Regulation of merchant bankers establishes a statutory registration and compliance framework under securities law.
Regulation of merchant bankers is established by rules made under Section 30 creating a statutory framework for registration, licensing, eligibility criteria, conditions on practice, compliance obligations, disclosure requirements, and supervisory authority; the regulations were issued with prior central approval as the formal instrument governing merchant banking services.

Registration requirement: merchant bankers must hold a SEBI certificate and meet conditions for lawful issue management activity.
Persons engaged in issue management must hold a certificate of registration from the Board; those acting without registration are prohibited except where a prior entrant has applied for registration and awaits disposal. Grant or renewal of a certificate is subject to conditions including prior permission for status changes, payment of fees, one month investor grievance redressal and reporting to the Board, and compliance with rules and regulations.

Company eligibility for stock exchange membership requires statutory formation, director-shareholder control, regulatory financial compliance and experienced directors.
The amendment permits a company formed under the Companies Act to be elected as a stock exchange member if it complies with Companies Act formation requirements, undertakes to meet SEBI-specified financial norms for registration, has a majority of directors who are shareholders with at least forty percent of paid-up equity held by those directors or the appointing body corporate, ensures directors are not disqualified or connected with previously defaulting or expelled member companies, and has at least two directors with requisite experience in securities dealing, portfolio management, or investment consulting.

Insider trading prohibition bars trading or disclosure of unpublished price sensitive information, enabling regulatory investigation and corrective directions.
Prohibition on insider trading forbids insiders from dealing in securities, communicating, or counselling based on unpublished price sensitive information; connected persons and various intermediaries are defined as insiders. The Board may investigate on written complaints or suo motu, appoint investigating authorities or auditors, compel production of documents and cooperation, receive reports, hear explanations, and issue directions to restrict trading, prevent disposal of improperly acquired securities, and restrain communications, without prejudice to criminal prosecution and with a right of appeal to the Central Government.

Amendment to SEBI notification: substitution of appointee entry resulting in appointment of Joint Secretary in Ministry of Finance.
Central Government, under sub-section (1) of section 4 of the Securities and Exchange Board of India Act, 1992, amends Notification No. S.O. 147(E) by substituting the entry at serial number 2 to name Dr. Y. Venugopal Reddy as Joint Secretary, Ministry of Finance, Department of Economic Affair, Government of India; effected by S.O. 821(E) dated 5th November, 1992, F. No. 20(3)SE/92.

Regulatory powers: SEBI issues Stock Brokers and Sub-Brokers Regulations establishing a delegated regulatory framework.
SEBI, invoking powers under the Securities and Exchange Board of India Act, 1992, promulgates the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, as a delegated regulatory instrument to govern stock brokers and sub-brokers. The regulations are notified in the Gazette of India as an official Board notification establishing the regulatory framework for these intermediaries.

Registration requirement: stock-brokers and sub-brokers must hold Board certificates and meet membership, fee and grievance conditions.
Stock-brokers and sub-brokers must hold a certificate of registration from the Board to buy, sell or deal in securities; applicants may act until their application is disposed. Certificates are conditional: stock-brokers must be exchange members, comply with exchange rules, obtain prior Board permission on changes in status, pay prescribed fees, and redress investor complaints within one month while informing the Board. Sub-brokers must pay prescribed fees, address investor grievances within one month, obtain Board permission for status changes, and hold written authorisation from a member stock-broker.

Delegation of regulatory powers under section 29A enables SEBI to exercise specified powers of the Central Government under the Act.
The notification directs that the Central Government's regulatory powers under sub section (5) of section 4 and sections 7, 8, 11, 12 and 16 of the Securities Contracts (Regulation) Act, 1956 shall be exercisable by the Securities and Exchange Board of India, effecting an executive delegation under section 29A to centralise specified supervisory and regulatory functions in SEBI.

Company membership eligibility for stock exchanges conditioned on SEBI registration, director shareholdings and specified director experience.
The amendment sets eligibility for company membership of a stock exchange: a company formed under the Companies Act must undertake to satisfy SEBI financial requirements for registration; a majority of directors must be shareholders and together hold a prescribed minimum proportion of paid-up equity; directors must not be disqualified under specified subclauses; and at least two directors must each have a minimum two years' experience in dealing in securities, or as portfolio managers, or as investment consultants.

Age limit for SEBI leadership: Chairman capped at 65 years and Members capped at 62 years.
The amendment replaces the proviso to rule 3(2) to provide that the Chairman shall not hold office after attaining the age of sixty-five and a Member (other than the Chairman) shall not hold office after attaining the age of sixty-two, and states that the rules come into force on publication in the Official Gazette, enacted under the ordinance power cited.

Appointment to securities regulator: Secretary, Ministry of Corporate Affairs appointed as Member under section 4(1) clause (b).
The Central Government, exercising powers under sub section (1) of section 4 of the Securities and Exchange Board of India Ordinance, 1992, appoints Ms. Deepti Gaur Mukerjee, Secretary, Ministry of Corporate Affairs, as a Member of the Securities and Exchange Board of India under clause (b), in substitution of Dr. Manoj Govil; the notification records the ministry, file reference and issuing joint secretary.

Establishment of Securities and Exchange Board: government appoints Chairman and Members and prescribes a three-year chair term.
Establishes the Securities and Exchange Board of India under the enabling ordinance, appoints an initial Chairman and Members, and prescribes that the Chairman shall hold office for a period of three years from the date he assumes office; subsequent notes record administrative substitutions of Members by later notifications.

Terms and Conditions of Service defined for SEBI leadership, creating the statutory basis for appointments and commencement.
Establishes a statutory framework prescribing the terms and conditions of service for the Chairman and other members of the Securities and Exchange Board of India, with the Central Government issuing rules under its enabling ordinance to define the instrument's title and commencement and to provide the legal basis for governance of SEBI leadership appointments and service conditions.