Securities And Exchange Board Of India (Underwriters) Amendment Regulations, 1997. - S.O. No.46(E) - SEBI/LE-VII/1/97 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th January, 1997 S.O. 46(E).- In exercise of powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) the Securities and Exchange Board of India hereby makes the following regulations further to amend the Securities and Exchange Board of India (Underwriters) Regulations, 1993. 1. (i) These regulations may be called the Securities and Exchange Board of India (Underwriters) Amendment Regulations, 1997. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. Sub-regulation (2) of the Regulation 4 be substituted by the following :- If the Board, on receipt of further information, is of the opinion that the information so furnished is not sufficient to decide on the application and seeking further information through correspondence is likely to delay the, matter, it may require the applicant or its principal officer to appear before the Board in order to give an opportunity to the applicant to give further clarifications on the application made under Regulation 3 . 3. Regulation 5 shall be amended as follows : (a) In the proviso to Regulation 5, for the the time specified substitude one month . (b) After the first proviso under Regulation 5, a second proviso shall be added as follows :- Provided further that the Board may, on sufficient reasons being shown extend the time by another one month in order to enable the applicant to comply with the requirements of the Board . 4. After clause (c) of Regulation 6 an Explanation shall be appended as under :- Explanation :- For the purposes of this clause the Board shall take into account whether a previous application for a certificate of any person directly or indirectly connected with the applicant has been rejected by the Board or any disciplinary action has been taken against such person under the Act or any of the Rules or any of the Regulations made under the Act . 5. In Regulation 8 after the words send an intimation and before the words to the applicant the words within one month of such satisfaction be inserted. 6. Sub-regulation (2) of Regulation 10 be substituted by the following :- The decision shall be communicated by the Board within thirty days of such decision stating therein the grounds on which the application has been rejected . 7. In Regulation 11 a proviso be added as follows :- Provided that if the Board is satisfied that it is in the interest of the investors, it may permit the underwriter to undertake the underwriting commitments already entered into by him during the validity period of the certificate. 8. (a) The first proviso of sub-regulation (1) of Regulation 12, be deleted. (b) In the second proviso to sub-regulation (1) of Regulation 12 the word further appearing after the word Provided be deleted. 9. (a) In clause (a) of sub-regulation (2) of Regulation 25 after the word registration and before the words after enquiry , the words under the grounds specified in sub-regulation (1) of Regulation 26 be added, (b) In clause (b) of sub-regulation (2) of Regulation 25, after the word registration the words under the grounds, specified in sub-regulation (2) of Regulation 26 be added. 10. In sub-regulation (2) of Regulation 29, the words twenty one days shall be substituted with the words thirty days. [F.No. SEBI/LE-VII/1/97] D. R. MEHTA, Chairman.