Initial and permanent registration framework for registrars establishes staged certification and fee linked renewal. The regulations create a two-tier regime of initial and permanent registration for registrars to an issue and share transfer agents: initial registration is granted for five years; existing registrars with residual term are deemed initial registrants subject to pro rata fee payment. Applications for permanent registration must be made before expiry, treated as fresh applications, include a non refundable fee and disclosures of changes, and are subject to fee schedules in Schedule II. Refusal of permanent registration prohibits carrying on registrar activities, save where the Board allows limited continuance in the investor interest.