{"id":247959,"date":"2021-05-08T14:47:14","date_gmt":"2021-05-08T09:17:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=247959"},"modified":"2023-08-30T16:29:14","modified_gmt":"2023-08-30T10:59:14","slug":"securities-and-exchange-board-of-india-intermediaries-second-amendment-regulations-2021-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/08\/securities-and-exchange-board-of-india-intermediaries-second-amendment-regulations-2021-notified\/","title":{"rendered":"Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021, notified"},"content":{"rendered":"<p style=\"text-align: justify;\">The Securities Exchange Board of India has amended Securities and Exchange Board of India (Intermediaries) Regulations, 2008 to enforce <a href=\"https:\/\/egazette.nic.in\/WriteReadData\/2021\/226885.pdf\">Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021<\/a>.<\/p>\n<p style=\"text-align: justify;\">Regulation 30A has been inserted vide Securities and Exchange Board of India (intermediaries) Second Amendment) Regulations, 2021 &#8211;<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #000080;\"><em>\u201c30A. Special procedure for action on expulsion from membership of the stock exchange(s) or clearing corporation(s) or termination of all the depository participant agreements with depository(ies)<\/em><\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol style=\"text-align: justify;\">\n<li><span style=\"color: #000080;\"><em>While disposing of the proceedings under this regulation, the Board shall not be bound by the procedure specified in the foregoing provisions of this Chapter.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>On receipt of intimation from all the stock exchange(s) or clearing corporation(s) of which the stockbroker or clearing member, as the case may be, was a member, that such stock broker or clearing member, has been expelled from its membership, the Board may issue a notice to such stock broker or clearing member calling upon the noticee to make its submission(s), if any, within a period not exceeding twenty-one days from the date of service thereof, through a written reply, along with documentary evidence, as to why the certificate of registration, granted under the Act or the regulations made thereunder, should not be cancelled.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>On receipt of intimation from all the depositories where the participant was admitted, that the depository participant agreement has been terminated by the depository(ies), the Board may issue a notice to such participant calling upon the noticee to make its submission(s), if any, within a period not exceeding twenty-one days from the date of service thereof, through a written reply, along with documentary evidence, as to why the certificate of registration, granted under the Act or the regulations made thereunder, should not be cancelled.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>No opportunity of personal hearing shall be granted while disposing of the proceedings under this regulation.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>After considering the facts and circumstances of the case, material on record and the written submissions, if any, the Board shall endeavor to pass an order within twenty days from the date of receipt of written submissions.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>The Board may, while passing such order, impose such conditions upon the person as it deems fit to protect the interest of the investors or its clients or the securities market.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>The Board may require the person concerned to satisfy the Board the factors as it deems fit, including but not limited to the following &#8211;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>the arrangements made by the person for maintenance and preservation of records and other documents required to be maintained under the relevant regulations;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>redressal of investor grievances;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>transfer of records, funds or securities of its clients;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>the arrangements made by it for ensuring continuity of service to the clients;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>defaults or pending action, if any.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>On and from the date of cancellation of the certificate, the person concerned shall-<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>return the certificate of registration so cancelled to the Board and shall not represent itself to be a holder of certificate for carrying out the activity for which such certificate had been granted; <\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>cease to carry on any activity in respect of which the certificate had been granted;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>transfer its activities to another person holding a valid certificate of registration to carry on such activity and allow its clients or investors to withdraw or transfer their securities or funds held in its custody or to withdraw any assignment given to it, without any additional cost to such client or investor;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>make provisions as regards liability incurred or assumed by it;<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>take such other action including the action relating to any record(s) or document(s) and securities or money of the investors that may be in custody or control of such person, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Board while passing order under this Chapter or otherwise.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>A copy of the order passed under this regulation shall be sent to the noticee and also uploaded on the website of the Board.<\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><em>The intimation of the cancelation of the certificate of registration shall be sent to the stock exchange(s) or the clearing corporation(s) or the depository (ies), as the case may be.\u201d<\/em><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><span style=\"color: #008080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Exchange Board of India has amended Securities and Exchange Board of India (Intermediaries) Regulations, 2008 to enforce Securities and Exchange <\/p>\n","protected":false},"author":121,"featured_media":295621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-247959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2021, notified | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Indulia","date":"April 28, 2021","format":false,"excerpt":"The Securities and Exchange Board of India hereby makes Securities and Exchange Board of India (Portfolio Managers) (Second Amendment) Regulations, 2021 to further amend the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, namely:\u2013 In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020- In Regulation\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1 1x, 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Board of India (Depositories and Participants) Regulations, 2018: In\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 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