TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Stock Brokers) (Amendment) Regulations, 2021.
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....d by "Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018" ii. In sub-regulation (1) after Clause (h) the following shall be inserted namely- "(i) "Underwriter" means a person who engages in the business of underwriting of an issue of securities of a body corporate. (j) "Underwriting" means "an agreement to subscribe to or procure subscription for securities, issued or offered for sale, remaining unsubscribed." (k) "issue" means an offer of sale or purchase 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 or from the public, or the holders of securities of such body corporate or person or group of persons through a merchant banker;" iii. in sub-regulation (2) the words "Companies Act, 1956" shall be replaced by "Companies Act, 2013" II. In regulation 3, (i) after sub-regulation (3), the following shall be inserted, namely, ─ "(4) Every stock broker holding a valid certificate of registration shall be entitled to act as an underwriter" III. In regulation 9, (i) after Clause....
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....ny, made by the underwriter for fulfilling the underwriting obligations. (6) General responsibilities of a Stock Broker as an underwriter a) Every Stock Broker acting as an underwriter shall not derive any direct or indirect benefit from underwriting the issue other than the commission or brokerage payable under an agreement for underwriting. b) The total underwriting obligations under all the agreements shall not exceed twenty times of the net worth. c) Every Stock Broker acting as an underwriter, in the event of being called upon to subscribe for securities of a body corporate pursuant to an agreement shall subscribe to such securities within 45 days of the receipt of such intimation from such body corporate." V. In Regulation 27, (i) In the title, the words, "Enquiry Proceeding Regulations" shall be replaced by "Securities and Exchange Board of India (Intermediaries) Regulations, 2008" (ii) In Clause (v), the words "Companies Act, 1956" shall be replaced by "Companies Act, 2013" (iii) In Clause (vi), the words "Companies Act, 1956" shall be replaced by "Companies Act, 2013" VI. In Schedule II, after clause D, t....
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....ong or short position in the said security has been made, while rendering such advice. (b)In case, an employee of a Stock Broker is rendering such advice, the Stock Broker shall ensure that he shall disclose its interest, the interest of dependent family members and that of the employer including their long or short position in the said security, while rendering such advice. 10. A Stock Broker or any of its directors, partners or manager having 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 associates or family members, relatives or friends indulge in any insider trading. 11. A Stock Broker acting as an underwriter shall not indulge in any unfair competition, which is likely to be harmful to the interest of other entities acting as underwriters carrying on the business of underwriting or likely to place such other underwriters in a dis-advantageous position in relation to the underwriter while competing for, or carrying out any assignment. 12. An underwriter shall not be party to or instrumental for- (a) creation of fals....
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.... Brokers and Sub-Brokers) (Amendment) Regulations, 2003 vide S.O. No. 1095 (E). (n) November 20, 2003 by the SEBI (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2003 vide F. No. SEBI /LAD /20795 /2003. (o) March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E). (p) August 1, 2006 by the SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2006 vide S.O. No. 1235 (E). (q) September 7, 2006 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2006 vide S.O. No. 1447 (E). (r) September 25, 2006 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Third Amendment) Regulations, 2006 vide S.O. No. 1600(E). (s) May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide Notification No. LAD-NRO/GN/2008/11/126538. (t) August 11, 2008 by the Securities and Exchange Board of India (Stock Brokers and Sub Brokers) (Amendment) Regulations, 2008 vide Notification No. LADNRO/GN/2008/20/134766. (u) Ju....