1. Jobber. Jobber is the member of the stock exchange who performs important functions. He is an independent dealer in securities which are transacted in the market. He conducts the securities in his own name but they cannot deal directly with non members. In others words jobber has to deal with a broker or another jobber. He is a professional speculator who has complete information regarding the particular shares he deals in jobber does not transact for commission but transacts for profit which he gains from speculating activities. In brief he renders the valuable services by executing the public's orders that help to make the price fluctuations smooth. 2. Broker. Broker is a bonafide member of the stock exchange who deals outside the house for the purpose of bringing together his clients who cannot deal directly on the stock exchange. Broker thus transacts business in securities on behalf of his clients. He generally deals in a large variety of securities. He receives commission from his clients in exchange for his services. He is an experienced agent of the public. He renders important functions in regard to deal with skilled jobbers directly. 3. Minimum subscription. It is the minimum amount of shares subscribed by public before the directors can proceed to allotment. The amount of minimum subscription fixed by the Memorandum the Articles and named in the prospectus under the heading i.e. Preliminary expenses, underwriting commission, working capital and repayment whole of the capital offered for subscription must be subscribed by the public. This is intended to ensure that the company will not commence the business without adequate capital.
BROKER – A broker is a agent which buys and sells securities for a commissions. Broker to the issue are extremely important in the stock market but it is not compulsory in the NIM. The role of the broker in the new issue market is to distribute forms of the public issues that are made by the company to investors. In a stock exchange a broker has to be registered before he can trade in securities.