Schedule - IV - Amendments to other regulations - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

SCHEDULE IV SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) REGULATIONS, 2008 [See regulation 37] Amendments to other regulations 1. Amendment of Securities and Exchange Board of India, (Bankers to an Issue) Regulations, 1994. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the banker to an issue 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 22, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) For regulation 23, the following regulation shall be substituted, namely:- Liability for action in case of default 23. A banker to issue 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 India (Intermediaries) Regulations, 2008. 2. Amendment of Securities and Exchange Board of India, (Collective Investment Schemes) Regulations, 1999 (i) For regulation 9A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 9A. For the purpose of determining whether an applicant or the collective investment management company 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 56, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 59, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 3. Amendment of Securities and Exchange Board of India, (Credit Rating Agencies) Regulations, 1999. (i) For regulation 5A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 5A. For the purpose of determining whether an applicant or the credit rating agency 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 33, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) For regulation 34, the following regulation shall be substituted, namely:- Liability for action in case of default 34. A credit rating agency which 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 India (Intermediaries) Regulations, 2008. 4. Amendment of Securities and Exchange Board of India, (Custodian of Securities) Regulations, 1996. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the custodian of securities 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 25, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 26, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 5. Amendment of Securities and Exchange Board of India, (Debenture Trustees) Regulations, 1993. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the debenture trustee 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 23, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 25, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 6. Amendment of Securities and Exchange Board of India, (Depositories and Participants) Regulations, 1996. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the depository and participant 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 63, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 64, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 7. Amendment of Securities and Exchange Board of India, (Foreign Institutional Investors) Regulations, 1995. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the foreign institutional investor 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 India (Intermediaries) Regulations, 2008. (ii) For regulation 21, the following regulation shall be substituted, namely:- Liability for action in case of default 21. A foreign institutional investor 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 India (Intermediaries) Regulations, 2008. 8. Amendment of Securities and Exchange Board of India, (Foreign Venture Capital Investors) Regulations, 2000. (i) For regulation 4A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 4A. For the purpose of determining whether an applicant or the foreign venture capital investor 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 23, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 9. Amendment of Securities and Exchange Board of India, (Merchant Bankers) Regulations, 1992. (i) For regulation 6A, the following regulation shall be substituted, namely: - 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 33, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) For regulation 35, the following regulation shall be substituted, namely:- 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 India (Intermediaries) Regulations, 2008. 10. Amendment of Securities and Exchange Board of India, (Mutual Funds) Regulations, 1996. (i) For regulation 7A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 7A. For the purpose of determining whether an applicant or the mutual fund 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 65, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 68, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 11. Amendment of Securities and Exchange Board of India, (Portfolio Managers) Regulations, 1993. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the portfolio manager 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 28, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) For regulation 30, the following regulations shall be substituted, namely:- Liability for action in case of default 30. A portfolio manager 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 India (Intermediaries) Regulations, 2008. 12. Amendment of Securities and Exchange Board of India, (Registrars to an Issue and Share Transfer Agents) Regulations, 1993. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the registrar to an issue and share transfer agent 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 20, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In regulation 22, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 13. Amendment of Securities and Exchange Board of India, (Stock Brokers and Sub-Brokers) Regulations, 1992. (i) For regulation 5A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 5A. For the purpose of determining whether an applicant or the stock broker, sub-broker, trading member and clearing member 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 23, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) In sub-regulation (ii) of regulation 25, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iv) In regulation 27, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. 14. Amendment of Securities and Exchange Board of India, (Underwriters) Regulations, 1993. (i) For regulation 6A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 6A. For the purpose of determining whether an applicant or the underwriter 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 23, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted. (iii) For regulation 25, the following regulation shall be substituted, namely:- Liability for action in case of default 25. An underwriter 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 India (Intermediaries) Regulations, 2008. 15. Amendment of Securities and Exchange Board of India, (Venture Capital Funds) Regulations, 1996. (i) For regulation 4A, the following regulation shall be substituted, namely: - Criteria for fit and proper person 4A. For the purpose of determining whether an applicant or the venture capital fund 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 India (Intermediaries) Regulations, 2008. (ii) In regulation 30, for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 the words Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 shall be substituted.