TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2003
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....l come into force on the date of their publication in the Official Gazette. 2. In Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994- a. For the existing Schedule III, the following schedule III shall be substituted, namely: - "SCHEDULE III Securities and Exchange Board of India (Bankers to an Issued Regulations, 1994 [Regulation 16] CODE OF CONDUCT 1. A Banker to an issue shall make all efforts to protect the interests of investors. 2. A Banker to an issue shall in the conduct of its business, observe high standards of integrity and fairness in the conduct of its business. 3. A Banker to an issue shall fulfill its obligations in a prompt, ethical and professional manner. 4. A Banker to an issue sh....
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.... dividends, interests, or any such accrual income received or collected by him on behalf of his clients. 9. A Banker to an issue shall not make any exaggerated statement, whether oral or written to the client, either about its qualification or capability to render certain services or its achievements in regard to services rendered to other clients. 10. A Banker to an issue shall always endeavour to render the best possible advice to the clients having regard to the clients' needs and the environments and his own professional skill. 11. A Banker to an issue shall not divulge to anybody either orally or in writing, directly or indirectly, any confidential information about its clients which has come to its knowledge, without taking pri....
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....gistered person in accordance with any instructions of the affected clients/investors. 18. A Banker to an issue shall maintain an appropriate level of knowledge and competency and abide by the provisions of the Act, regulations, circulars and guidelines of the Board. The banker to an issue shall also comply with the award of the Ombudsman passed under Securities and Exchange Board of India (Ombudsman) Regulations, 2003. 19. A Banker to an issue shall ensure that the Board is promptly informed about any action, legal proceedings etc. initiated against it in respect of any material breach or non compliance by it, of any law, rules, regulations, and directions of the Board or of any other regulatory body. 20. A Banker to an issue shall not ....
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....ving the management of the whole or substantially the whole of affairs of the business, shall not, either through its account or their respective accounts or through their family members, relatives or friends indulge in any insider trading. 25. A Banker to an issue shall have internal control procedures and financial and operational capabilities which can be reasonably expected to protect its operations, its clients, investors and other registered entities from financial loss arising from theft, fraud, and other dishonest acts, professional misconduct or omissions. 26. A Banker to an issue shall provide adequate freedom and powers to its compliance officer for the effective discharge of its duties. 27. A Banker to an issue shall develop ....
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....3. A Banker to an Issue shall not be a party to or instrumental for - a. creation of false market; b. price rigging or manipulation or; c. passing of unpublished price sensitive information in respect of securities which are listed and proposed to be listed in any stock exchange to any person or intermediary. [F.No. SEBI/LAD/DOP/18345/2003] GYANENDRA NATH BAJPAI, Chairman Foot note : 1. Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994 the principal regulation, was published in the Gazette of India on July 14, 1994, vide No. LE/7/94. 2. It was subsequently amended - (a) on November 28, 1995 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 1995 vide No. S.O. 939 (E....