Regulation 3 - Application for grant of certificate of registration - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

CHAPTER II REGISTRATION OF MERCHANT BANKERS Application for grant of certificate 1 [of 2 [***] registration]. 3. (1) An application by a person for grant of a certificate 3 [of 4 [***] registration] shall be made to the Board in Form A. 5 [(1A) An application for registration made under sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II.] (2) The application under sub-regulation (1) shall be made for any one of the following categories of the merchant banker namely:- (a) Category I, that is- (i) to carry on any activity of the issue management, which will, inter alia, consist of preparation of prospectus and other information relating to the issue, determining financial structure, tie up of financiers and final allotment and refund of the subscriptions; and (ii) to act as adviser, consultant, manager, underwriter, portfolio manager; (b) Category II, that is to act as adviser, consultant, co-manager, underwriter, portfolio manager; (c) Category III, that is to act as underwriter, adviser, consultant to an issue; (d) Category IV, that is to act only as adviser or consultant to an issue. 6 [(2A) Notwithstanding anything contained in this regulation, with effect from 9th December, 1997: (i) an application under sub-regulation (2) can be made only for carrying on the activities mentioned in clause (a) therein, and (ii) 7 [***] (iii) an applicant can carry on the activity as portfolio manager only if he obtains separate certificate of registration under the provisions of the Securities and Exchange Board of India (Portfolio Manager) Regulations, 1993.] (3) Notwithstanding anything contained in sub-regulation (1) any application made by a merchant banker prior to coming into force of these regulations containing such particulars or as near thereto as mentioned in Form A shall be treated as an application made in pursuance of sub-regulation (1) and dealt with accordingly. ************** NOTES:- 1 Inserted by the Securities and Exchange Board of India (Merchant Bankers) (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 Inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011. 4 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. 5 Inserted by Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006 w.e.f. 7-9-2006 6 Sub-regulation 2A to regulation 3 was inserted by SEBI (Merchant Bankers) (Amendment) Regulations, 1997 w.e.f, 09.12.1997. 7 Omitted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006 w.e.f. 7-9-2006