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TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... e, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation - For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, direct or indirect, to the extent of not less than fifty percent of voting rights or interest;] 5[(ad) "clearing corporation" shall mean a clearing corporation as defined in clause (d) of sub-regulation (1) of regulation 2 of the 16[Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd clears and settles trades on its own account or on account of its clients only and includes any person having clearing and settlement rights on a commodity derivatives exchange: Provided that such person who clears and settles trades in commodity derivatives, shall be required to become a member of a recognised clearing corporation, from such date as may be specified by the Board.] (g) "small investor" means any investor buying or selling securities on a cash transaction for a market value not exceeding rupees fifty thousand in aggregate on any day as shown in a contract note issued by the stock broker; 11[(ga)"stock exchange" means a stock exchange which is for the time being recognised by the Central Government or by the Board un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulations, 2006, w.e.f. 07-09-2006. 3 Omitted by the SEBI(Change in Conditions of Registration of Certain Intermediaries)(Amendment) Regulations,2011, w.e.f. 19-04-2011. Prior to omission, clause (ab) read as under: "change of status or constitution" in relation to a stock broker or a sub-broker means any change in its status or constitution of whatsoever nature and includes- (i) in case of a body corporate- (A) amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force; (B) change in its managing director, whole-time director or director appointed in complia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporation or clearing house of a recognised stock exchange to clear and settle trades in securities; 6 Substituted by the SEBI (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2015 w.e.f 28-09-2015. Earlier clause (ae) was substituted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations, 2013.w.e.f 27-09-2013. Prior to the substitution, clause (ae) read as: "clearing member" shall mean a clearing member as defined in clause (e) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012; 7 Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. 8 Substitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27-09-2013 15 Inserted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27-09-2013 16. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/14 dated 30-03-2021 before it was read as "Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012" 17. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/14 dated 30-03-2021 18. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/14 dated 30-03-2021 before it was read as "Companies Act, 1956" 19. Omitted vide Notification No. SEBI/LAD-NRO/GN/2018/27 dated 30-07-2018 w.e.f. 01-04-2019 before it was read as &quo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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