Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
Summary
This part covers pages 1 to 4 of the SEBI (Bankers to an Issue) Regulations, 1994, as amended up to February 10, 2025, including the contents table and Chapter I Preliminary. Regulation 1 states the regulations may be called the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994 and shall come into force on the date of their publication in the Official Gazette. Regulation 2 defines terms including Act, banker to an issue, body corporate, certificate, change in control, form and inspecting authority. This part defines 'issue', 'Reserve Bank' and 'scheduled bank' and provides that undefined expressions shall have meanings assigned in the Act. Chapter II requires that no person shall act as banker to an issue without a certificate of registration, prescribes application in Form A with non-refundable fee under Schedule II, and sets procedures for incomplete applications, information requests and personal representation. It specifies eligibility considerations including infrastructure, absence of adverse litigation or economic offence conviction, scheduled bank status, fit and proper criteria under SEBI (Intermediaries) Regulations, 2008, and provides for gra
Text
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board with the previous approval of the Central Government, hereby makes the following regulations, namely :—
These regulations may be called the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.
They shall come into force on the date of their publication in the Official Gazette.
"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
"banker to an issue" means a scheduled bank or such other banking company as may be specified by the Board from time to time, carrying on any of the activities, including :— (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; (v) providing escrow services for the purposes of issue management, buyback, delisting, or open offer, as required under the relevant regulations made by the Board; (vi) opening of a separate bank account for depositing the proceeds in the initial public offer/ further public offer; and (vii) such other activities as may be specified by the Board.
"body corporate" shall have the meaning assigned to it in or under clause (11) of section 2 of the Companies Act, 2013 (18 of 2013);
"certificate" means a certificate of registration issued by the Board;
"Change in control" in case of a body corporate – (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);
"form" means a form specified in Schedule I;
"inspecting authority" means one or more persons appointed by the Reserve Bank of India to exercise powers conferred under Chapter IV;
“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;
“Reserve Bank” means the Reserve Bank of India established under section 3 of the Reserve Bank of India Act, 1934;
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Orders that applied this
- MO/3/ISD/09/03
- 1300701513818
- Not explicitly stated in the provided document
- Order against ICICI Bank Limited (Oct 16, 2002)
- Order against Elvis India Limited
- Aug_03,_2009_Order_in_the_matter_of_Punjab_National_Bank
- CO/484/IES/02/2003
- WTM/MSS/ID7/ 04/09
- Oct_16,_2002_Order_against_ICICI_Bank_Limited
- Sep_03,_2002_Order_against_Elvis_India_Limited
- Order against ICICI Bank Limited
Source: SecMarx — Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.