Prohibition on registrar acting for associate: registrars with significant voting control or director/promoter ties are disqualified. No registrar to an issue may act for an issue of securities if the registrar and the issuing body corporate are associates; an associate exists where one directly or indirectly controls not less than ten percent of the voting power of the other, or where the registrar or any of his relatives is a director or promoter of the body corporate or of the registrar, with 'relative' as defined in section 6 of the Companies Act, 1956.