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TMI BlogSecurities and Exchange Board of India (Underwriters) (Amendment) Regulations, 2003.X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) They shall come into force on the date of their publication in the Official Gazette. 2. In Securities and Exchange Board of India (Underwriters) Regulations, 1993 - a. For the existing Schedule III, the following schedule III shall be substituted, namely: - SCHEDULE III Securities and Exchange Board of India (Underwriters) Regulations, 1993 [Regulation 13] CODE OF CONDUCT FOR UNDERWRITERS 1. An underwriter shall make all efforts to protect the interests of its clients. 2. An Underwriter shall maintain high standards of integrity, dignity and fairness in the conduct of its business. 3. An underwriter shall ensure that it and its personnel will act in an ethical manner in all its dealings with a body co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osure to the Board as required under the regulations and also to the Board of Directors of the Issuer Company. 11. An Underwriter shall not discriminate amongst its clients, save and except on ethical and commercial considerations. 12. An Underwriter shall ensure that any change in registration status / any penal action taken by board or any material change in financials which may adversely affect the interests of clients / investors is promptly informed to the clients and any business remaining outstanding is transferred to another registered person in accordance with any instructions of the affected clients/investors. 13. An Underwriter shall maintain an appropriate level of knowledge and competency and abide by the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir respective accounts or through their associates or family members, relatives or friends indulge in any insider trading. 18. An Underwriter shall not indulge in any unfair competition, which is likely to be harmful to the interest of other underwriters carrying on the business of underwriting or likely to place such other underwriters in a disadvantageous position in relation to the underwriter while competing for, or carrying out any assignment. 19. An Underwriter shall have internal control procedures and financial and operational capabilities which can be reasonably expected to protect its operations, its clients and other registered entities from financial loss arising from theft, fraud, and other dishonest acts, professional m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal for a. Creation of false market; b. Price rigging or manipulation, or; c. Passing of unpublished price sensitive information in respect of securities which are listed and proposed to be listed in any stock exchange to any person or intermediary. [F.No. SEBI/LAD/DOP/18342/2003] GYANENDRA NATH BAJPAI, Chairman Foot Note : 1. SEBI (Underwriters) Regulation, 1993 the principal regulation was published in the Gazette of India on October 8, 1993, vide No. LE/10/93. 2. The Securities and Exchange Board of India (Underwriters) Regulations, 1993 was subsequently amended ; a. on November 28, 1995 by the SEBI (Payment of Fees) Amendment Regulations, 1995 vide No, S.O. 939 (E). b. on January 17, 1997 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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