TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... n any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation For the purpose of sub-clause (ii), the expression controlling interest means an interest, direct or indirect, to the extent of not less than fifty percent of voting rights or interest; ] 5 [(ad) clearing corporation shall mean a clearing corporation as defined in clause (d) of sub-regulation (1) of regulation 2 of the 16 [ Securities Contracts (Regulation) (Stock Exchanges an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember means a member of a clearing corporation who is also a stock broker and clears and settles trades on its own account or on account of its clients only and includes any person having clearing and settlement rights on a commodity derivatives exchange: Provided that such person who clears and settles trades in commodity derivatives, shall be required to become a member of a recognised clearing corporation, from such date as may be specified by the Board.] (g) small investor means any investor buying or selling securities on a cash transaction for a market value not exceeding rupees fifty thousand in aggregate on any day as shown in a contract note issued by the stock broker; 11 [(ga) stock exchange means a stock exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-brokers) (Second Amdt.) Regulations, 2013 w.e.f. 27.09.2013 2 Inserted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2006, w.e.f. 07-09-2006. 3 Omitted by the SEBI(Change in Conditions of Registration of Certain Intermediaries)(Amendment) Regulations,2011, w.e.f. 19-04-2011. Prior to omission, clause (ab) read as under: change of status or constitution in relation to a stock broker or a sub-broker means any change in its status or constitution of whatsoever nature and includes- (i) in case of a body corporate- (A) amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the sco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the extent of at least fifty-one per cent of voting rights in the body corporate; 5 Substituted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2013.w.e.f 27-09-2013 Prior to substitution clause (ad) read as: clearing corporation or clearing house means the clearing corporation or clearing house of a recognised stock exchange to clear and settle trades in securities; 6 Substituted by the SEBI (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2015 w.e.f 28-09-2015. Earlier clause (ae) was substituted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2013.w.e.f 27-09-2013. Prior to the substitution, claus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own account or on account of its clients only; 11 Inserted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2006, w.e.f. 07-09-2006. 12 Substituted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2013 w.e.f. 27-09-2013. Prior to substitution clause (gb) read as: (gb) stock broker means a member of a stock exchange; 13 Omitted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27-09-2013 14 Omitted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27-09-2013 15 Inserted by the SEBI (Stock Brokers and Sub-brokers) (Second ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) in any other case, shall be construed as change in the controlling interest in the body corporate; Explanation: For the purpose of para (B) of this sub-clause, the expression controlling interest means an interest, whether direct or indirect, to the extent of at least fifty-one percent of voting rights in the body corporate; (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership.] 24. Inserted vide Notification ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
