(1) No stock-broker, sub-broker, share transfer agent, banker to an issue, trustee of tirust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediary who may be associated with securities nwket shall buy, sell or deal in securities except under, and in accordance with, the conditions oF a certificate of registration obtained from the Board in accordance with the rules made under this Ordinance:
Provided that a person buying or selling securities or otherwise dealing with the securities market as a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser -.md such other intt?rmediary who may be associated with securities market immediately before the establishment of the Board for which no registration certificate was necessary prior to such establishment, may continue to do so for a period of three months from such establishment or, if he has made an application for such registration within the, said period of three months, till the disposal of such application.
(2) Every apphcation for registration shall be in such manner and on payment of such fees as may be determined by regulations.
(3) The Board may, by order, suspend or cancel a certificate of registration in such manner as may be determined by regulations:
Provided that no order under this sub-section shall be made unless tihe person concerned has been given a reasonable opportunity of being heard.
Registration of stockbrokers, subbrokors, share transfer agents.
etc.
CHAPTER VI FINANCE, ACCOUNTS AND AUDIT
13. The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Board grants of such sums of money as the Central Government may think fit for being utilised for the purposes of, this Ordinance.
Grants by the Central Government.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7