dealer, and not the derivatives representative (SEC-2.6Cv).

Third, the assumptions stay in the file. Fictional dealer. Listed derivatives, not virtual assets. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A listed-derivatives book

Monday. The promoter walks in with “A listed-derivatives book.” Write the facts before anyone names a code: DerivDesk Ltd will deal in exchange-traded derivatives for clients.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Deal in derivatives as an investment dealer.

Wednesday. They record what this permission is used for. SEC-2.1C.

Thursday. They write what the letter does not cover. Not VA-1.1 and not SEC-2.1B.

Friday. They lock the assumptions. Fictional dealer. Listed derivatives, not virtual assets. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.1C is used for. The Act matters when DerivDesk Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not SEC-2.1B cash securities, not a VASP broker-dealer, and not the derivatives representative (SEC-2.6Cv). Name the other desk when the work changes: SEC-2.1B cash securities; a VASP broker-dealer; the derivatives representative (SEC-2.6Cv).

• SEC-2.1B cash securities
• a VASP broker-dealer
• the derivatives representative (SEC-2.6Cv)

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The derivatives dealer. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 30,000 (USD 1,000). Status at cut-off: Published intermediary category as at 1 July 2026.

Who may hold it. The derivatives dealer. Representatives use SEC-2.6Cv.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Form and criteria columns were blank on the captured directory row. Do not invent a PDF. Ask the Commission / FSCOne for the live pack. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees. Blank criteria cells are a directory fact, not a repeal.

6. How to cite SEC-2.1C

The structured library card keeps the same coordinates for search. Open SEC-2.1C in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.2 Investment Dealer (Broker)

FSC · SEC-2.2 · Licence

1. AgencyBrokers Ltd’s shop

AgencyBrokers Ltd is the desk this chapter is for. Broker-class investment dealing, a narrower class than full-service.

The first file on the desk is this. AgencyBrokers Ltd will execute client orders on SEM without underwriting and without holding itself out as full-service. SEC-2.2.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not full-service (2.1A/B), not discount broker (2.3), and not a Type 1/2 representative.

Third, the assumptions stay in the file. Fictional broker. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with An agency broker on SEM

Monday. The promoter walks in with “An agency broker on SEM.” Write the facts before anyone names a code: AgencyBrokers Ltd will execute client orders on SEM without underwriting and without holding itself out as full-service.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Broker-class investment dealing, a narrower class than full-service.

Wednesday. They record what this permission is used for. SEC-2.2.

Thursday. They write what the letter does not cover. Not 2.1B and not 2.3.

Friday. They lock the assumptions. Fictional broker. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.2 is used for. The Act matters when AgencyBrokers Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not full-service (2.1A/B), not discount broker (2.3), and not a Type 1/2 representative. Name the other desk when the work changes: full-service (2.1A/B); discount broker (2.3); a Type 1/2 representative.

• full-service (2.1A/B)
• discount broker (2.3)
• a Type 1/2 representative

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The broker company. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 4,500 (USD 700). Status at cut-off: Published intermediary category as at 1 July 2026.

Who may hold it. The broker company.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Dedicated form and criteria. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.2

The structured library card keeps the same coordinates for search. Open SEC-2.2 in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.3 Investment Dealer (Discount Broker)

FSC · SEC-2.3 · Licence

1. CheapTicks Ltd’s shop

CheapTicks Ltd is the desk this chapter is for. Discount-broker dealing.

The first file on the desk is this. CheapTicks Ltd will execute listed-share orders without advice. SEC-2.3.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not SEC-2.2 and not a representative of a discount broker (SEC-2.6F).

Third, the assumptions stay in the file. Fictional discount broker. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with An execution-only click house

Monday. The promoter walks in with “An execution-only click house.” Write the facts before anyone names a code: CheapTicks Ltd will execute listed-share orders without advice.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Discount-broker dealing.

Wednesday. They record what this permission is used for. SEC-2.3.

Thursday. They write what the letter does not cover. Not an investment adviser and not full-service.

Friday. They lock the assumptions. Fictional discount broker. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.3 is used for. The Act matters when CheapTicks Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not SEC-2.2 and not a representative of a discount broker (SEC-2.6F). Name the other desk when the work changes: SEC-2.2; a representative of a discount broker (SEC-2.6F).

• SEC-2.2
• a representative of a discount broker (SEC-2.6F)

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The discount-broker company. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,500 (USD 300). Status at cut-off: Published intermediary category as at 1 July 2026.

Who may hold it. The discount-broker company. Execution-only character is a licence-class fact, not a slogan.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.3

The structured library card keeps the same coordinates for search. Open SEC-2.3 in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-3.0 Investment Dealer (Government of Mauritius Securities and Bank of Mauritius Securities Segment)

FSC · SEC-3.0 · Licence

1. BillDesk Ltd’s shop

BillDesk Ltd is the desk this chapter is for. Deal in the Government of Mauritius securities and Bank of Mauritius securities segment.

The first file on the desk is this. BillDesk Ltd will deal only in Government and BoM securities. SEC-3.0.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not a full-service dealer, not a money changer, and not a BoM banking licence.

Third, the assumptions stay in the file. Fictional specialist. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A GOM-bill specialist

Monday. The promoter walks in with “A GOM-bill specialist.” Write the facts before anyone names a code: BillDesk Ltd will deal only in Government and BoM securities.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Deal in the Government of Mauritius securities and Bank of Mauritius securities segment.

Wednesday. They record what this permission is used for. SEC-3.0.

Thursday. They write what the letter does not cover. Not SEC-2.1B listed-equity dealing and not a banking licence.

Friday. They lock the assumptions. Fictional specialist. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.0 is used for. The Act matters when BillDesk Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not a full-service dealer, not a money changer, and not a BoM banking licence. Name the other desk when the work changes: a full-service dealer; a money changer; a BoM banking licence.

• a full-service dealer
• a money changer
• a BoM banking licence

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

A dealer authorised for that segment. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,000. Status at cut-off: Published intermediary category as at 1 July 2026.

Who may hold it. A dealer authorised for that segment. Primary-dealer arrangements with the Bank, if any, are a BoM fact in addition to this FSC code.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Blank form/criteria cells on the captured directory. Do not invent a PDF.

Rules, codes and circulars. CL20260107 for fees. BoM market circulars, if any, are additional.

6. How to cite SEC-3.0

The structured library card keeps the same coordinates for search. Open SEC-3.0 in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteBanking Act 2004 ↗Register note

SEC-2.6Cv Representative of Investment Dealer (Derivatives)

FSC · SEC-2.6Cv · Licence

1. DerivDesk Ltd’s shop

DerivDesk Ltd is the desk this chapter is for. Act as representative of a derivatives dealer.

The first file on the desk is this. Nadia covers institutional clients for DerivDesk Ltd. SEC-2.6Cv for Nadia; SEC-2.1C stays on the firm.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not SEC-2.1C (the dealer) and not a Type 1 full-service representative.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A derivatives salesperson

Monday. The promoter walks in with “A derivatives salesperson.” Write the facts before anyone names a code: Nadia covers institutional clients for DerivDesk Ltd.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Act as representative of a derivatives dealer.

Wednesday. They record what this permission is used for. SEC-2.6Cv for Nadia; SEC-2.1C stays on the firm.

Thursday. They write what the letter does not cover. Nadia cannot deal on her own account as if she held 2.1C.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6Cv is used for. The Act matters when DerivDesk Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not SEC-2.1C (the dealer) and not a Type 1 full-service representative. Name the other desk when the work changes: SEC-2.1C (the dealer); a Type 1 full-service representative.

• SEC-2.1C (the dealer)
• a Type 1 full-service representative

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

The individual representative of a licensed derivatives dealer. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 27,000 (USD 900). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. The individual representative of a licensed derivatives dealer.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Same form as SEC-2.6A. Fit-and-proper is personal. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6Cv

The structured library card keeps the same coordinates for search. Open SEC-2.6Cv in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6A Representative of Investment Dealer (Full Service Dealer) Type 1

FSC · SEC-2.6A · Licence

1. DealEx Ltd’s shop

DealEx Ltd is the desk this chapter is for. Type 1 representative of a full-service dealer.

The first file on the desk is this. Omar is authorised as Type 1 at DealEx Ltd. SEC-2.6A. Confirm Type 1 activity in the current Rules.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not the dealer licence, not Type 2, and not Type 3.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A Type 1 covering private clients

Monday. The promoter walks in with “A Type 1 covering private clients.” Write the facts before anyone names a code: Omar is authorised as Type 1 at DealEx Ltd.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Type 1 representative of a full-service dealer.

Wednesday. They record what this permission is used for. SEC-2.6A. Confirm Type 1 activity in the current Rules.

Thursday. They write what the letter does not cover. Type 1 is not Type 3 and not the firm’s 2.1B licence.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6A is used for. The Act matters when DealEx Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not the dealer licence, not Type 2, and not Type 3. Name the other desk when the work changes: the dealer licence; Type 2; Type 3.

• the dealer licence
• Type 2
• Type 3

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual attached to a full-service dealer. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 3,100 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual attached to a full-service dealer. Read the current Licensing Rules for what Type 1 may do.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Dedicated representative form. Type is a rule-based activity limit. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees. Licensing Rules, not a circular, distinguish types.

6. How to cite SEC-2.6A

The structured library card keeps the same coordinates for search. Open SEC-2.6A in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6B Representative of Investment Dealer (Full Service Dealer) Type 2

FSC · SEC-2.6B · Licence

1. DealEx Ltd’s shop

DealEx Ltd is the desk this chapter is for. Type 2 representative of a full-service dealer.

The first file on the desk is this. Priya is Type 2 at DealEx Ltd, with a narrower permitted set than Omar’s Type 1. SEC-2.6B.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not Type 1 and not Type 3.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A Type 2 on the sales desk

Monday. The promoter walks in with “A Type 2 on the sales desk.” Write the facts before anyone names a code: Priya is Type 2 at DealEx Ltd, with a narrower permitted set than Omar’s Type 1.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Type 2 representative of a full-service dealer.

Wednesday. They record what this permission is used for. SEC-2.6B.

Thursday. They write what the letter does not cover. She does not hold Type 1 by working on the same desk.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6B is used for. The Act matters when DealEx Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not Type 1 and not Type 3. Name the other desk when the work changes: Type 1; Type 3.

• Type 1
• Type 3

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,500 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual. Activity limits follow the Licensing Rules for Type 2.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Directory references a Type 2 criteria PDF. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6B

The structured library card keeps the same coordinates for search. Open SEC-2.6B in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6C Representative of Investment Dealer (Full Service Dealer) Type 3

FSC · SEC-2.6C · Licence

1. A Type 3 assistant’s shop

A Type 3 assistant is the desk this chapter is for. Type 3 representative of a full-service dealer.

The first file on the desk is this. Sam assists the full-service desk within Type 3 limits. SEC-2.6C.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not Type 1, not Type 2, and not the derivatives representative code 2.6Cv.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A Type 3 assistant

Monday. The promoter walks in with “A Type 3 assistant.” Write the facts before anyone names a code: Sam assists the full-service desk within Type 3 limits.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Type 3 representative of a full-service dealer.

Wednesday. They record what this permission is used for. SEC-2.6C.

Thursday. They write what the letter does not cover. Not 2.6Cv (derivatives) and not the dealer licence.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6C is used for. The Act matters when A Type 3 assistant applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not Type 1, not Type 2, and not the derivatives representative code 2.6Cv. Name the other desk when the work changes: Type 1; Type 2; the derivatives representative code 2.6Cv.

• Type 1
• Type 2
• the derivatives representative code 2.6Cv

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,500 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual. Type 3 limits are in the Licensing Rules.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6C

The structured library card keeps the same coordinates for search. Open SEC-2.6C in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6D Representative of Investment Dealer (Broker) Type 1

FSC · SEC-2.6D · Licence

1. AgencyBrokers Ltd’s shop

AgencyBrokers Ltd is the desk this chapter is for. Type 1 representative of a broker-class dealer, not of a full-service dealer.

The first file on the desk is this. Leela covers clients for AgencyBrokers Ltd. SEC-2.6D, because the firm is SEC-2.2.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not 2.6A (full-service Type 1) and not 2.6E (broker Type 2).

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A broker’s Type 1

Monday. The promoter walks in with “A broker’s Type 1.” Write the facts before anyone names a code: Leela covers clients for AgencyBrokers Ltd.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Type 1 representative of a broker-class dealer, not of a full-service dealer.

Wednesday. They record what this permission is used for. SEC-2.6D, because the firm is SEC-2.2.

Thursday. They write what the letter does not cover. Not a full-service Type 1.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6D is used for. The Act matters when AgencyBrokers Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not 2.6A (full-service Type 1) and not 2.6E (broker Type 2). Name the other desk when the work changes: 2.6A (full-service Type 1); 2.6E (broker Type 2).

• 2.6A (full-service Type 1)
• 2.6E (broker Type 2)

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual of a SEC-2. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,500 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual of a SEC-2.2 broker.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Same form as 2.6A. The dealer class on the file must be broker. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6D

The structured library card keeps the same coordinates for search. Open SEC-2.6D in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6E Representative of Investment Dealer (Broker) Type 2

FSC · SEC-2.6E · Licence

1. AgencyBrokers Ltd’s shop

AgencyBrokers Ltd is the desk this chapter is for. Type 2 representative of a broker-class dealer.

The first file on the desk is this. Yan works order-taking within Type 2 limits at AgencyBrokers Ltd. SEC-2.6E.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not 2.6D and not 2.6F.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A broker’s Type 2

Monday. The promoter walks in with “A broker’s Type 2.” Write the facts before anyone names a code: Yan works order-taking within Type 2 limits at AgencyBrokers Ltd.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Type 2 representative of a broker-class dealer.

Wednesday. They record what this permission is used for. SEC-2.6E.

Thursday. They write what the letter does not cover. Not discount-broker representative 2.6F.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6E is used for. The Act matters when AgencyBrokers Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not 2.6D and not 2.6F.

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual of a SEC-2. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,000 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual of a SEC-2.2 broker.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6E

The structured library card keeps the same coordinates for search. Open SEC-2.6E in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note

SEC-2.6F Representative of Investment Dealer (Discount Broker)

FSC · SEC-2.6F · Licence

1. CheapTicks Ltd’s shop

CheapTicks Ltd is the desk this chapter is for. Representative of a discount broker.

The first file on the desk is this. Zara helps clients use CheapTicks Ltd’s execution platform. SEC-2.6F.

Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Securities Act 2005, Section 29. A company name is not a permission.

Second, neighbouring papers stay off this desk. Not the discount-broker firm licence (2.3) and not a broker Type 1.

Third, the assumptions stay in the file. Fictional representative. Cut-off 20 September 2026.

Securities Act 2005, Section 29. See the register note · Open the published text ↗.

2. A week with A discount-broker representative

Monday. The promoter walks in with “A discount-broker representative.” Write the facts before anyone names a code: Zara helps clients use CheapTicks Ltd’s execution platform.

Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Representative of a discount broker.

Wednesday. They record what this permission is used for. SEC-2.6F.

Thursday. They write what the letter does not cover. Not SEC-2.3 and not an adviser representative.

Friday. They lock the assumptions. Fictional representative. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.

The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-2.6F is used for. The Act matters when CheapTicks Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.

3. What the same promoter asks next

The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.

4. Papers that sit beside this one

Not the discount-broker firm licence (2.3) and not a broker Type 1. Name the other desk when the work changes: the discount-broker firm licence (2.3); a broker Type 1.

• the discount-broker firm licence (2.3)
• a broker Type 1

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

An individual of a SEC-2. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 2,500 (USD 200). Status at cut-off: Published representative category as at 1 July 2026.

Who may hold it. An individual of a SEC-2.3 discount broker.

Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. USD figures on intermediary rows apply to a GBL applicant or holder and its representatives, as the directory footnote states.

Rules, codes and circulars. CL20260107 for fees.

6. How to cite SEC-2.6F

The structured library card keeps the same coordinates for search. Open SEC-2.6F in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note