Regulation 9A - Conditions of registration - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

1 [Conditions of registration. 9A. (1) 2 [Registration granted under regulation 8] shall be subject to the following conditions, namely:- (a) where the merchant banker proposes 3 [change in control], it shall obtain prior approval of the Board for continuing to act as such after the change; (b) 4 [it shall pay the fees for registration, in the manner provided in these regulations;] (c) it shall take adequate steps for redressal of grievances of the investors within 8 [ twenty-one calendar days ] of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received; (d) it shall maintain capital adequacy requirements specified in regulation 7 at all times during the period of the 5 [***]; (e) it shall abide by the regulations made under the Act in respect of the activities carried on by it as merchant banker. 6 [(f) it shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration.] 7 [ (g) where the merchant banker is acting as an underwriter, it shall enter into a valid agreement with the body corporate on whose behalf it is acting as an underwriter and shall abide by the regulations made under the Act in respect of the activities carried on by it as underwriter. ] (2) Nothing contained in clause (a) of sub-regulation (1) shall affect the obligation to obtain a fresh registration under section 12 of the Act in cases where it is applicable. ************ NOTES:- 1 Inserted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006. w.e.f. 7-9-2006. 2 Substituted for the words ―Any 2 [initial registration] granted under regulation 8 or any 31[permanent registration granted under regulation 8A 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 the above, the words ―initial registration was substituted for registration and the words ―permanent registration granted under regulation 8A was substituted for the words renewal granted under regulation 9 by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 5-7-2011. 3 Substituted for to change its status or constitution by the (Change in conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011. w.e.f. 19-04-2011. 4 Substituted 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 substitution clause (b) read as under ― (b) it shall pay the fees for 33[initial registration or permanent registration], as the case may be, in the manner provided in these regulations; Prior to the above, the words initial registration or permanent registration were substituted for the words registration or renewal by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 5-7-2011. 5 The words initial registration or permanent 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. Prior to omission, the words initial registration or permanent were substituted for the words certificate or renewal thereof by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011. 6 Inserted 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. 7. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/13 dated 30-03-2021 8. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/146 dated 16-08-2023 before it was read as, one month