(1) An application by a person for grant of a certificate 11[of 12[***] registration]shall be made to the Board in Form A.
13[(1A) An application for registration made under sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II.]
(2) The application under sub-regulation (1) shall be made for any one of the following categories of the merchant banker namely:—
(a) Category I, that is—
(i) to carry on any activity of the issue management, which will, inter alia, consist of preparation of prospectus and other information relating to the issue, determining financial structure, tie up of financiers and final allotment and refund of the subscriptions; and
(ii) to act as adviser, consultant, manager, underwriter, portfolio manager;
(b) Category II, that is to act as adviser, consultant, co-manager, underwriter, portfolio manager;
(c) Category III, that is to act as underwriter, adviser, consultant to an issue;
(d) Category IV, that is to act only as adviser or consultant to an issue.
6 Omitted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations,
2006., w.e.f., 7-9-2006.
7 The words [and the rules] omitted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulation, 2006, w.e.f., 7-9-2006.
8 The words [or the rules as the case may be] omitted by the Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulation, 2006, w.e.f., 7-9-2006.
9 Inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011.
10 The word ―initial‖ was omitted by the Securities andExchange Board ofIndia (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations,2016 w.e.f. 08-12-2016.
11 Inserted by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011 w.e.f. 05-07-2011.
12 The word ―initial‖ was omitted by the Securities andExchange Board ofIndia (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations,2016 w.e.f. 08-12-2016.
13 Inserted by Securities and Exchange Board of India (Merchant Bankers) (Third Amendment) Regulations, 2006 w.e.f. 7-9-2006 Page 6 of 31 14[(2A) Notwithstanding anything contained in this regulation, with effect from 9th December, 1997:
(i) an application under sub-regulation (2) can be made only for carrying on the activities mentioned in clause (a) therein, and
(ii) 15[***]
(iii) an applicant can carry on the activity as portfolio manager only if he obtains separate certificate of registration under the provisions of the Securities and Exchange Board of India (Portfolio Manager) Regulations, 1993.]
(3) Notwithstanding anything contained in sub-regulation (1) any application made by a merchant banker prior to coming into force of these regulations containing such particulars or as near thereto as mentioned in Form A shall be treated as an application made in pursuance of sub-regulation (1) and dealt with accordingly.
Application to conform to the requirements.
4. Subject to the provisions of sub-regulation (3) of regulation 3, any application, which is not complete in all respects and does not conform to the instructions specified in the form shall be rejected :
Provided that, before rejecting any such application, the applicant shall be given an opportunity to remove within the time specified such objections as may be indicated by the Board.
Furnishing of information, clarification and personal representation.