Regulation 31 - Surrender of any certificate of registration - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

Surrender of any certificate of registration. 31. (1) Any person, who has been granted a certificate of registration under the Act or the regulations made thereunder, desirous of giving up its activity and surrender the certificate, may make a request for such surrender to the Board and while disposing such request, the Board shall not be bound by the procedure specified in the foregoing provisions of this Chapter. (2) While disposing a request under this regulation, the Board may require the concerned person to satisfy the Board the factors as it deems fit, including but not limited to the following - (a) the arrangements made by the person for maintenance and preservation of records and other documents required to be maintained under the relevant regulations; (b) redressal of investor grievances; (c) transfer of records, funds or securities of its clients; (d) the arrangements made by it for ensuring continuity of service to the clients; (e) defaults or pending action, if any. (3) While accepting surrender, the Board may impose such conditions upon the person as it deems fit for protection of the investors or its clients or the securities market and such person shall comply with such conditions.