Regulation 3 - Recognition of Self Regulatory Organization - Securities and Exchange Board of India (Self Regulatory Organisations) Regulations, 2004

CHAPTER II RECOGNITION OF SELF REGULATORY ORGANIZATION Recognition of Self Regulatory Organization. 3. (1) Any group or association of intermediaries, which is desirous of being recognized as a Self Regulatory Organization, may form a company registered under section 25 of the Companies Act, 1956 and such company may make an application to the Board for grant of certificate of recognition as a Self Regulatory Organization: 1 [Provided that for the purpose of this sub-regulation a distributor shall be deemed to be an intermediary]: 2 [Provided further that the Board may, in case of distributors engaged by asset management companies of mutual funds, grant certificate of recognition to only one group or association making an application under this regulation.] (2) Every application made by such company under sub-regulation (1) shall contain such particulars as may be specified and shall be accompanied by a copy of the governing norms of Self Regulatory Organization and also a copy of the memorandum and articles of association relating in general to the constitution of the Self Regulatory Organization and in particular, to - (a) Board of Directors of Self Regulatory Organization, its constitution and powers of management and the manner in which its business would be transacted; (b) the powers and duties of the office bearers of Self Regulatory Organization; (c) the admission into the Self Regulatory Organization of members, agents, their qualifications for membership, and the exclusion, suspension, expulsion and readmission of members therefrom or thereinto; (3) Every application under sub-regulation (1) shall be signed on behalf of the applicant under authority of its Board of Directors by its Chairman, Managing Director, Chief Executive Officer or whole time director. (4) Every application under sub-regulation (1) shall be made to the Board in Form A of the first schedule and shall be accompanied by a non-refundable application fee, as specified in Part A of the second schedule, to be paid in the manner specified in Part B thereof. ************ NOTES:- 1 Inserted by the SEBI (Self Regulatory Organizations) (Amendment) Regulations, 2013 w.e.f. 07.01.2013 2 Inserted by the SEBI (Self Regulatory Organizations) (Second Amendment) Regulations, 2013 w.e.f. 18.11.2013