TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016
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....urities 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. b.....
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....nds on which the application has been rejected." vii. regulation 11 shall be omitted. viii. In 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 ....
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....egulation (1) - a. for the words, symbols and figures "Any initial registration granted under regulation 8 or any permanent registration granted under regulation 8A" the words and figures "Registration granted under regulation 8" shall 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, name....
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.... fee referred to in paragraph 1AA shall be paid by the Registrar to an issue and Share Transfer Agent three months before expiry of the block for which fee has been paid." g. in paragraph 2A the words, symbols and figures "or an application for permanent registration under sub-regulation (1) or sub-regulation (2) of regulation 8A" shall be omitted. h. in paragraph 3, the word, 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 b....
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....all be substituted with the words "Application for Grant of Registration". II. in Form B, - a. the words and symbol"/ Regulation 8 A" shall be omitted. b. the words and symbol "Certificate of Initial / Permanent Registration" shall be substituted with the words "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." xi. 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. 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 ca....
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....ures "Registration granted under regulation 8" shall be substituted. b. for clause (b) the following shall be substituted, namely - "(b) 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 (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 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 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 bee....
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....ely - "3A. The non-refundable fee payable along with an application for registration under sub-regulation (1A) of regulation 3 shall be a sum of fifty thousand rupees." g. in paragraph 4, the word, figure and symbol "1A," shall be omitted. Amendment to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 7. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 i. For Regulation 8, the following shall be substituted , namely- 8. Procedure for registration.─ (1) The Board on being satisfied that the applicant fulfils the requirements specified in regulation 6 shall send an intimation to the applicant and on receipt of the payment of 1[registration] fees as specified in 2[clause (1A) of] Schedule II then grant 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 ....
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....ndia (Bankers to an Issue) Regulations, 1994 8. In the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994- i. in regulation 2, in clause (ac) the words "initial or permanent" shall be omitted. ii. in Chapter II, in the heading the word "initial" shall be omitted. iii. in regulation 3, in sub-regulation (1) the word "initial" shall be omitted. iv. in regulation 7, - 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 "(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 ....
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....ord "initial" shall be omitted. b. paragraph 1A shall be omitted. c. for paragraph 2, the following shall be substituted, namely- "2. A banker to an issue who has been granted a certificate of registration, to keep its registration in force, shall pay 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 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. in paragraph 3,- I. clause (aa) shall be omitted. II. for clause (b) the following shall be substituted, namely- "(b) The fee referred to in paragraph 2 shall be paid by the banker to an issue three months before the expiry of the block for which fee has been paid." III. for paragraph 3A the following shall be 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....
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.... "(6) The fee specified in sub-regulation (5) shall be paid three months prior to the expiry of the block for which the fee has been paid." h. after sub-regulation (6), the following sub-regulation shall be inserted, namely - "(7) the participant shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration." v. regulation 20A shall be omitted. vi. in regulation 20AA the words "initial or permanent" shall be omitted. vii. in regulation 24, - a. in the heading, the words "initial or permanent" shall be omitted. b. for sub-regulation (1) the following shall be substituted, namely - "(1) Where an application for grant of a certificate of registration under regulation 16 does not satisfy the requirements specified in regulation 19, the Board shall reject the application after giving the applicant an opportunity of being heard." viii. regulation 25 shall be omitted. ix. In First Schedule, I. in Form E, - a. the words, symbol and figures "Regulation16/Regulation 20A" shall be substituted with the word and figure "Regulation 16"; b. the words and symbol "A....
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....d. iv. regulation 8A shall be omitted. v. in regulation 9, the words and figure "or 8A" shall be omitted. vi. in regulation 11, - a. for sub-regulation (1) the following shall be substituted, namely - "(1) If, after considering an application made under regulation 3, the Board is of the opinion that a certificate of registration should not be granted, it may, after giving the applicant a reasonable opportunity of being heard, reject the application." b. for sub-regulation (2) the following shall be substituted, namely - "(2) The decision of the Board, not to grant certificate of registration under sub-regulation (1) shall be communicated by the Board to the applicant within a period of thirty days of such decision, stating the grounds of the decision." vii. regulation 12 shall be omitted. viii. In First Schedule, I. in Form A, - a. the words, symbols and figures "Regulation 3(3)/Regulation 8A(3)" shall be substituted with the word, symbols and figures "Regulation 3(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 Certifi....
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.... of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, in terms of sub-regulation (1)." d. 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." e. in sub-regulation (3) the word "initial" shall be omitted. f. after sub-regulation (3), the following sub-regulation shall be inserted, namely - "(4) The KRA shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration." iv. regulation 8 shall be omitted. v. in regulation 11, - a. in sub-regulation (1) the words "initial or permanent" shall be omitted. vi. regulation 12 shall be omitted. vii. In Schedule I, in Form A, a. in the heading, the words and symbol "initial/permanent" shall be omitted. viii. In Schedule I, in Form B, - a. the word and figure "and 8" shall be omitted. b. in paragraph I, the words and symbol "initial/permanent" shall be omitted; c. for paragraph III, the fo....
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....ions, 2016, as the case may be, within three months before expiry of the period for which fee has been paid". d. after paragraph no. 3, the following paragraph shall be inserted namely- "4. The fee referred to in paragraph 2 shall be paid by the applicant within fifteen days from the date of receipt of intimation from the Board by way of demand draft in favour of Securities and Exchange Board of India' payable at Mumbai or at respective regional or local office. or by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI". Amendment to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 13. Securities and Exchange Board of India (Research Analysts) Regulations, 2014,- i. in Regulation 10, the words "for a period of five years from the date of its issue" shall be substituted by the words" till it is suspended or cancelled by the Board". ii. for regulation 11, the following shall be substituted, namely- "The research analyst who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Research Analyst....