Capital adequacy requirement

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....orth" means the sum of paid-up capital and free reserves of the applicant at the time of making application under sub-regulation (1) of regulation 3.] ************** NOTES:- 1 Substituted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006. w.e.f. 7-9-2006. Prior to the substitution the regulation (7) read as ― Capital Adequacy Requi....