Regulation 11 - Omitted - Securities and Exchange Board of India (Underwriters) Regulations, 1993

11. 1 [***] ******* 1 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, regulation 11 as substituted by the SEBI (Underwriters) (Amendment) Regulations, 2011, w.e.f. 5-7-2011 read as under: Effect of refusal to grant certificate of permanent registration. 11. The underwriter whose application for grant of certificate of permanent registration has been refused by the Board, on and from the date of receipt of the communication, shall not carry on any activity as an underwriter: Provided that the Board may, in the interest of the investors of the securities market, permit to carry on activities undertaken prior to the receipt of the intimation of refusal subject to such condition as the Board may specify. Earlier regulation 11 as amended by the SEBI (Underwriters) (Amendment) Regulations, 1997, w.e.f. 17- 01-1997, read as under: Effect of refusal to grant or renew certificate. 11. Any underwriter whose application for grant or renewal of a certificate has been refused by the Board shall on and from the date of the receipt of the communication under sub-regulation (2) of regulation 10 cease to act as an underwriter: Provided that if the Board is satisfied that it is in the interest of the investors, it may permit the underwriter to undertake the underwriting commitments already entered into by him during the validity period of the certificate.