(1) All the provisions of Chapter II, III, IV, V and VI shall apply mutatis mutandis to the proxy adviser:
Provided that the employees of proxy advisors engaged in providing proxy advisory services shall be required to have a minimum qualificationof being a graduate in any discipline:
Provided further that certification requirements for employees of proxy advisors engaged in providing proxy advisory services shall be as specified by the Board:
Provided further that time period for compliance with capital adequacy as provided in sub-regulation (3) of regulation 8, for proxy advisors shall be three years.
(2) The proxy adviser shall additionally disclose the following:
(i) the extent of research involved in a particular recommendation and the extent and/or effectiveness of its controls and procedures in ensuring the accuracy of issuer data;
(ii) policies and procedures for interacting with issuers, informing issuers about the recommendation and review of recommendations;
(3) Proxy adviser shall maintain the record of his voting recommendations and furnish the same to the Board on request.
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(4) In case of any inconsistency or difficulty in respect of applicability of provisions of these regulations to proxy advisers, the Board may issue such clarifications or exemptions as may be deemed appropriate.
General responsibility.