Regulation 9 - Conditions of certificate - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

Conditions of certificate. 9. (1) Any certificate granted by the Board to an intermediary shall be subject to the following conditions, namely:- (a) where the intermediary proposes to change its status or constitution, it shall obtain prior approval of the Board for continuing to act as an intermediary after such change in status or constitution; (b) it shall pay the applicable fees in accordance with the relevant regulations; (c) it shall abide by the provisions of the securities laws and the directions, guidelines and circulars as may be issued thereunder; (d) it shall continuously comply with the requirements of regulation 4; (e) it shall meet the eligibility criteria and other requirements specified in these regulations and the relevant regulations: Provided that the Board may impose other conditions as it may deem fit in the interest of investors or orderly development of the securities market or for regulation of the working of the intermediary and the intermediary shall comply with such conditions. (2) A request for prior approval, under clause (a) of sub regulation (1) which is complete in all respects shall be disposed off by the Board within a period of sixty days from the date of receipt of such request and where the decision of the Board has not been communicated to the intermediary within the said period of sixty days, the prior approval shall be deemed to have been granted. (3) The request for prior approval under clause (a) of sub regulation (1) shall contain the information in Form A in respect of the intermediary after the proposed change in status or constitution and the information under Part I of Form A shall be uploaded in the website specified by the Board.