Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004
Summary
This part contains the preliminary and recognition framework of the SEBI (Self Regulatory Organizations) Regulations, 2004 as amended up to February 7, 2023 made under SEBI Act s 30 read with s 11(2)(d). It defines key terms including Act, Board, agent, certificate, company, distributor, economic offence, governing norms, intermediary, member, office bearer and Self Regulatory Organization and prescribes the application and eligibility requirements for recognition. It provides for grant of in-principle approval where networth, infrastructure or staffing criteria under regulation 4 are not met at the time of application. This part prescribes the conditions and procedure for grant, renewal and refusal of certificate of recognition as a Self Regulatory Organization including Board discretion, validity and fees. It lays down application completeness requirements, power to seek information and personal representation, and mandatory opportunity to remove objections before rejection. It also specifies the composition of the SRO Board of Directors and the routing of intermediary registration applications through the SRO with its recommendation. This part prescribes the functions and obliga
Text
These Regulations may be called the Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004.
These Regulations shall come into force on such date as may be specified by the Board: Provided that different dates may be specified for different provisions of these regulations and any reference in any such provision to the commencement of these regulations shall be construed as a reference to the commencement of that provision: Provided further that the provisions of these regulations shall come into force in relation to different classes of intermediaries on such dates as the Board may by notification in the Official Gazette appoint.
"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
"Board" means the Securities and Exchange Board of India established under section 3 of the Act;
"agent" means any person who is associated with securities market and who conducts the business of distribution of securities products;
"certificate" means a certificate of recognition granted to a Self Regulatory Organization by the Board under sub-regulation (1) of regulation 5 and includes a certificate renewed under regulation 9;
"company" means a company which has been granted license under section 25 of the Companies Act, 1956 (1 of 1956);
"distributor" means distributor as defined in clause (g) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007;
"economic offence" means an offence to which the Economic Offences (Inapplicability of Limitation) Act, 1974 (12 of 1974), is applicable for the time being and includes an offence under the Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996;
"governing norms" mean the governing norms of a Self Regulatory Organization made in accordance with sub-regulation (1) of regulation 15;
"intermediary" means intermediary as defined in clause (g) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008;
"member" means an intermediary who has been admitted as a member of a Self Regulatory Organization and includes an agent who has been so admitted;
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Source: SecMarx — Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.