Securities and Exchange Board of India (Intermediaries) Regulations, 2008

LAD-NRO/GN/2008/11/126538 · 2026-04-16 · Securities and Exchange Board of India

Summary

This part comprises Chapter I Preliminary and Chapter II Registration of Intermediaries of the SEBI (Intermediaries) Regulations, 2008 as amended upto April 16, 2026. It sets out the short title, commencement mechanism and detailed definitions for terms including associate, control, intermediary, principal officer and wilful defaulter. It prescribes the procedure for application for grant of certificate in Form A, routing through stock exchanges, clearing corporations, depositories or self regulatory organizations, and transitional treatment of pending and pre-existing registrations. This part sets out transitional validity, disclosure and procedural requirements for intermediaries under regulations 3 to 10. It requires public disclosure of Part I of Form A, updating material changes within fifteen days, and prior Board approval for change in status or constitution with deemed approval after sixty days. It prescribes Board powers for verification and seeking clarifications, grounds and procedure for grant or rejection of certificates including conditional registration and one-year bar for false information, and consequences of refusal or expiry. This part provides that certificates

Text

These regulations may be called the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.

They 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: Provided that the provisions of Chapters V and VI of these regulations shall come into force on the date of publication of these regulations in the Official Gazette.

“Act” means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

“associate” means any person controlled, directly or indirectly, by the intermediary, or any person who controls, directly or indirectly, the intermediary, or any entity or person under common control with such intermediary, and where such intermediary is a natural person will include any relative of such intermediary and where such intermediary is a body corporate will include its group companies (as defined in the Monopolies and Restrictive Trade Practices Act, 1969 (Act No. 54 of 1969) or any re-enactment thereof) or companies under the same management;

“certificate” means a certificate of registration granted to an intermediary by the Board under the relevant regulations;

“change of status or constitution”, in relation to an intermediary includes- (i) 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 or any agreement or arrangement which would have the effect of such corporate restructuring; (ii) any change in control of the intermediary; (iii) any change in the legal status of the intermediary;

“control”, in relation to an intermediary shall include the power to, directly or indirectly, control the management or policy decisions of such intermediary by person or persons acting individually or in concert;

“days” shall mean calendar days unless otherwise specified in these regulations;

“intermediary” means a person mentioned in clauses (b) and (ba) of sub-section (2) of section 11 and sub-section (1) and (1A) of section 12 of the Act and includes an asset management company in relation to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, a clearing member of a clearing corporation or clearing house, foreign portfolio investors and a trading member of a derivative segment or currency derivatives segment of a stock exchange but does not include foreign venture capital investor, mutual fund, collective investment scheme and venture capital fund;

“principal officer” means any person who is responsible for the activities of an intermediary and includes- (i) proprietor, in the case of a proprietary concern; (ii) any partner, in the case of a partnership firm; (iii) whole time/executive director/managing director, in the case of a body corporate; (iv) trustee, in the case of a trust; (v) any key employee; and (vi)any person designated as a principal officer under the relevant regulations;

“wilful defaulter” means any person who is categorized as a wilful defaulter by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India and includes any person whose director, promoter or principal officer is categorized as such.

Words and expressions used and not defined in these regulations shall have the meaning assigned thereto under the Act; or the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Companies Act, 1956 (1 of 1956) or the Depositories Act, 1996 (22 of 1996) or under the rules or regulations made thereunder.

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Source: SecMarx — Securities and Exchange Board of India (Intermediaries) Regulations, 2008. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.