Securities
Contents:
Chapter I: preliminary
Chapter II: Registration of Merchant
Bankers
6A.
Criteria for fit and proper person.
9A. Conditions of registration.
9B. Period
of validity of certificate.
Chapter III: General Obligations
13A.
Merchant banker not to associate with any business other than that of the securities market.
21A.
Merchant Banker not to act as such for an associate.
24A. Omitted by the Securities and
Exchange Board of
28A. Appointment of compliance officer.
Chapter IV: Procedure for inspection
Chapter V: Procedure for action in case
of default
36-43. Omitted by the Securities
and Exchange Board of
Schedule I: Forms
FORM A: APPLICATION FOR GRANT OF
CERTIFICATE / RENEWAL OF CERTIFICATE
FORM B: CERTIFICATE OF REGISTRATION
FORM C: Omitted by the Securities and Exchange Board of
Schedule II: Fees
Schedule III: Code of conduct for merchant bankers
Schedule IV: FORMAT FOR HALF YEARLY REPORT TO BE SUBMITTED
BY MERCHANT BANKERS
THE GAZETTE OF
PART III - SECTION 4
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF
NOTIFICATION
THE TWENTY SECOND DAY OF DECEMBER, 1992
SECURITIES AND EXCHANGE BOARD OF
(MERCHANT BANKERS) REGULATIONS, 1992
No.LE/11112/92. In exercise of the powers conferred by Section 30 of the
Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board with
the previous approval of the Central Government hereby makes the following
regulations, namely:
CHAPTER I
PRELIMINARY
1. (1) These regulations may be called
the Securities and Exchange Board of India (Merchant Bankers) Regulations,
1992.
(2) They shall come into
force on the date of their publication in the Official Gazette.
Definitions.
2. In these regulations, unless the
context otherwise requires,—
[1][***]
[2][(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 a merchant banker—
(i) means any change in its status
or constitution of whatsoever nature; and
(ii) without prejudice to generality
or sub-clause (i), includes—
(A) amalgamation, demerger,
consolidation or any other kind of corporate restructuring falling within the
scope of section 391 of the Companies Act, 1956 (1 of 1956) or the
corresponding provision of any other law for the time being in force;
(B) change in its managing director
or whole-time director; and
(C) any change in control over the
body corporate;
(ad) “change in control”, in
relation to a merchant banker being a body corporate, means:—
(i) if its shares are listed on any
recognised stock exchange, change in control within the meaning of regulation
12 of the Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997;
(ii) in any other case, change in
the controlling interest in the body corporate.
Explanation: For the purpose of sub-clause (ii), the expression “controlling interest” means an interest, whether
direct or indirect, to the extent of at least fifty one per cent of voting
rights in the body corporate;]
(b) “form”
means a form specified in Schedule I;
(c) “inspecting
authority” means one or more persons appointed by the Board to exercise powers
conferred under Chapter IV;
[3][(ca) “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;
(cb) “merchant banker” means any
person who is engaged in the business of issue management either by making
arrangements regarding selling, buying or subscribing to securities or acting
as manager, consultant, adviser or rendering corporate advisory service in
relation to such issue management;]
(d) “principal
officer” means—
(i) proprietor,
in the case of a proprietary concern,
(ii) partner,
in the case of a partnership firm,
(iii) director,
in the case of a body corporate who is responsible for the activities of the
merchant banker;
(e) [4][***]
(f) words
and expressions used and not defined in these regulations but defined in the
Act [5][***]
shall have the meaning respectively assigned to them in the Act [6][***].
Chapter
II
Registration of Merchant Bankers
Application for grant
of certificate.
3. (1) An application by a person for
grant of a certificate shall be made to the Board in Form A.
[7][(1A) An application for
registration made under sub-regulation (1) shall be accompanied by a
non-refundable application fee as specified in Schedule II.]
(2) The application
under sub-regulation (1) shall be made for any one of the following categories
of the merchant banker namely:—
(a) Category
I, that is—
(i) to
carry on any activity of the issue management, which will, inter alia,
consist of preparation of prospectus and other information relating to the
issue, determining financial structure, tie up of financiers and final
allotment and refund of the subscriptions; and
(ii) to
act as adviser, consultant, manager, underwriter, portfolio manager;
(b) Category
II, that is to act as adviser, consultant, co-manager, underwriter, portfolio
manager;
(c) Category
(d) Category
IV, that is to act only as adviser or consultant to an issue.
[8][(2A) Notwithstanding anything
contained in this regulation, with effect from
(i) an
application under sub-regulation (2) can be made only for carrying on the
activities mentioned in clause (a) therein, and
(ii) [9][***]
(iii) an
applicant can carry on the activity as portfolio manager only if he obtains
separate certificate of registration under the provisions of the Securities and
Exchange Board of India (Portfolio Manager) Regulations, 1993.]
(3) Notwithstanding
anything contained in sub-regulation (1) any application made by a merchant
banker prior to coming into force of these regulations containing such
particulars or as near thereto as mentioned in Form A shall be treated as an
application made in pursuance of sub-regulation (1) and dealt with accordingly.
Application to
conform to the requirements.
4. Subject to the provisions of
sub-regulation (3) of regulation 3, any application, which is not complete in
all respects and does not conform to the instructions specified in the form
shall be rejected :
Provided that, before rejecting any such
application, the applicant shall be given an opportunity to remove within the
time specified such objections as may be indicated by the Board.
Furnishing of
information, clarification and personal representation.
5. (1) The Board may require the
applicant to furnish further information or clarification regarding matters
relevant to the activity of a merchant banker for the purpose of disposal of
the application.
(2) The applicant or its
principal officer shall, if so required, appear before the Board for personal
representation.
Consideration of
application.
6. The Board shall take into account
for considering the grant of a certificate, all matters which are relevant to
the activities relating to merchant banker and in particular the applicant
complies with the following requirements, namely :—
[10][(a) the applicant shall be a body corporate
other than a non-banking financial company as defined under clause (f)
of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934), as amended
from time to time :
[11][Provided
that the merchant banker who has been granted registration by the Reserve
Bank of India to act as a primary or satellite dealer may carry on such
activity subject to the condition that it shall not accept or hold public
deposit;]
[12][(aa)] the applicant has the necessary infrastructure
like adequate office space, equipments, and manpower to effectively discharge
his activities;
(b) the applicant has in his employment minimum of
two persons who have the experience to conduct the business of merchant banker;
(c) a person directly or indirectly connected with
the applicant has not been granted registration by the Board.
Explanation
: For the purposes of this clause the expression “directly or indirectly
connected” means any person being an associate, subsidiary or inter-connected
or group company of the applicant in case of the applicant being a body
corporate;
(d) the applicant fulfils the capital adequacy
requirement specified in regulation 7;
(e) the applicant, his partner, director or
principal officer is not involved in any litigation connected with the
securities market which has an adverse bearing on the business of the
applicant;
(f) the applicant, his director, partner or principal
officer has not at any time been convicted for any offence involving moral
turpitude or has been found guilty of any economic offence;
(g) the applicant has the professional
qualification from an institution recognised by the Government in finance, law
or business management;
[13][(gg) the applicant is a fit and proper person;]
(h) grant of certificate to the applicant is in
the interest of investors.
[14][Criteria for fit and proper person.
6A. For
the purpose of determining whether an applicant or the merchant banker is a fit
and proper person the Board may take into account the criteria specified in
Schedule II of the Securities and Exchange Board of
[15][Capital adequacy requirement.
7. The
capital adequacy requirement referred to in clause (d) of regulation 6
shall be a net worth of not less than five crore rupees.
Explanation: For the purposes of this regulation, “net worth” means
the sum of paid-up capital and free reserves of the applicant at the time of making
application under sub-regulation (1) of regulation 3.]
Procedure for
registration.
8. (1) The Board, on being satisfied
that the applicant is eligible, shall grant a certificate in Form B [16][*
* *].
(2) and (3) [17][*
* *]
(4) On the grant of a
certificate the applicant shall be liable to pay the fees [18][*
* *] in accordance with Schedule II.
[19][*
* *]
Renewal of
certificate.
9. (1) Three months before the expiry
of the period of certificate, the merchant banker may, if he so desires, make
an application for renewal in Form A.
[20][(1A) An application for
renewal made under sub-regulation (1) shall be accompanied by a non-refundable
application fee as specified in Schedule II.]
[21][(1B) The application for
renewal under sub-regulation (1) shall be accompanied by details of the changes
that have taken place in the information that was submitted to the Board while
seeking registration or earlier renewal, as the case may be, and a declaration
stating that no changes other than those as mentioned in such details have
taken place.”]
(2) The application of
renewal, under sub-regulation (1), shall be dealt with in the same manner as if
it were a fresh application for grant of a certificate :
[22][Provided that in the case of
an application for renewal of certificate of registration, the provisions of
clause (a) of regulation 6 shall not be applicable up to
(3) The Board on being
satisfied that the applicant is eligible for renewal of certificate shall grant
a certificate in Form B and sent an intimation to the applicant [23][*
* *].
(4) & (5) [24][*
* *]
(6) On the grant of a
certificate the applicant shall be liable to pay the fees [25][*
* *] in accordance with Schedule II.
[26][* * *]
[27][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 merchant banker 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 pay the fees for registration or
renewal, as the case may be, in the manner provided in these regulations;
(c) it shall take adequate steps for redressal of
grievances of the investors within one month of the date of the receipt of the
complaint and keep the Board informed about the number, nature and other
particulars of the complaints received;
(d) it shall maintain capital adequacy
requirements specified in regulation 7 at all times during the period of the
certificate or renewal thereof;
(e) it shall abide by the regulations made under
the Act in respect of the activities carried on by it as merchant banker.
(2) Nothing contained in clause (a) of sub-regulation (1) shall affect the obligation to obtain a fresh
registration under section 12 of the Act in cases where it is applicable.
Period of validity of certificate.
9B. The certificate of registration granted under
regulation 8 and its renewal granted under regulation 9, shall be valid for a
period of three years from the date of its issue to the applicant.]
Procedure where registration is not granted.
10. (1)
Where an application for grant of a certificate under regulation 3 or of
renewal under regulation 9 does not satisfy the criteria set out in regulation
6, the Board may reject the application after giving an opportunity of being
heard.
(2) The refusal to grant registration shall be communicated by the Board
within thirty days of such refusal to the applicant stating therein the grounds
on which the application has been rejected.
(3) Any applicant may, being aggrieved by the decision of the Board
under sub-regulation (1), apply within a period of thirty days from the date of
receipt of such intimation to the Board for reconsideration of its decision.
(4) The Board shall reconsider an application made under sub-regulation
(3) and communicate its decision as soon as possible in writing to the
applicant.
Effect of refusal to grant certificate.
11. Any
merchant banker whose application for a certificate has been refused by the
Board shall, on and from the date of the receipt of the communication under
sub-regulation (2) of regulation 10, cease to carry on any activity as merchant
banker.
Payment of fees and the consequences of failure to pay fee.
12. (1)
Every applicant eligible for grant of a certificate shall pay such fees in such
manner and within the period specified in Schedule II.
(2) Where a merchant banker fails to pay the annual fees as provided in
sub-regulation (1), read with Schedule II, the Board may suspend the registration
certificate, whereupon the merchant banker shall cease to carry on any activity
as a merchant banker for the period during which the suspension subsists.
Chapter
General Obligations
Code of conduct.
13. Every merchant banker shall abide
by the Code of Conduct as specified in Schedule
[28][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 [29][***]Public
Financial Institution, who has been granted a certificate of registration under
these regulations shall [30][after
June 30, 1998] carry on any business other than that in the securities market.
Notwithstanding anything
contained above, a merchant banker who prior to the date of notification of the
Securities and Exchange Board of India (Merchant Bankers) Amendment
Regulations, 1997, has entered into a contract in respect of a business other
than that of the securities market may, if he so desires, discharge his
obligations under such contract:
[31][Provided that a merchant
banker who has been granted certificate of registration to act as primary or
satellite dealer by Reserve Bank of
Explanation: For the purposes of this
regulation,—
(i) A
“bank” shall mean a banking company as defined under section 5 of the Banking
Regulation Act, 1949 (10 of 1949), and the corresponding new bank set up under
the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 (5 of
1970), and the Banking Companies (Acquisition and Transfer of Undertaking) Act,
1980 (40 of 1980), State Bank of India Act, 1955 (23 of 1955) and State Bank of
India (Subsidiary Banks) Act, 1959 (38 of 1959).
(ii) A
“public financial institution” shall have the same meaning as assigned to the
term under section 4A of the Companies Act, 1956 (1 of 1956) and shall include
Industrial Development Corporations and Financial Corporations established by
the Central Government or State Governments, as the case may be.]
Maintenance of books
of account, records etc.
14. (1) Every merchant banker shall
keep and maintain the following books of account, records and documents namely
:—
(a) a
copy of balance sheet as at the end of the each accounting period;
(b) a
copy of profit and loss account for that period;
(c) a
copy of the auditor’s report on the accounts for that period;
(d) a
statement of financial position.
(2) Every merchant
banker shall intimate to the Board the place where the books of account, records
and documents are maintained.
(3) Without prejudice to
sub-regulation (1), every merchant banker shall, after the end of each
accounting period furnish to the Board copies of the balance sheet, profit and
loss account and such other documents for any other preceding five accounting
years when required by the Board.
Submission of
half-yearly results.
15. Every merchant banker shall furnish
to the Board half-yearly unaudited financial results when required by the Board
with a view to monitor the capital adequacy of the merchant banker.
Maintenance of books
of account, records and other documents.
16. The merchant banker shall preserve
the books of account and other records and documents maintained under
regulation 14 for a minimum period of five years.
Report on steps taken
on auditor’s report.
17. Every merchant banker shall, within
two months from the date of the auditor’s report, take steps to rectify the
deficiencies made out in the auditor’s report.
Appointment of lead
merchant bankers.
18. [32][*****]
Restriction on
appointment of lead managers.
19. [33][****]
Responsibilities of
lead managers.
20. (1) No lead manager shall agree to
manage or be associated with any issue unless his responsibilities relating to
issue mainly, those of disclosures, allotment and refund are clearly defined,
allocated and determined and a statement specifying such responsibili-ties is
furnished to the Board at least one month before the opening of the issue for
subscription:
Provided that, where there are more than one
lead merchant bankers to the issue the responsibilities of each of such lead
merchant bankers shall clearly be demarcated and a statement specifying such
responsibilities shall be furnished to the Board at least one month before the
opening of the issue for subscription.
(2) [34][****]
Lead merchant banker
not to associate with a merchant banker without registration.
21. A lead merchant banker shall not be
associated with any issue if a merchant banker who is not holding a certificate
is associated with the issue.
[35][Merchant banker not to act as such
for an associate.
21A. (1) A
merchant banker shall not lead manage any issue or be associated with any
activity undertaken under any regulations made by the Board, if he is a
promoter or a director or an associate of the issuer of securities or of any
person making an offer to sell or purchase securities in terms of any
regulations made by the Board:
Provided that a merchant banker who is an associate of such issuer or
person may be appointed, if he is involved only in the marketing of the issue
or offer.
Explanation: For the
purposes of this regulation, a merchant banker shall be deemed to be an
“associate of the issuer or person” if:
(i) either of them controls, directly or
indirectly through its subsidiary or holding company, not less than fifteen per
cent. of the voting rights in the other; or
(ii) either of them, directly or indirectly, by
itself or in combination with other persons, exercises control over the other;
or
(iii) there is a common director, excluding
nominee director, amongst the issuer, its subsidiary or holding company and
the merchant banker.”]
Underwriting
obligations.
22. In respect of every issue to be
managed, the lead merchant banker holding a certificate under Category I shall
accept a minimum underwriting obligation of five per cent of the total
underwriting commitment or rupees twenty-five lacs, whichever is less :
Provided that, if the lead merchant banker
is unable to accept the minimum underwriting obligation, that lead merchant
banker shall make arrangement for having the issue underwritten to that extent
by a merchant banker associated with the issue and shall keep the Board
informed of such arrangement.
Submission of due
diligence certificate.
23. [36][****]
Document to be
furnished to the Board.
24. [37][****]
Payment of fees to
the Board.
24A. [38][****]
Continuance of
association of lead manager with an issue.
25. [39][****]
Acquisition of shares
prohibited.
26. No merchant banker or any of its
directors, partner or manager or principal officer shall either on their
respective accounts or through their associates or relatives, enter into any
transaction in securities of bodies corporate on the basis of unpublished price
sensitive information obtained by them during the course of any professional
assignment either from the clients or otherwise.
Information to the
Board.
27. Every merchant banker shall submit
to the Board complete particulars of any transaction for acquisition of
securities of any body corporate whose issue is being managed by that merchant
banker within fifteen days from the date of entering into such transaction.
Disclosures to the
Board.
28[40][(1)] A merchant banker shall disclose to
the Board, as and when required, the following information, namely :—
(i) his
responsibilities with regard to the management of the issue;
(ii) any
change in the information or particulars previously furnished, which have a
bearing on the certificate granted to it;
(iii) the
names of the body corporate whose issues he has managed or has been associated
with;
(iv) the
particulars relating to the breach of the capital adequacy requirement as
specified in regulation 7;
(v) relating
to his activities as a manager, underwriter, consultant or adviser to an issue,
as the case may be.
[41][(2) The merchant banker shall submit a half yearly report for the period
ending with 31st March and 30th September of every year,
in the format specified in schedule IV, within three months from the close of
the period to which it corresponds]
[42][Appointment of compliance officer.
28A. (1) Every merchant banker shall
appoint a compliance officer who shall be responsible for monitoring the
compliance of the Act, rules and regulations, notifications, guidelines,
instructions, etc., issued by the Board or the Central Government and for
redressal of investors’ grievances.
(2) The compliance
officer shall immediately and independently report to the Board any
non-compliance observed by him and ensure that the observations made or
deficiencies pointed out by the Board on/in the draft prospectus or the letter
of offer as the case may be, do not recur.]
Chapter
IV
Procedure for inspection
Board’s right to
inspect.
29. (1) The Board may appoint one or
more persons as inspecting authority to undertake inspection of the books of
account, records and documents of the merchant banker for any of the purposes
specified in sub-regulation (2).
(2) The purposes
referred to in sub-regulation (1) may be as follows namely :
(a) to
ensure that the books of account are being maintained in the manner required;
(b) that
the provisions of the Act, rules, regulations are being complied with;
(c) to
investigate into the complaints received from investors, other merchant bankers
or any other person on any matter having a bearing on the activities of the merchant
banker; and
(d) to
investigate suo motu in the interest of securities business or investors
interest into the affairs of the merchant banker.
Notice before
inspection.
30. (1) Before undertaking an
inspection under regulation 28 the Board shall give a reasonable notice to the
merchant banker for that purpose.
(2) Notwithstanding
anything contained in sub-regulation (1), where the Board is satisfied that in
the interest of the investors no such notice should be given, it may by an
order in writing direct that the inspection of the affairs of the merchant
banker be taken up without such notice.
(3) During the course of
inspection, the merchant banker, against whom an inspection is being carried
out, shall be bound to discharge his obligations as provided under regulation
31.
Obligations of
merchant banker on inspection by the Board.
31. (1) It shall be the duty of every
director, proprietor, partner, officer and employee of the merchant banker, who
is being inspected, to produce to the inspecting authority such books, accounts
and other documents in his custody or control and furnish him with the
statements and information relating to his activities as a merchant banker
within such time as the inspecting authority may require.
(2) The merchant banker
shall allow the inspecting authority to have reasonable access to the premises
occupied by such merchant banker or by any other person on his behalf and also
extend reasonable facility for examining any books, records, documents and
computer data in the possession of the merchant banker or any such other person
and also provide copies of documents or other materials which, in the opinion
of the inspecting authority, are relevant for the purposes of the inspection.
(3) The inspecting
authority, in the course of inspection, shall be entitled to examine or record
statement of any principal officer, director, partner, proprietor and employee
of the merchant banker.
(4) It shall be the duty
of every director, proprietor, partner, officer or employee of the merchant banker
to give to the inspecting authority all assistance in connection with
inspection which the merchant banker may reasonably be expected to give.
Submission of report
to the Board.
32. The inspecting authority shall, as
soon as may be possible submit, an inspection report to the Board.
[43][Action on inspection or
investigation report.
33. The Board or the Chairman shall
after consideration of inspection or investigation report take such action as
the Board or Chairman may deem fit and appropriate including action under [44][
Chapter V of the Securities and Exchange Board of India (Intermediaries)
Regulations, 2008]]
Appointment of
auditor.
34. The Board may appoint a qualified
auditor to investigate into the books of account or the affairs of the merchant
bankers:
Provided that the auditor so appointed shall
have the same powers of the inspecting authority as are mentioned in regulation
29 and the obligations of the merchant banker in regulation 31 shall be
applicable to the investigation under this regulation.
Explanation.—For the purposes of this regulation
the expression “qualified auditor” shall have the same meaning as given in
section 226 of the Companies Act, 1956 (1 of 1956).
Chapter
V
Procedure for action in case of default
[45][Liability for action in case of
default.
35. A merchant banker who contravenes
any of the provisions of the Act, Rules or Regulations framed thereunder shall
be liable for one or more actions specified therein including the action under
Chapter V of the Securities and Exchange Board of
36. to 43. [46][***]
Schedule
I
Forms
Securities
and Exchange Board of
[Regulation
3]
Application
for Grant of Certificate/Renewal of Certificate
Name of Applicant
[47][***]
Category I
Contact Name
Telephone No.
Instructions for
Filling up Form
1. Applicants must submit a completed
application form together with appropriate supporting documents to the Board.
2. It is important that this
application form should be filled in accordance with the regulations.
3. Application for registration will
be considered provided it is complete in all respects.
4. Answers must be typed.
5. Information which needs to be
supplied in more details may be given on separate sheets which should be
attached to the application form.
6. All signatures must be original.
1. Particulars of the applicant:
1.1 Name of Applicant :
1.2 (A) Address—
Pin
Code................................ Telephone No.
.................................. Telex No.
.....................................
Fax
No.................................
(B) Address
for Correspondence :
Pin
Code................................ Telephone No. ................................
Telex No. ................................
Fax No.
................................
(C) Address
of Branch Offices :
2. Organisation structure
(Organisation Chart separately showing
functional responsibilities of Merchant Banking activities to be enclosed).
2.1 Objectives : (To be given in brief alongwith
copy of Memorandum and Articles of Association).
2.2 Date and Place of Incorporation :
|
Day |
Month/Year |
Place |
2.3 Status of the Applicant : (e.g., limited
company—Private/Public, unlimited company, partnership, proprietary, others. If
listed, names of Stock Exchanges and latest share price to be given).
2.4 Particulars of all
Directors/Partners/Proprietors:
|
Name |
Qualification |
Experience in
Merchant Banking & Financial Ser- vices related areas |
Share in applicants
firm/company |
Directorship in
other companies |
|
|
|
|
|
|
2.5 Particulars of Key Management Personnel :
(Particulars of merchant banking division)
|
Name |
Qualification |
Experience with
particular reference to merchant banking |
Date of appointment |
Functional areas |
|
|
|
|
|
|
2.6 Name and activities of associate
companies/concerns
|
Name of Company/
Firm |
Address
|
Types of activity
handled |
Nature of interest
of Promoter/Director |
Nature of interest
of applicant company |
|
|
|
|
|
|
3. Business information
3.1 History, major events and present activities :
3.2 Details of Experience in Merchant Banking
activities:
3.3 Experience in other financial services rendered
:
3.4 Business handled during the last three years :
(a) Issue
Management
|
Name of client |
Type of issue |
Size of Issue |
Year of Issue |
Times subscribed |
Name of lead
merchant banker |
Functional
responsibilities |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
|
|
|
|
|
|
|
(b) Investment
Adviser
|
Name of client
|
Year for which services are rendered |
Nature of services rendered
|
|||
|
|
|
|
|
|||
(c) Underwriting
|
Name of client |
Year of issue |
Type and Size of
Issue |
Amount under-
written |
%age of Issue
underwritten |
Whether there was
any development |
|
|
|
|
|
|
|
(d) Portfolio
Management
|
Name of Scheme |
Features of the
Scheme |
Number of clients |
Total volume of
funds managed |
Average returns |
|
|
|
|
|
|
(e) Consultants/Advisors
to the Issue
|
Name of the client |
Year of Issue |
Type and size of
Issue |
Nature of services
rendered |
Name of lead
Merchant Banker(s) |
|
|
|
|
|
|
4. Client information
4.1 List of major clients with address
Name Services
rendered
.......................................................................................................................................................................................
.......................................................................................................................................................................................
.......................................................................................................................................................................................
4.2 If the applicant is proposing to engage in
Merchant Banking activities for the first time, the experience of key
management personnel to be indicated.
|
Name of Key
Management Personnel |
Qualification |
Previous positions
held |
Experience
particularly in respect of merchant banking activities |
|
|
|
|
|
4.2a If the applicant is proposing to engage in
Merchant Banking activities for the first time, business plan of the company
with projected volume of activities and income for which registration is sought
to be specifically given.
4.3 Details of infrastructure including computing
facilities, equity research and data base available with the applicant.
4.4 Any other information considered relevant to
the nature of services rendered by the applicant.
5. Financial information.
(Rs.
in lakhs)
|
5.1 |
Capital structure |
Year prior to the
preceding year or current year |
Preceding year |
Current year |
|
|
(a)
Paid-up capital (b) Free reserves (excluding
revaluation reserves) (c) Total (a)
+ (b) |
|
|
|
Notes: 1.
In case of partnership or proprietary concerns, please indicate capital minus
drawings.
2. In case of partnership or proprietary concerns, please indicate the
financial position, means and net worth of the partners.
5.2 Deployment of Resources
(Rs. in lakhs)
|
|
Year prior to the preceding year or current year |
Preceding year |
Current year |
|||
|
(a) Fixed Assets (b) Plant & Machinery and office
equipment (c) Quoted Investments (d) Unquoted Investments (e) Details of Liquid Assets (f) Others |
|
|
|
||||
|
(Details of investments, Loans
& Advances made to Associate Companies/Firms where Promoters/Directors
have an interest be separately given). |
|
||||||
5.3 Major Sources of Income:
(Rs. in lakhs)
|
|
Year prior to the
preceding year or current year |
Preceding year |
*Fees charged as %
of issue |
|
|
(a)
Issue Management (b)
Underwriting (c)
Portfolio Management (d)
Consultant/Adviser to issue (e)
Investment Adviser (f)
Others |
|
|
||
|
*As fees charged by the Merchant
Banker may vary from issue to issue, please indicate range within which fees
have been charged. |
|
||||
5.4 Net Profit
|
|
Year prior to the
preceding year or current year |
Preceding year |
Current year |
5.5 5.5 Dividend
|
|
Year prior to the
preceding year or current year |
Preceding year |
Current year |
5.6 5.6
Amount
Percentage
Note : Please enclose
three years of Audited Annual Accounts. Where Unaudited Reports are submitted,
give reasons. If Minimum net worth requirement has been met after last Audited
Annual Accounts. Audited Statement of Accounts of a later date also be
submitted.
5.6 List of major shareholders (holding 5% and
above of applicant directly or along with associates—applicable only to limited
companies).
Shareholding
as on : ...............................................................................................
Name of Shareholder
|
No. of shares held |
%age of total paid
up capital of the company |
|
|
|
|
5.7 Name and address of the principal bankers of
the applicant.
5.8 Name and address of the auditors.
6. Other information
6.1 Details of all settled and pending disputes:
|
Nature of dispute |
Name of the party
|
Pending/settled
|
|
|
|
|
6.2 Indictment or involvement in any economic offences by the
applicant or any of the Directors, or key Managerial Personnel in the last
three years.
|
||
Declaration
This Declaration must be
signed by Two Directors, Two Partners or the Sole Proprietor, as the case may
be.
I/We hereby apply for
registration.
I/We warrant that I/we
have truthfully and fully answered the questions above and provided all the
information which might reasonably be considered relevant for the purposes of
my registration.
I/We declare that the
information supplied in the application form is complete and correct.
For and on behalf of
.................................................................................................................................................
(Name
of Applicant)
|
Director/Partner or
sole Proprietor |
Director/Partner |
|
Name in Block Letters |
Name in Block Letters |
|
|
Date |
Securities
and Exchange Board of
[Regulation
8]
Certificate
of Registration
I. In exercise of the
powers conferred by sub-section (1) of section 12 of the Securities and
Exchange Board of India Act, 1992, read with the rules and regulations made
thereunder the Board hereby grants a certificate of registration to......as a
merchant banker in Category I [48][***]
subject to the conditions in the rules and in accordance with the regulations
to carry out the following activities :
*1. Management
of any issue, including preparation of prospectus, gathering information
relating to the Issue, determining financing structure, tie up of financiers,
final allotment and refund of excess application money.
*2. Investment
Adviser
[49][***]
*5. Manager,
consultant or Adviser to any issue including corporate advisory services.
*6. Consultant
or Adviser.
(*Delete
whichever are not applicable)
II. Registration Code
for the merchant banker is MB.
By
Place :
Date :
[50][FOrm c***]
Schedule II
Securities
and Exchange Board of
[Regulation
12]
Fees
[51][1. Every merchant banker shall pay
a sum of [52][ten
lakh rupees] as registration fees at the time of the grant of
certificate by the Board.
2. A merchant banker to
keep registration in force shall pay renewal fee of [53][five
lakh rupees] every three years from the fourth year from the date of
initial registration.
3. (a) The
fee referred to in paragraph 1 shall be paid by the merchant banker within
fifteen days from the date of receipt of intimation from the Board under
sub-regulation (1) of regulation 8.
(b) The
fee referred to in paragraph 2 shall be paid by the merchant banker within
fifteen days from the date of receipt of intimation from the Board under
sub-regulation (3) of regulation 9.
[54][3A. The non-refundable fee payable
along with an application for registration under sub-regulation (1A) of
regulation 3 or an application for renewal of registration under sub-regulation
(1A) of regulation 9 shall be a sum of twenty five thousand rupees.]
4. The fees specified in
paragraphs [55][1,
2 and 3A] shall be payable by the merchant banker by a demand draft
in favour of ‘Securities and Exchange Board of India’ payable at Mumbai or at
the respective regional office.]
[56][Schedule
Securities
and Exchange Board of
[Regulation
13]
Code of conduct for merchant bankers
1. A merchant banker shall make all efforts to protect
the interests of investors.
2. A merchant banker shall maintain high standards of
integrity, dignity and fairness in the conduct of its business.
3. A merchant banker shall fulfil its obligations in a
prompt, ethical, and professional manner.
4. A merchant banker shall at all times exercise due
diligence, ensure proper care and exercise independent professional judgment.
5. A merchant banker shall endeavour to ensure that—
(a) inquiries from investors are adequately dealt
with;
(b) grievances of investors are redressed in a timely
and appropriate manner;
(c) where a complaint is not remedied promptly,
the investor is advised of any further steps which may be available to the
investor under the regulatory system.
6. A merchant banker shall ensure that adequate
disclosures are made to the investors in a timely manner in accordance with the
applicable regulations and guidelines so as to enable them to make a balanced
and informed decision.
7. A merchant banker shall endeavour to ensure that the
investors are provided with true and adequate information without making any
misleading or exaggerated claims or any misrepresentation and are made aware of
the attendant risks before taking any investment decision.
8. A merchant banker shall endeavour to ensure that
copies of the prospectus, offer document, letter of offer or any other related
literature is made available to the investors at the time of issue or the
offer.
9. A merchant banker shall not discriminate amongst its
clients, save and except on ethical and commercial considerations.
10. A merchant banker shall not make
any statement, either oral or written, which would misrepresent the services
that the merchant banker is capable of performing for any client or has
rendered to any client.
11. A merchant banker shall avoid
conflict of interest and make adequate disclosure of its interest.
12. A merchant banker shall put in
place a mechanism to resolve any conflict of interest situation that may arise
in the conduct of its business or where any conflict of interest arises, shall
take reasonable steps to resolve the same in an equitable manner.
13. A merchant banker shall make
appropriate disclosure to the client of its possible source or potential areas
of conflict of duties and interest while acting as merchant banker which would
impair its ability to render fair, objective and unbiased services.
14. A merchant banker shall always
endeavour to render the best possible advice to the clients having regard to
their needs.
15. A merchant banker 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 prior permission of its clients, except where such disclosures
are required to be made in compliance with any law for the time being in force.
16. A merchant banker shall ensure that
any change in registration status/any penal action taken by the Board or any
material change in the merchant banker’s financial status, which may adversely
affect the interests of clients/investors is promptly informed to the clients
and any business remaining outstanding is transferred to another registered
intermediary in accordance with any instructions of the affected clients.
17. A merchant banker shall not indulge
in any unfair competition, such as weaning away the clients on assurance of
higher premium or advantageous offer price or which is likely to harm the
interests of other merchant bankers or investors or is likely to place such
other merchant bankers in a disadvantageous position while competing for or
executing any assignment.
18. A merchant banker shall maintain
arms length relationship between its merchant banking activity and any other
activity.
19. A merchant banker 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.
20. A merchant banker shall not make
untrue statement or suppress any material fact in any documents, reports or
information furnished to the Board.
21. A merchant banker shall maintain an
appropriate level of knowledge and competence and abide by the provisions of
the Act, regulations made thereunder, circulars and guidelines, which may be
applicable and relevant to the activities carried on by it. The merchant banker
shall also comply with the award of the Ombudsman passed under the Securities
and Exchange Board of India (Ombudsman) Regulations, 2003.
22. A merchant banker shall ensure that
the Board is promptly informed about any action, legal proceedings, etc.,
initiated against it in respect of material breach or non-compliance by it, of
any law, rules, regulations, directions of the Board or of any other regulatory
body.
23. (a) A merchant banker or any
of its employees shall not render, directly or indirectly, any investment
advice about any security in any publicly accessible media, whether real-time
or non-real-time, unless a disclosure of his interest including a long or short
position, in the said security has been made, while rendering such advice.
(b) In the event of an
employee of the merchant banker rendering such advice, the merchant banker
shall ensure that such employee shall also disclose the interests, if any, of
himself, his dependent family members and the employer merchant banker,
including their long or short position in the said security, while rendering
such advice.
24. A merchant banker shall demarcate
the responsibilities of the various intermediaries appointed by it clearly so
as to avoid any conflict or confusion in their job description.
25. A merchant banker shall provide
adequate freedom and powers to its compliance officer for the effective discharge
of the compliance officer’s duties.
26. A merchant banker shall develop its
own internal code of conduct for governing its internal operations and laying
down its standards of appropriate conduct for its employees and officers in
carrying out their duties. Such a code may extend to the maintenance of
professional excellence and standards, integrity, confidentiality, objectivity,
avoidance or resolution of conflict of interests, disclosure of shareholdings
and interests, etc.
27. A merchant banker shall ensure that good corporate
policies and corporate governance are in place.
28. A merchant banker shall ensure that any person it employs
or appoints to conduct business is fit and proper and otherwise qualified to
act in the capacity so employed or appointed (including having relevant
professional training or experience).
29. A merchant banker shall ensure that it has adequate
resources to supervise diligently and does supervise diligently persons
employed or appointed by it in the conduct of its business, in respect of
dealings in securities market.
30. A merchant banker shall be responsible for the Acts or
omissions of its employees and agents in respect of the conduct of its
business.
31. A merchant banker shall ensure that the senior management,
particularly decision makers have access to all relevant information about the
business on a timely basis.
32. A merchant banker
shall not be a party to or instrument 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 in the securities market.]
[57] [SECURITIES AND EXCHANGE BOARD OF
SCHEDULE IV
[Regulation 28(2)]
FORMAT FOR HALF YEARLY REPORT TO BE
SUBMITTED BY MERCHANT BANKERS
(For the period ending
September / March, 20X1)
(1)
Name/Category of registration.
(2)
SEBI Registration No.
(3)
Name of the Compliance Officer.
(4)
Addition / deletion / change in address etc. of branch offices from last
submitted report.
(5)
Change, if any, in constitution of the organisation (private limited, public
limited, partnership, merges, acquisition etc.)
(6)
Change, if any, in directorship details since the last report.
|
Name |
Induction/ retirement/ resignation |
Reasons
|
Effective Qualification Date |
Brief Experience (in case of
induction) |
Share
in the company |
|
|
|
|
|
|
|
(7)
Change in the key management personnel since last report (since grant of
registration in case of first report)
|
Name |
Date of App./ Resignation/ Termination |
Qualification |
Experience |
|
|
|
|
|
|
|
|
|
|
(8)
Change including addition to/in associate concerns
|
Name of Co./ firm |
Nature of change |
Activities Handled |
Nature of interest with Merchant
Banker |
|
|
|
|
|
|
|
|
|
|
(9)
New activities undertaken/discontinuation of any existing activities
Activity
When commenced/ Object
of the new activities/
discontinued
reasons for discontinuation.
(10) Details of all
pending litigations involving the merchant banker.
(11)
Issue management activities (Attach separate sheet if required):
Name of
issuer Type
of
issue
Instrument
Companies
(public/rights/
composite)
Offer
Amount
Issue Price/
Issue opening
(Rs. In
Lakhs)
Conversion
Price
date
Issue
Closing
No. of
times
Functional
date
oversubscribed
Responsibility
Stock Exchanges
Reasons for
delay
First date of
where instruments
in
listing
trading in
were to be
listed
respective SEs
Opening
trading Current
market
Remarks
price at
respective price
SEs
(12)
Penalty/warnings given by SEBI, if any.
(13)
Underwriting activities
(a)
Total number of issues underwritten during the period.
(b)
Total amount underwritten during the period (Rs. In lakhs).
(c)
Outstanding underwriting commitment at the close of the period (Rs. in lakhs).
(d)
Details of disputed/devolved cases
|
Sr. No. |
Name of the issuer |
Instru-ment |
Amount under-written (Rs. in
lakhs) |
Amount devolved (Rs. in
lakhs) |
Devolve-ment met yes/no |
If not met, the reasons thereof
& how dispute was settled |
Penalty/ warning if any issued by
SEBI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)
Redressal of Investor Grievances
(a)
System of redressal of investor grievances (a brief write up).
(i) Number of investor
grievances received during the period.
(ii) Nature of grievances.
(iii) Number of grievances resolved.
(iv) Number of grievances pending.
(v) The date of oldest
grievance.
(15)
Financial information
Capital
Structure
Year ended
Previous
(Rs in lakhs) Year
ended
(Rs. In lakhs)
(i)
Paid-up capital
(ii)
Free reserves
(iii)
Secured loan
(iv)
Unsecured loan
(v)
Others
TOTAL
(i)
Fixed Assets (net block)
(ii)
Quoted investment at cost/
market
price whichever is lower
(iii)
Unquoted investment
(iv)
Current assets
(v)
Misc. exp. not written off
(vi)
Others
TOTAL
(Please enclose the copy of
latest audited financial results along with schedules)
(16) Changes, if any in
major share holding (more than 5%)
Name
of the
Investment/
Percentage of total
shareholder
disinvestment
paid-up capital
(17)
Name of the major shareholders holding more than 5%.
(18)
Any capital issue (rights or public) during the period. If yes, details thereof
inclusive of status of complaints from investors and their redressal.
(19)
Indictment or involvement in any economic offence by the merchant banker or
their directors or principle officer, if any, during the period.
PLACE:
DATE: AUTHORISED
SIGNATORY”]
[1] Following clause (a)
of regulation 2 was deleted by the Securities and Exchange Board of India
(Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty)
Regulations, 2002 w.e.f, 27.09.2002 (a) "enquiry officer" means any
officer of the Board, or any other person, having experience in dealing with
the problems relating to the securities market, who is authorised by the Board
under Chapter V;
[2] Inserted
by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulation,
2006, w.e.f.,
[3] Inserted by the Securities and Exchange Board
of India (Merchant Bankers) (Third Amendment) Regulation, 2006., w.e.f.,
[4] Omitted
by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulation,
2006., w.e.f.,
[5]The words
[and the rules] omitted by the Securities and Exchange Board of India (Merchant
Bankers) (Third Amendment) Regulation, 2006., w.e.f.,
[6] The
words [or the rules as the case may be] omitted by the Securities and Exchange Board of
India (Merchant Bankers) (Third Amendment)
Regulation, 2006., w.e.f.,
[7] Inserted by Securities
and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations,
2006 w.e.f.
[8] Sub-regulation 2A to regulation 3 was inserted by SEBI (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f., 09.12.1997.
[9] Omitted by the Securities
and Exchange Board of
[10] Clause (a) to regulation 6 was inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f., 09.12.1997.
[11] Proviso to clause (a) to regulation 6 was inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1999 w.e.f., 17.11.1999.
[12] Clause (a) to regulation 6 was renumbered as (aa) by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f., 09.12.1997.
[13] Clause (gg) to regulation 6 was inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f., 09.12.1997
[14] Inserted by the Securities
and Exchange Board of India (Criteria for fit and Proper Person Regulations,
2004) w.e.f.
[15] Substituted by the Securities
and Exchange Board of
“Capital
Adequacy Requirement
7. (1) The capital adequacy requirement referred to in
sub- regulation (d) of regulation 6 shall not be less than the net worth of the
person making the application for grant of registration.
(2) For the purposes of sub- regulation (1), the
networth shall be as follows, namely: -
Category Minimum Amount
Category I *[Rs. 5, 00, 00, 000]
Category II Rs. 50, 00, 000
Category III Rs. 20, 00, 000
Category IV Nil
Explanation: For the purposes of this regulation
"networth" means in the case of an applicant which is a partnership
firm or a body corporate, the value of the capital contributed to the business
of such firm or the paid up capital of such body corporate plus free reserves
as the case may be at the time of making application under sub-regulation (1)
of regulation 3.” *The figure "1, 00, 00, 000" in sub-regulation (2)
of regulation 7 was Substituted by SEBI (Merchant Bankers) (Amendment)
Regulations, 1995 w.e.f, 7.09.1995
[16] The following part of sub-regulation (1) of regulation 8 was omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997, “and send an intimation to the applicant mentioning the category for which the Board has granted certificate"
[17] Omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f., 09.12.1997.
[18] The following part of sub-regulation (4) of regulation 8 was omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997 "for the category for which the registration is granted"
[19] Following proviso to sub-regulation (4) of regulation 8 was omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997 "Provided that the amount of fees payable shall be proportionately reduced by the amount of fees already paid by the merchant banker for the year in which the registration is granted in the higher category."
[20] Inserted by Securities and Exchange Board of
India (Merchant Bankers) (Third Amendment) Regulations, 2006 w.e.f.
[21] Inserted by the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2009, w.e.f.,
[22] Proviso
to sub-regulation (2) of regulation 9 was inserted by Securities and Exchange
Board of India (Merchant Bankers) (Amendment) Regulations, 1998 w.e.f,
[23] Following part of sub-regulation (3) of regulation 9 was omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997 "mentioning the category for which the Board has granted certificate"
[24] The sub-regulation
(4) and sub-regulation (5) of regulation 9 was omitted by the Securities and
Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f,
09.12.1997 "
[25] Following part of sub-regulation (6) of regulation 9 was omitted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997 "for the category for which the registration is granted"
[26] Following proviso to sub-regulation (6) of regulation 9 was omitted by Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997 "Provided that the amount of fees payable shall be proportionately reduced by the amount of fees already paid by the merchant banker for the year in which the registration is granted in the higher category."
[27] Inserted by the Securities
and Exchange Board of
[28] Regulation 13A was inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997.
[29] Substituted for the words "Financial Institution" by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 15.12.1997.
[30] Words “after
[31] Proviso to regulation 13A was inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1999 w.e.f, 17.11.1999.
[32] Omitted by the Securities
and Exchange Board of
[33] Omitted vide
Securities and Exchange Board of India (Merchant Bankers) (Amendment)
Regulations, 2006. w.e.f.
19. The number of lead merchant bankers may not, exceed in case of any issue of Size of issue No. of Merchant Bankers
(a) Less than rupees fifty crores Two
(b) Rupees fifty crores but lessthan rupees one hundred crores Three
(c) Rupees one hundred crores but less than rupees two hundred crores Four
(d) Rupees two hundred crores but less than rupees four hundred crores Five
(e) Above Rupees four hundred crores five or more as may be agreed by the
board”
[34] Omitted
by the Securities and Exchange Board of
[35]
Inserted by the Securities and Exchange Board of
[36] Omitted
by the Securities and Exchange Board of
[37] Omitted
by the Securities and Exchange Board of
[38] Omitted
by the Securities and Exchange Board of
[39] Omitted
by the Securities and Exchange Board of
[40]
Inserted by the Securities and Exchange Board of
[41]
Inserted by the Securities and Exchange Board of
[42]
Inserted by the Securities and Exchange Board of India (Investment Advice by Intermediaries)
(Amendment) Regulations, 2001, w.e.f.,
[43] Following regulation 33 was substituted by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 w.e.f., 27.09.2002 “Communication of findings etc. to the merchant banker” 33. (1) The Board shall after consideration of the inspection report communicate the findings to the merchant banker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. (2) On receipt of the explanation if any, from the merchant banker, the Board may call upon the merchant banker to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations.
[44] Substituted for “the
Securities and Exchange Board of India (Procedure for Holding Enquiry by
Enquiry Officer and Imposing Penalty) Regulations, 2002 by the Securities and
Exchange Board of India (Intermediaries) Regulations, 2008, w.e.f,
[45] Substituted by the
Securities and Exchange Board of India (Intermediaries) Regulations, 2008 w.e.f,
[46] The
regulations 36 to 43 were omitted by the Securities and Exchange Board of India
(Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty)
Regulations, 2002 w.e.f., 27.09.2002
[47] Words
“Applied for :II/III/IV”omitted by the Securities and Exchange Board of India
(Merchant Bankers) Regulations, 1997 w.e.f ,
[48] Figures
“II/III/IV”omitted by the Securities and Exchange Board of India (Merchant
Bankers) Regulations, 1997 w.e.f ,
[49] Words
“3.Underwriting of Issue” and “4. Portfolio Management Service” omitted by the
Securities and Exchange Board of India (Merchant Bankers) Regulations, 1997
w.e.f ,
[50] Omitted
by the Securities and Exchange Board of
[51]
Substituted for paragraphs 1, 2, 3 and 4 by the Securities and Exchange Board
of India (Merchant Bankers) (Amendment)
Regulations, 1996 w.e.f, 30.09.1999.
[52] Substituted
for the words “Rupees five lacs” by the Securities and Exchange Board of India
(Merchant Bankers) (Third Amendment) Regulations, 2006. w.e.f.
[53]
Substituted for the words “Rs. 2.5 lacs” by the Securities and Exchange Board
of India (Merchant Bankers) (Third Amendment) Regulations, 2006. w.e.f.
[54]
Inserted by the Securities and Exchange Board of
[55]
Substituted for the words “Paragraphs1 and 2” by the Securities and Exchange
Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006. w.e.f.
[56] Substituted by the Securities
and Exchange Board of India (Merchant Banker) (Amendment) Regulations, 2003 w.e.f,
01.10.2003
[57]
Substituted by the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009, w.e.f.,