MUMBAI, Aug. 14 -- The Securities and Exchange Board of India (Sebi) on Wednesday proposed a comprehensive rewrite of its 30-year-old Stock Brokers Regulations to simplify compliance and align the rules with today's tech-driven markets. The capital markets regulator has invited public comments until September 3. The draft regulation, meant to replace the 1992 framework, consolidates years of circulars into the main regulations and harmonizes provisions with newer laws like the Companies Act, 2013. The proposal is in line with Sebi chairman Tuhin Kanta Pandey's emphasis on optimizing regulations. The Association of National Exchanges Members of India (Anmi) told Mint that it is reviewing the proposals. In its paper, Sebi has introduced formal definitions for key participants and practices, such as algorithmic trading, execution-only platforms for direct mutual fund transactions, and proprietary trading, to keep the rules tech-neutral. The consultation paper states that record-keeping can be done in electronic form across the board. It suggested that stock brokers can route key intimations and filings via exchanges, and outdated registers will be eliminated. The index and forms of the regulations have also been cleaned up to remove the defunct sub-broker category and duplicative disclosures, with the "fit and proper" declarations folded into application forms. Sebi has proposed that brokerages structured as companies must have at least one director resident in India for 182 days in a financial year to anchor accountability....