TMI BlogSecurities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... 93, Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 and Securities and Exchange Board of India (Research Analysts) Regulations, 2014 namely,- Short title 1. These regulations may be called the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016. Commencement 2. They shall come into force on the date of their publication in the Official Gazette. Amendment to the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992. 3. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992,- i. in regulation 2, in clause (ab) the words initial or permanent shall be omitted. ii. in regulation 3, - a. in the heading, the word initial shall be omitted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Schedule I, I. in Form A, - a. the words, symbol and figures Regulation 3/ Regulation 8A shall be substituted with the word, figure Regulation 3 ; b. the words, and symbol Application for Grant of Certificate of Initial/ Permanent Registration shall be substituted with the words Application for Grant of Certificate of Registration . II. in Form B, - a. the words and symbol Certificate of Initial / Permanent Registration shall be substituted with Certificate of Registration ; b. for paragraph III, the following shall be substituted, namely III. This certificate of registration shall be valid unless it is suspended or cancelled by the Board. ix. In Schedule II, a. in paragraph 1, the word initial shall be omitted. b. paragraph 1A, shall be omitted. c. for paragraph 2, the following shall be substituted, namely 2. A merchant banker who has been granted a certificate of registration, to keep its registration in force, shall pay a fee of nine lakh rupees every three years from the sixth year, from the date of grant of certificate of registration or from the date of grant of certificate of initial registration granted prior to the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be substituted. b. for clause (c) the following shall be substituted, namely (c) it shall pay the fees for registration, in the manner provided in these regulations; c. in clause (d) the words initial registration or permanent shall be omitted. d. after sub-regulation (f), the following sub-regulation shall be inserted, namely (g) it shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration. vi. in regulation 10, - a. for sub-regulation (1) the following shall be substituted, namely (1) Where an application for grant of a certificate of registration under regulation 3 does not satisfy the criteria set out in regulation 6, the Board shall reject the application after giving an opportunity of being heard. b. for sub-regulation (2) the following shall be substituted, namely (2) The refusal to grant registration, shall be communicated by the Board within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected. vii. regulation 11 shall be omitted. viii. in regulation 12, for sub-regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... figure and symbol 1A, shall be omitted. Amendment to the Securities and Exchange Board of India (Underwriters) Regulations, 1993 5. In the Securities and Exchange Board of India (Underwriter) Regulations, 1993 i. in regulation 2, in clause (ab) the words initial or permanent shall be omitted. ii. in regulation 3A, - a. in the heading, the word initial shall be omitted. b. in sub-regulation (1), the word initial shall be omitted. iii. in regulation 8, - a. in the heading, the word initial shall be omitted. b. in sub-regulation (1), the word initial shall be omitted. c. for sub-regulation (2), the following shall be substituted, namely (2) The certificate of registration granted under sub-regulation (1) shall be valid unless it is suspended or cancelled by the Board. d. for sub-regulation (3), the following shall be substituted, namely (3) The underwriter who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... graph 1, the word initial shall be omitted. b. paragraph 1A shall be omitted. c. for paragraph 2, the following shall be substituted, namely 2. An underwriter who has been granted a certificate of registration, to keep its registration in force, shall pay fee of five lakh rupees every three years from the sixth year from the date of grant of certificate of registration or from the date of grant of certificate of initial registration granted prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, as the case may be. d. after paragraph 2 and before paragraph 3, the following paragraph shall be inserted,- 2A. The fee specified in paragraph 2, shall be paid three months prior to the expiry of the period for which the fees has been paid. e. in paragraph 3, in clause (aa) the word initial shall be omitted. f. in paragraph 3, clause (b) shall be omitted. g. for paragraph 3A, the following shall be substituted, namely 3A. The non-refundable fee payable along with an application for registration under sub-regulation (1A) of regulation 3A sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) Where an application for grant of a certificate of registration under regulation 3 does not fulfil the requirements set out in regulation 6, the Board shall reject the application after giving an opportunity of being heard. b. for sub-regulation (2) the following shall be substituted, namely (2) The refusal to grant registration shall be communicated by the Board within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected. . viii. regulation 11 shall be omitted. ix. in regulation 12, for sub-regulation (1) the following shall be substituted, namely (1) Every applicant eligible for grant of registration, shall pay the fees in such manner and within the period specified in Schedule II: x. In Schedule I, I. in Form A, - a. the words, symbol and figures Regulation 3/Regulation 8A shall be substituted with the word and figure Regulation 3 ; b. the words and symbol Application for Grant of Certificate of Initial/ Permanent Registration as Debenture Trustee shall be substituted with the words Application for Grant of Certificate of Registration as a Debenture Trustee . c. the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt a certificate in Form B. (2) The portfolio manager who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, in terms of sub-regulation (1). ii, Regulation 9 shall be omitted ii. In Regulation 9A, in sub-regulation 1, - a. the words or any renewal granted under regulation 9 shall be omitted. b. in clause (b), the words and symbols or renewal, as the case may be, shall be omitted. c. in clause (d), the words or renewal thereof shall be omitted. iii. For Regulation 9B, the following shall be substituted, namely-, The certificate of registration granted under regulation (8) shall be valid unless it is suspended or cancelled by the Board. iv. in regulation 10, in sub-regulation (1), the words or of renewal under regulation 9 shall be omitted. v. In Schedule I, I. in Form A, - a. the words and symbol Application for grant of certificate/renewal of certificate shall be substituted with the wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly (2) The bankers to an issue who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, in terms of sub-regulation (1). e. in sub-regulation (4), the word initial shall be omitted. v. regulation 7 A shall be omitted. vi. in Regulation 8 A, - a. for sub-regulation (1) the following shall be substituted, namely- Registration granted under regulation 7 shall be subject to the following conditions, namely . b. for clause (c) the following shall be substituted, namely (c) it shall pay the fees for registration, in the manner provided in these regulations. c. after sub-regulation (e), the following sub-regulation shall be inserted, namely (f) it shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration. vii. in regulation 9 a. for sub-regulation (1) the following shall be substituted, namely (1) Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e substituted, namely- The nonrefundable fee payable alongwith the application for registration under sub-regulation (1A) of Regulation 3 shall be a sum of fifty thousand rupees. e. in paragraph 4 the number and alphabet 1A shall be omitted. Amendment to the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 9. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 i. in regulation 16, - a. in the heading, the word initial shall be omitted. b. in sub-regulation (1), the word initial shall be omitted. ii. in regulation 18, - a. in sub-regulation (1), the word initial shall be omitted. b. in sub-regulation (2), the word initial shall be omitted. iii. in regulation 19, - a. in the heading, the word initial shall be omitted. b. after the words certificate of , the word initial shall be omitted. c. in clause (d), the word initial shall be omitted. iv. in regulation 20, - a. in the heading, the word initial shall be omitted. b. in sub-regulation (1), the word initial shall be omitted. c. in sub-regulation (2), the word initial shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . the words, symbol and figures Regulation16/Regulation 20A shall be substituted with the word and figure Regulation 16 ; b. the words and symbol Application for Grant of Certificate of Initial/ Permanent Registration as Participant shall be substituted with the words Application for Grant of Certificate of Registration as Participant . c. for clause iv, the following shall be substituted, namely iv. Application for grant of registration will be considered provided it is complete in all respects. II. in Form F, - a. the word, symbol and figures / Regulation 20A shall be omitted. b. the words and symbol Certificate of Initial / Permanent Registration as Participant shall be substituted with Certificate of Registration as Participant ; c. for paragraph III, the following shall be substituted, namely III. This certificate of registration shall be valid unless it is suspended or cancelled by the Board. x. In Second Schedule, a. The word and figure 20A shall be omitted. Amendment to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 10. In the Securities and Exchange Board of India (Credit Rati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Certificate of Initial/ Permanent Registration shall be substituted with the words Application for Grant of Certificate of Registration . II. in Form B, - a. the words, symbol and figures / Regulation 8A(6) shall be omitted. b. the words and symbol Certificate of Initial / Permanent Registration shall be substituted with Certificate of Registration ; c. for paragraph III, the following shall be substituted, namely III. This certificate of registration shall be valid unless it is suspended or cancelled by the Board. ix. In Second Schedule, in Part A, a. The words, symbols and figures 8A(3) and 8A(7) shall be omitted. b. in table, in item 1, the words initial or permanent shall be omitted. c. in table, in item 2, the word initial shall be omitted. d. in table, item 3, shall be omitted. e. in table, in item 4, the word Permanent shall be substituted with the word Recurring . x. In Second Schedule, in Part B, a. in paragraph 1, the word initial shall be omitted. b. paragraph 2 shall be omitted. c. for paragraph 3, the following shall be substituted, namely 3. A credit rating agency who has been granted certific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the words and symbol initial/permanent shall be omitted; c. for paragraph III, the following shall be substituted, namely III. This certificate of registration shall be valid unless it is suspended or cancelled by the Board. xi. In Schedule II, in Part A a. the word and figure and 8 shall be omitted. b. in table, in item 1, the words initial and permanent shall be omitted. c. in table, in item 2 the words initial and permanent shall be omitted. Amendment to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 12. Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 i. in regulation 9, the word and symbol /renewal shall be omitted. ii. in regulation 10, the words for a period of five years from the date of its issue shall be substituted with the words till it is suspended or cancelled by the Board . iii. For regulation 11, the following shall be substituted, namely- The investment adviser which has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... encement of the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, subject to payment of fee, as prescribed in Schedule II of these regulations. iii. in First Schedule: a. the words and symbol Application for Grant of Certificate of Registration/Renewal as Research Analyst shall be substituted with the words Application for grant of certificate of registration . b. the words, symbols and figures [See Regulations 3 (2) and 11] shall be substituted with the words, symbols and figure [See Regulations 3] c. in paragraph no. 1, sub para (c) shall be omitted. d. in Form B, for paragraph III, the following shall be substituted, namely,- III. This certificate of registration shall be valid till it is suspended or cancelled by the Board. iv. in Second Schedule, a. for Paragraph no.1, the following shall be substituted, namely, - 1. Every applicant shall pay non-refundable application fees along with the application for grant of certificate of registration as under: i. For individuals or partnership firms: ₹ 5000; ii. For proxy advisory f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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