Securities and Exchange Board OF India (Bankers To An Issue) Regulations 1994

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[Garima Chauhan]

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Securities and Exchange Board OF India (Bankers To An Issue) Regulations 1994

CHAPTER I: PRELIMINARY
1. Short title and commencement.
2. Definitions.

CHAPTER II: REGISTRATION OF BANKERS TO AN ISSUE
3. Application for grant of certificate.
4. Application to conform to the requirements.
5. Furnishing of information, clarification and personal representation.
6. Consideration of application.
6A. Criteria for fit and proper person.
7. Procedure for registration.
8. Renewal of certificate.
8A. Conditions of registration.
8B. Period of validity of certificate.
9. Procedure where registration is not granted.
10. Effect of refusal to grant certificate.
11. Payment of fees and the consequences of failure to pay fees.

CHAPTER III: GENERAL OBLIGATIONS AND RESPONSIBILITIES
12. Maintenance of books of account, records and the documents.
13. Furnishing of information to the Board.
14. Agreement with bodies corporate.
15. Board to be informed of any disciplinary action taken by the Reserve Bank.
16. Code of conduct.
16A. Appointment of compliance officer.

CHAPTER IV: PROCEDURE FOR INSPECTION
17. Inspection of Banker to an Issue.
18. Purpose of inspection.
19. Procedure for inspection.
20. Obligations of banker to an issue on inspection.
21. Submission of report to the Board.
22. Action on inspection or investigation report.

CHAPTER I
PRELIMINARY
Short title and commencement.
1. (1) These regulations may be called the Securities and Exchange Board of India
(Bankers to an Issue) Regulations, 1994.
(2) They shall come into force on the date of their publication in the Official Gazette.
Definitions.

2. In these regulations, unless the context otherwise requires,—
[(a) “Act” means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(aa) “banker to an issue” means a scheduled bank carrying on all or any of the
following activities, namely :—
(i) acceptance of application and application monies;
(ii) acceptance of allotment or call monies;
(iii) refund of application monies;
(iv) payment of dividend or interest warrants;
(ab) “body corporate” shall have the meaning assigned to it in or under clause (7) of
section 2 of the Companies Act, 1956 (1 of 1956);
(ac) “certificate” means a certificate of registration issued by the Board;
(ad) “change of status or constitution” in relation to a banker to an issue—
(i) means any change in its status or constitution of whatsoever nature; and
(ii) without prejudice to generality of sub-clause (i), includes—
(A) amalgamation, demerger, consolidation or any other kind of corporate
restructuring falling within the scope of section 391 of the Companies
Act, 1956 (1 of 1956) or the corresponding provision of any other law for
the time being in force;
(B) change in its managing director or whole time director; and
(C) any change in control over the body corporate;
(ae) “change in control”, in relation to a banker to an issue being a body corporate,
means :—
(i) if its shares are listed on any recognised stock exchange, change in control
within the meaning of regulation 12 of the Securities and Exchange Board
of India (Substantial Acquisition of Shares and Takeovers) Regulations,
1997;
(ii) in any other case, change in the controlling interest in the body corporate.
Explanation.—For the purpose of sub-clause (ii), the expression “controlling
interest” means an interest, whether direct or indirect, to the extent of at least
fifty-one per cent of voting rights in the body corporate;]

(b) “form” means a form specified in Schedule I;
(c) “inspecting authority” means one or more persons appointed by the Reserve
Bank of India to exercise powers conferred under Chapter IV;
[(ca) “issue” means an offer of sale or purchase of securities by any body corporate
or by any other person or group of persons on his or its or their behalf, as the
case may be, to or from the public, or the holders of securities of such body
corporate or person or group of persons;]
(d) “Reserve Bank” means the Reserve Bank of India established under section 3
of the Reserve Bank of India Act, 1934;
[(e) “scheduled bank” means a bank included in the Second Schedule of the
Reserve Bank of India Act, 1934 (2 of 1934);]

CHAPTER II
REGISTRATION OF BANKERS TO AN ISSUE
Application for grant of certificate.
3. (1) An application by scheduled bank for grant of a certificate as banker to an
issue shall be made to the Board in Form A
2 Clause (a) omitted by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. Prior to the omission clause
(a) read as under: “a. “enquiry officer” means any officer of the Board, or any other person, having experience in dealing with the problems relating to securities market, who is authorized by the Board under Chapter V;”