Regulation 7 - Procedure and grant of certificate. - Securities And Exchange Board of India (Foreign Institutional Investors) Regulations, 1995

Procedure and grant of certificate. 7. Where an application is made for grant of certificate under these regulations, the Board shall, as soon as possible but not later than three months after information called for by it is furnished, if satisfied that the application is complete in all respects, all particulars sought have been furnished and the applicant is found to be eligible for the grant of certificate, grant a certificate in form B, subject to payment of fees in accordance with the Second Schedule. 1 [ Provided that the Board may exempt from the payment of fees, an applicant such as the World Bank and other institutions established outside India for providing aid, and which have been granted privileges and immunities from the payment of tax and duties by the Central Government. Provided further that the Board shall refund the fees already collected from the institutions which are exempted from the payment of fees by the proviso mentioned above. ] 2 [***]Proviso Omitted by SEBI (Foreign Institutional Investor) (Amendment) Regulations, 2007 w.e.f. 8.1.2007. --------------------- Notes: 1. Inserted by SEBI (Foreign Institutional Investors) (Amendment) Regulations, 1996 w.e.f. 9.10.1996. 2. Prior to its omission it was inserted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 2000 w.e.f. 29.02.2000, read as under: Provided further that a domestic portfolio manager or domestic asset management company shall not be liable to pay fee.