Registrar to an Issue not to act as such for an associate

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..... ties in case he or it is an associate of the body corporate issuing the securities. Explanation.─ For the purpose of this regulation, a registrar to an issue or the body corporate as the case may be shall be deemed to be an associate of the other where:- (a) he or it controls directly or indirectly not less than 10 percent of the voting power of the body corporate or of the registrar to an i .....

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