Regulation 3 - Application for grant of certificate of registration - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

CHAPTER II REGISTRATION OF CREDIT RATING AGENCIES Application for grant of certificate 1 [of 2 [***] registration] 3. (1) Any person proposing to commence any activity as a credit rating agency on or after the date of commencement of these regulations shall make an application to the Board for the grant of a certificate of 3 [***] registration for the purpose. (2) 4 [***] (3) An application for the grant of a certificate under sub-regulation (1) 5 [***] 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 Form A of the second Schedule, to be paid in the manner specified in Part B thereof. (4) 6 [***] *************** NOTES:- 1 Inserted by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2011 w.e.f. 05.07.2011 2 The word initial was omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. 3 The word initial was omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. Prior to this the word initial was inserted by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2011 w.e.f. 05.07.2011. 4 Omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. Prior to omission sub-regulation (2) read as under : (2) Any person, who was immediately before the said date carrying on any activity as a credit rating agency, shall make an application to the Board for the grant of a certificate within a period of three months from such date: Provided that the Board may, where it is of the opinion that it is necessary to do so, for reasons to be recorded in writing, extend the said period upto a maximum of six months form such date. 5 The words or sub-regulation (2) were omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. 6 Omitted by the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016 w.e.f. 08-12-2016. Prior to omission sub-regulation (4) read as under : (4) Any person referred to in sub-regulation (2) who fails to make an application for the grant of a certificate within the period specified in that sub-regulation shall cease to carry on rating activity.