Securities And Exchange Board Of India (Central Database Of Market Participants) (Amendment) Regulations, 2004. - S.O. No.854(E) - SEBI/LAD/DOP/5600/2004 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21st day of July, 2004 S.O. No. 854(E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003, namely :- 1. These Regulations may be called the Securities and Exchange Board of India (Central Database of Market Participants) (Amendment) Regulations, 2004. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003: (i) in regulation 2, in sub-regulation (1): (I) in clause (n), in sub-clause (A): (a) item (i) shall be omitted; (b) in item (ii) the words or by the persons mentioned in sub-clause (i) and the words or any of the persons mentioned in sub-clause (i) shall be omitted; (c) for item (iv), the following shall be substituted, namely: (iv) any firm in which his holding is more than 50%. (II) in clause (v) for the words, figures and brackets sub-regulation (1) of regulation 6 , the following words, figures and brackets shall be substituted, namely sub-regulations (1), (2) or (3) of regulation 6 . (ii) in regulation 4, in sub-regulation (1), in clause (b): (a) sub-clause (v) shall be substituted with the following, namely: (v) in case of a stock broker, any approved user of the terminals allotted to him by the stock exchange, including terminals installed through Computer to Computer Link (CTCL) connectivity or any other means of connectivity approved by the stock exchange, which facilitates access to trading system of the exchange, except his sub-broker; (b) after sub-clause (vi), the following sub-clause shall be inserted, namely: (vi-a) the directors and personnel engaged in the operational activities of asset management companies; and (c) in sub-clause (vii), the word and shall be omitted; (d) sub-clause (viii) shall be omitted; and, (e) before the proviso, the following explanation shall be inserted, namely: Explanation : For the purposes of sub-clauses (i) and (vi-a), the words personnel engaged in the operational activities shall mean the employees comprising the top three tiers of management excluding the Board of Directors engaged in the operational activities of the specified intermediary and such other employees as may be identified by the intermediary. (iii) after regulation 5, the following regulation shall be inserted, namely: Power of the Board to extend time in respect of related persons 5A. (1) Where the Board is satisfied that it is necessary, in order to prevent genuine hardship, that the time for obtaining unique identification numbers has to be extended beyond the date notified under regulations 4 or 5, as the case may be, in respect of any class of related persons of specified intermediaries or specified listed companies, it may by notification in the Official Gazette, specify a date within which such class of related persons ought to obtain unique identification numbers. (2) Where any person belonging to such class of related persons does not obtain unique identification number within the date notified under sub-regulation (1), the prohibitions contained in sub-regulation (1) of regulation 4 or regulation 5, as the case may be, shall apply to the concerned specified intermediary or specified listed company. (iv) in regulation 7, for the words, brackets and figures sub-regulation (1) of regulation 12 , the following words, brackets and figures shall be substituted, namely sub-regulation (1) or sub-regulation (2), as the case may be, of regulation 12 ; (v) in regulation 8, a. in sub-regulation (1), for the words, brackets and figures sub-regulation (2) of regulation 12 , the following words, brackets and figures shall be substituted, namely sub-regulation (1) or sub-regulation (2), as the case may be, of regulation 12 ; b. in sub-regulation (2), for the words, brackets and figures clause (b) of regulation 4 , the following words, brackets and figures shall be substituted, namely clause (b) of regulation 5 ; (vi) in regulation 9, for the words, brackets and figures sub-regulation (3) of regulation 12 , the following words, brackets and figures shall be substituted, namely sub-regulation (1) or sub-regulation (2), as the case may be, of regulation 12 ; (vii) after regulation 16, the following regulation shall be inserted, namely: Power of the Board to issue clarifications 16A. In order to remove any difficulties in the application or interpretation of these regulations, the Board may issue clarifications and guidelines in the form of circulars or notes. (viii) in regulation 21, for the word and figure regulation 15 the following word and figure shall be substituted, namely regulation 17 ; (ix) in regulation 22, for the word and figure regulation 16 the following word and figure shall be substituted, namely regulation 18 ; [F.No. SEBI/LAD/DOP/5600/2004] G.N. BAJPAI, Chairman Footnotes: (1) The Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003, the Principal Regulations were published in the Gazette of India on November 20, 2003 vide SEBI/LE/26/2003.