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TMI BlogSecurities And Exchange Board Of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... he Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011. 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 (Stock Brokers and Sub-brokers) Regulations, 1992 - i. in regulation 2, a. clause (ab) shall be omitted; b. clause (ac) shall be substituted with the following, namely:- (ac) change in control (i) in case of a body corporate (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er regulation 16M. vi. in regulation 26, sub-regulation (xvii) shall be substituted with the following, namely:- (xvii) Failure to obtain prior approval of the Board in case of change in control of the stock broker. 4. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 i. in regulation 2, clause (ac) shall be omitted; ii. in regulation 9A, in sub-regulation (1), in clause (a), the words to change its status or constitution shall be substituted with change in control ; 5. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 i. in regulation 2, a. clause (bb) shall be omitted; b. clause (bc) shall be subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... construed as change in the controlling interest in the body corporate; Explanation : For the purpose of para (B) of this sub-clause, the expression controlling interest means an interest, whether direct or indirect, to the extent of at least fifty-one percent of voting rights in the body corporate; (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership. ii. in regulation 9A, in sub-regulation (1), in clause (a), the words to change its status or constitution shall be substituted with change in control . 7. In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 - i. in regulation 2, clause (ad) shall be omitted; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation (2), after clause (c), the following new clause shall be inserted, namely:- (ca) where the participant proposes change in control, it shall obtain prior approval of the Board for continuing to act as such after the change; 10. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 i. in regulation 2, in sub-regulation (1), clause (ei) shall be omitted; ii. in regulation 9, in sub-regulation (1), in clause (c), the words to change its status or constitution shall be substituted with change in control . U. K. SINHA Chairman [ADVT III/4/69-ZB/11-Exty.] - Notification Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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