Regulation 15 - General responsibilities of an underwriter. - Securities and Exchange Board of India (Underwriters) Regulations, 1993

General responsibilities of an underwriter. 15. (1) The underwriter shall not derive any direct or indirect benefit from underwriting the issue other than the commission or brokerage payable under an agreement for underwriting. (2) The total underwriting obligations under all the agreements referred to in clause (b) of rule 4 shall not exceed twenty times the net worth referred to in regulation 7. (3) Every underwriter, in the event of being called upon to subscribe for securities of a body corporate pursuant to an agreement referred to in 1 [clause (b) of subregulation (1) of regulation 9A] shall subscribe to such securities within 45 days of the receipt of such intimation from such body corporate. ****** 1 Substituted for the words, brackets and figures clause (b) of rule 4 by the SEBI (Underwriters) (Amendment) Regulations, 2006, w.e.f., 7-09-2006.