Securities and Exchange Board of India (Merchant Bankers) Amendment Regulations, 1997.

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....ns, 1997. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 (hereinafter referred to as the said regulations),- (a) in regulation 3, after sub-regulation (2) a new sub-regulation (2A) shall be added as follows, namely: "2A-Notwithstanding anything contained in this regulation, with effect from 9th December, 1997, (i) an application under sub-regulation (2) can be made only for carrying on the activities mentioned in clause (a) therein, and (ii) an applicant can carry on the activity as underwriter only if he obtains separate certificate of registration under the provisions of Securities and Exchange Board of In....

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.... word "applicant" shall be omitted; (ii) sub-regulations (4) and (5) shall be omitted; (iii) in sub-regulation (6) the words "for the category for which the registration is granted" appearing after the words "pay the fees" and before the words "in accordance with Schedule II' shall be omitted; (iv) the proviso to sub-regulation (6) shall be omitted. e. After regulation 13, new regulation 13A shall be added as follows, namely : "Merchant banker not to associate with any business other than that of the securities market- 13A-No merchant banker, other than a bank or a 1[Public Financial Institution], who has been granted a certificate of registration under these regulations shall carry on any business other than that in the securit....