(1) Except as otherwise provided in these regulations, the provisions relating to procedure of consideration of application, grant of registration, powers of the Board including the power to seek further information, verify the information furnished by the applicant, conditions of registration, effect of refusal of grant of certificate, etc.;as applicable to any intermediary shall apply to an applicant under these regulations.
(2) The Board shall, if it decides to grant registration to the applicant, send intimation to the applicant for payment of the registration fees specified in Schedule II.
(3) Upon payment of registration fees, the Board shall grant a certificate to the applicant in Form B of Schedule I.
(4) Subject to the provisions of the Act, these regulations, conditions of certificate and the obligations of payments of fees the registration granted by the Board to a trustee shall be permanent unless suspended or cancelled by the Board.
Conditions of registration.
7. Any certificate granted under regulation 6 shall be subject to the following conditions being complied with by the trustee, namely:-
(a) where it proposes to change its management or, control , it shall obtain prior approval of the Board for continuing to act as such after the change;
(b) it shall pay the registration fees and annual fees in the manner provided in Schedule II; (c) it shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received;
(d) it shall abide by the provisions of the Act and these regulations in respect of the regulated activities carried on by the special purpose distinct entity;
(e) it shall forthwith inform the Board, if any information or particulars previously submitted to the Board is found to be misleading in any material respect or false;
(f) it shall forthwith inform the Board, of any material change in the information or particulars furnished, which may have a bearing on the certificate granted to it;
(g) it shall abide by the Code of Conduct specified in Schedule III.
Procedure where application is rejected.