Securities And Exchange Board Of India (Underwriters) (Amendment) Regulations, 2006

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....hall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Underwriters) Regulations, 1993- (i) in regulation 2 - a. after the opening part and before clause (b), the following clauses shall be inserted, namely:- "(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992); (aa) "body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956); (ab) "certificate" means a certificate of registration issued by the Board; (ac) "change of status or constitution" in relation to an underwriter means any change in its status or constitution of whatso....

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....ted, namely:- "(ca) 'issue' means an offer of sale of securities by any body corporate or by any other person or group of persons on its or his or their behalf, as the case may be, to the public, or, the holders of securities of such body corporate or person or group of persons;" c. for clause (f), the following clauses shall be substituted, namely:- "(f) 'underwriter' means a person who engages in the business of underwriting of an issue of securities of a body corporate; (fa) 'underwriting' means an agreement with or without conditions to subscribe to the securities of a body corporate when the existing shareholders of such body corporate or the public do not subscribe to the securities offered to them;" d....

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....) in regulation 9, after sub-regulation (1), the following sub-regulation shall be inserted, namely:- "(1A) An application for renewal made under sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II." (vii) after regulation 9, the following regulations shall be inserted, namely:- "Conditions of registration 9A. (1) Any registration granted under regulation 8 or any renewal granted under regulation 9 shall be subject to the following conditions, namely:- (a) where the underwriter proposes to change its status or constitution, it shall obtain prior approval of the Board for continuing to act as such after the change; (b) it shall enter into a valid agreement with....

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....ubstituted; (x) in regulation 16, in sub-regulation (3), for the words, brackets and figures "clause (b) of rule 4" wherever they occur, the words, brackets and figures "clause (b) of sub-regulation (1) of regulation 9A" shall be substituted; (xi) in Schedule II - a. in paragraph 1, for the words "Rupees five lacs", the words "ten lakh rupees" shall be substituted; b. in paragraph 2, for the words and figures "Rs. 2 lacs", the words "five lakh rupees" shall be substituted; c. after paragraph 3, the following paragraph shall be inserted, namely:- "3A. The non-refundable fee payable along with an application for registration under sub-regulation (1A) of regulation 3A or an application for renewal of registration under ....