Regulation 2 - Definitions - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

Definitions. 2. (1) In these regulations, unless the context otherwise requires: - (a) Act means the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) associate means any person controlled, directly or indirectly, by the intermediary, or any person who controls, directly or indirectly, the intermediary, or any entity or person under common control with such intermediary, and where such intermediary is a natural person will include any relative of such intermediary and where such intermediary is a body corporate will include its group companies (as defined in the Monopolies and Restrictive Trade Practices Act, 1969 (Act No. 54 of 1969) or any re-enactment thereof) or companies under the same management; (c) certificate means a certificate of registration granted to an intermediary by the Board under the relevant regulations; (d) change of status or constitution , in relation to an intermediary includes- (i) 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 or any agreement or arrangement which would have the effect of such corporate restructuring; (ii) any change in control of the intermediary; (iii) any change in the legal status of the intermediary; (e) control , in relation to an intermediary shall include the power to, directly or indirectly, control the management or policy decisions of such intermediary by person or persons acting individually or in concert; (f) Form means a Form in Schedule I; (g) intermediary means a person mentioned in clauses (b) and (ba) of sub-section (2) of section 11 and sub-section (1) and (1A) of section 12 of the Act and includes an asset management company in relation to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, a clearing member of a clearing corporation or clearing house 1 [, foreign portfolio investors] and a trading member of a derivative segment 2 [or currency derivatives segment] of a stock exchange but does not include 3 [***] foreign venture capital investor, mutual fund, collective investment scheme and venture capital fund; (h) inspecting authority means one or more persons appointed by the Board to undertake inspection of the books, accounts, records and documents of an intermediary in terms of sub-regulation (1) of regulation 17; (i) principal officer means any person who is responsible for the activities of an intermediary and includes- (i) proprietor, in the case of a proprietary concern; (ii) any partner, in the case of a partnership firm; (iii) whole time/executive director/managing director, in the case of a body corporate; (iv) trustee, in the case of a trust; (v) any key employee; and (vi)any person designated as a principal officer under the relevant regulations; (j) relevant regulations means any regulations made by the Board applicable to a class of intermediaries; (k) securities laws means the Act, the Securities Contract (Regulations) Act 1956 (42 of 1956), the Depositories Act,1996 (22 of 1996), and the rules and regulations made thereunder; (l) schedule means a schedule annexed to these regulations; (m) self regulatory organization means an organization of a class of intermediaries duly recognised by or registered with the Board and includes a stock exchange 4 [;] 5 [(n) wilful defaulter means any person who is categorized as a wilful defaulter by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India and includes any person whose director, promoter or principal officer is categorized as such.] (2) Words and expressions used and not defined in these regulations shall have the meaning assigned thereto under the Act; or the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Companies Act, 1956 (1 of 1956) or the Depositories Act, 1996 (22 of 1996) or under the rules or regulations made thereunder. ************* NOTES:- 1 Inserted by SEBI (Foreign Portfolio Investors) Regulations, 2014, w.e.f. 07-01-2014. 2 Inserted by the SEBI (Stock Brokers and Sub- Brokers) (Amendment) Regulations, 2008, w.e.f. 11.08.2008. 3 Words foreign institutional investor, omitted by the SEBI (Foreign Portfolio Investors) Regulations, 2014, w.e.f. 7-1-2014. 4 Substituted for the symbol . by the SEBI (Intermediaries) (Amendment) Regulations, 2016, w.e.f. 25.05.2016. 5 Inserted by the SEBI (Intermediaries) (Amendment) Regulations, 2016, w.e.f. 25.05.2016.