In exercise of the powers conferred under Section 30 of the Securities and Exchange Board of India Act 1992

## Report on the Securities and Exchange Board of India Underwriters Repeal Regulations, 2021 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Underwriters Repeal Regulations, 2021, as notified on March 30, 2021. This policy repeals the Securities and Exchange Board of India Underwriters Regulations, 1993. The core purpose is to formally eliminate the 1993 regulations concerning underwriters. Key findings indicate the repeal does not retroactively affect past actions or existing legal proceedings related to the 1993 regulations. **2. Introduction:** This report aims to provide a comprehensive overview of the Securities and Exchange Board of India Underwriters Repeal Regulations, 2021, based solely on the information presented in the provided policy text. It outlines the key provisions, implications, and potential impacts of this regulatory change. **3. Policy Overview:** * This is a **New Policy** that repeals existing regulations. * **Core Objective:** To formally repeal the Securities and Exchange Board of India Underwriters Regulations, 1993. **4. Background and Rationale:** As a new policy repealing existing regulations, the underlying issue is the perceived need to eliminate the Securities and Exchange Board of India Underwriters Regulations, 1993. The provided text does not explicitly state the reasons for the repeal. However, it can be inferred that SEBI deemed the 1993 regulations outdated, redundant, or no longer necessary for effective market regulation. It may be part of a broader effort to streamline regulations or adapt to changes in the securities market landscape. **5. Key Provisions / Changes:** As a new policy: * **Repeal of 1993 Regulations:** The Securities and Exchange Board of India Underwriters Regulations, 1993, are repealed in their entirety. * **Surrender of Registration:** Certificates of registration granted under the 1993 regulations are deemed surrendered. * **Non-Retroactivity (with exceptions):** The repeal does not affect: * Previous operations under the 1993 regulations. * Rights, privileges, obligations, or liabilities acquired or incurred under the 1993 regulations. * Penalties or punishments for contraventions or offences committed under the 1993 regulations. * Investigations, legal proceedings, or remedies related to the above. * **Continuation of Existing Proceedings:** Investigations, legal proceedings, or remedies related to the 1993 regulations can be continued or enforced as if the regulations had not been repealed. **6. Target Audience and Stakeholders:** Based on the text, the target audience and stakeholders directly affected by this repeal include: * **Underwriters:** Specifically, those previously registered under the Securities and Exchange Board of India Underwriters Regulations, 1993, as their registration is deemed surrendered. * **Securities and Exchange Board of India (SEBI):** As the regulator responsible for enforcing the previous and current regulations. * **Investors:** Indirectly affected by any changes in the regulatory framework for underwriting. * **Legal Professionals:** Those involved in ongoing or potential legal proceedings related to underwriting activities under the previous regulations. **7. Implementation Aspects (Inferred):** * **Responsible Agency:** The Securities and Exchange Board of India (SEBI) is responsible for implementing and enforcing the Repeal Regulations. * **Timeline:** The regulations came into force on the date of their publication in the Official Gazette (March 30, 2021, as inferred from the document header). * **Procedure:** No specific procedures are outlined in the text beyond the act of repealing the 1993 regulations and deeming existing registrations surrendered. The continuation of existing legal proceedings suggests an existing legal framework will be utilized. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these regulations are: * **Simplified Regulatory Landscape:** Removal of outdated regulations related to underwriters. * **Clarity and Certainty:** While repealing the regulations, the policy maintains clarity that any existing legal proceedings or liabilities under the 1993 regulations will continue as if they were still in effect. * **Adaptation to Market Changes:** While not explicitly stated, the repeal suggests a potential shift in SEBI's approach to regulating underwriting activities, possibly towards newer or more comprehensive frameworks. **9. Conclusion:** The Securities and Exchange Board of India Underwriters Repeal Regulations, 2021, formally repeals the 1993 regulations and addresses the status of registrations under the repealed regulations. The repeal simplifies the regulatory landscape. The policy maintains existing rights, obligations, and legal proceedings related to the repealed regulations. The long-term significance lies in the potential for SEBI to introduce updated or more comprehensive regulations governing underwriting activities in the future.

Key Entities Referenced