The market regulator has allowed limited liability partnerships to be admitted as members of stock exchanges to enable them to be registered as stock brokers. The Securities Contract Regulation Rules (SCRR), 1956, does not explicitly mention LLPs as the Limited Liability Partnership Act, 2008 was a subsequent development. As per the LLP Act, LLP is a body corporate. The SCRR provides that limited liability companies and partnership firms are eligible to be admitted as members of stock exchanges. In this context, it may be stated that LLPs are akin to LLC and partnersip firms, Sebi said. - www.economictimes.indiatimes.com
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