(1) After considering an application made under regulation 3, if the Board is of the opinion that a certificate should not be granted to the applicant, it may reject the application after giving the applicant a reasonable opportunity of being heard.
(2) The decision of the Board to reject the application shall be communicated to the applicant within thirty days of such decision.
(3) Where an application for a certificate is rejected by the Board, the applicant shall forthwith cease to act as a research analyst:
Provided that nothing contained in this regulation shall affect the liability of the applicant under the law.
Conditions of certificate.
13. The certificate granted under regulation 9 shall, inter alia, be subject to the following conditions:-
(i) the research analyst shall abide by the provisions of the Act and these regulations;
2 Substituted vide the Securities andExchange Board ofIndia (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations,2016 w.e.f. 08-12-2016. Prior to substitution regulation 11 read as under:
“11. (1) Three months before the expiry of the period of validity of the certificate, the research analyst may, if he so desires, make an application in Form A for grant of renewal of certificate of registration.
(2)The application for renewal under sub-regulation (1) shall be dealt with in the same manner as if it were an application made under sub-regulation (2) of regulation 3 for grant of certificate.” Page 12 of 35
(ii) the research analyst shall forthwith inform the Board in writing, if any information or particulars previously submitted to the Board are found to be false or misleading in any material particular or if there is any material change in the information already submitted;
(iii) research analyst registered under these regulations shall use the term ‘research analyst’ in all correspondences with its clients.
Recognition of body or body corporate for regulation of research analysts.