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

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....e 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 whatsoever nature and includes - (i) in case of a body corporate....

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....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. in clause (g), the words "and the rules" occurring after the words "defined in the Act" and the words "or the rules, as the case may be" occurring at the e....

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....companied 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 the body corporate on whose behalf it is acting as underwriter; (c) it shall pay the fees for registration or renewal, as the case may be, in the manner provided in these regulations; (d) it sha....

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....d; (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 sub-regulation (1A) of regulation 9 shall be a sum of twenty five thousand rupees." d. in paragraph 4, for the words and figures "paragraphs 1 and 2" the words and figures "paragraphs 1, 2 and 3A" shall be substituted. F.No. SEBI/LAD/DOP/0709/2006 M. DAMO....