Which of the below statements are incorrect with respect the Stock brokers-
1.The transaction entered cannot be cancelled or made invalid except in the case of fraud, misrepresentation or in case of a material mistake.
2. The stock broker needs to issue a contract note for every transaction, specifying whether he is acting as principal or agent.
3.While buying or selling securities as a principal for the clients the stock broker has to obtain the consent of SEBI.
4.The stock brokers to be registered with Companies act 2013 in order to function as brokers.