(1) No person shall act as underwriter unless he holds a certificate granted by the Board under these regulations.
(2) Notwithstanding anything contained in sub-regulation (1), every stock broker or merchant banker holding a valid certificate of registration under section 12 of the Act, shall be entitled to act as an underwriter without obtaining a separate certificate under these regulations.
(3) A stock broker or merchant banker acting as an underwriter under subregulation (2) shall be governed by these regulations in other respects.]
Application for grant of certificate 10[of 11[***] registration].
6 Substituted, ibid. Prior to substitution, it read as under:
“(f) “rules” means Securities and Exchange Board of India(Underwriters) Rules. 1993” 7 Words “and the rules” were omitted by the SEBI (Underwriters) (Amendment) Regulations, 2006, w.e.f.
7-9-2006.
8 Words “or the rules, as the case may be” were omitted, ibid.
9 Inserted by the SEBI (Underwriters) (Amendment) Regulations, 2006, w.e.f.7-9-2006.
10 Inserted by the (Underwriters) (Amendment) Regulations, 2011, w.e.f. 5-7-2011.
Page 6 of 26 12[3A.] (1) An application by an underwriter for grant of a certificate 13[of 14[***] registration] shall be made to the Board in Form A.
15[(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) Notwithstanding anything contained in sub-regulation (1), any application made by an underwriter prior to the 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.
Furnishing of further information, clarification, etc.