## Report on Securities and Exchange Board of India (SEBI) Intermediaries Second Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Intermediaries Second Amendment Regulations, 2021, as published in the Gazette of India on May 5, 2021. This amendment modifies the Securities and Exchange Board of India Intermediaries Regulations, 2008, by introducing a special procedure for action following expulsion from membership of stock exchanges or clearing corporations, or termination of depository participant agreements. The core purpose of this amendment is to establish a streamlined process for cancelling the registration of intermediaries in such cases. Key findings include a defined timeline for submissions and orders, the removal of the requirement for a personal hearing, and provisions for protecting investor interests during the transition.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Securities and Exchange Board of India (SEBI) Intermediaries Second Amendment Regulations, 2021, based solely on the provided policy text. The analysis will focus on the changes introduced by this amendment and their potential impact on affected stakeholders.
**3. Policy Overview:**
* **Amendment:** This is an amendment to the Securities and Exchange Board of India Intermediaries Regulations, 2008.
* **Core Objective(s):** The core objective of this amendment is to establish a "Special procedure for action on expulsion from membership of the stock exchanges or clearing corporations or termination of all the depository participant agreements with depository ies," according to the introduced section 30A.
**4. Background and Rationale:**
The amendment seems designed to address situations where intermediaries (stock brokers, clearing members, or depository participants) are expelled or terminated by their respective organizations (stock exchanges, clearing corporations, or depositories). The amendment likely aims to provide a faster and more efficient process for SEBI to respond to these events by cancelling the intermediary’s registration, ensuring minimal disruption to the market and protecting investor interests. The previous regulations might have been perceived as too slow or cumbersome in handling such situations, necessitating this streamlined approach.
**5. Key Provisions / Changes:**
This amendment introduces Regulation 30A to the Securities and Exchange Board of India Intermediaries Regulations, 2008, outlining a special procedure for actions following expulsion or termination. Key changes include:
* **New Provision:** Regulation 30A is added after regulation 30 of the original regulations.
* **New Rule/Provision:**
* SEBI is not bound by the standard procedures outlined in the chapter when disposing of proceedings under this regulation (30A.1).
* Upon receiving intimation of expulsion or termination, SEBI *may* issue a notice to the intermediary, providing 21 days to submit a written reply and documentary evidence as to why their registration should not be cancelled (30A.2, 30A.3).
* No personal hearing will be granted during proceedings under this regulation (30A.4).
* SEBI will endeavor to pass an order within 20 days from the receipt of written submissions (30A.5).
* SEBI can impose conditions on the person to protect the interests of investors, clients, or the securities market (30A.6).
* SEBI may require the person to provide information, including about record maintenance, grievance redressal, transfer of client assets, continuity of service, and defaults or pending actions (30A.7).
* After cancellation, the person must return their registration certificate, cease related activities, transfer activities to another registered entity, allow clients to withdraw assets without additional cost, and make provisions for liabilities (30A.8).
* The order will be sent to the noticee and uploaded on SEBI's website (30A.9).
* Intimation of cancellation will be sent to relevant stock exchanges, clearing corporations, or depositories (30A.10).
* **Difference/Effect:** This amendment significantly speeds up the process of cancelling an intermediary’s registration after expulsion or termination, removes the requirement for a personal hearing, and emphasizes the protection of investor interests through conditions and mandatory actions by the affected intermediary. It also creates a standardized procedure for all depositories, stock exchanges and clearing corporations.
**6. Target Audience and Stakeholders:**
The target audience and stakeholders directly affected by this amendment include:
* Stock brokers and clearing members of stock exchanges and clearing corporations.
* Depository participants.
* Investors and clients of the aforementioned intermediaries.
* Stock exchanges, clearing corporations, and depositories.
* SEBI itself.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing this amendment. Stock exchanges, clearing corporations, and depositories are also involved in intimating SEBI about expulsions or terminations.
* **Timelines and Procedures:** The amendment specifies a timeline of 21 days for the intermediary to respond to SEBI's notice and a target of 20 days for SEBI to pass an order after receiving written submissions. The amendment outlines a specific procedure that SEBI *may* follow upon receiving intimation of expulsion or termination.
* **Implementation Aspects specific to the changes:** The key implementation aspect is the activation of the new streamlined procedure (Regulation 30A) whenever an intermediary is expelled or terminated. This requires effective communication channels between stock exchanges, clearing corporations, depositories and SEBI.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of these specific changes is a faster and more efficient response by SEBI to situations where intermediaries are expelled or terminated. This, in turn, is expected to:
* Reduce potential disruption to the securities market.
* Protect the interests of investors and clients by ensuring a smooth transition of assets and services.
* Enhance regulatory oversight and enforcement.
* Increase accountability of intermediaries to their respective organizations.
**9. Conclusion:**
The SEBI Intermediaries Second Amendment Regulations, 2021, introduce a critical special procedure for handling situations following the expulsion or termination of intermediaries. By streamlining the cancellation of registration and prioritizing investor protection, this amendment aims to enhance the stability and integrity of the Indian securities market. The changes, including the expedited timeline and removal of personal hearings, are significant and will require careful implementation and monitoring to ensure their effectiveness. This amendment underscores SEBI's commitment to proactive regulatory action and investor protection.
Key Entities Referenced
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body that issued the notification.
Securities and Exchange Board of India Act, 1992: Act under which powers are conferred to SEBI.
Securities and Exchange Board of India Intermediaries Regulations, 2008: Regulations that are being amended by this notification.
Securities and Exchange Board of India Intermediaries Second Amendment Regulations, 2021: Title of the new regulations.
Official Gazette: The regulations shall come into force on the date of their publication in the Official Gazette.
stock exchanges: Mentioned in the context of expulsion from membership
clearing corporations: Mentioned in the context of expulsion from membership
depositories: Mentioned in the context of termination of depository participant agreements.
Mumbai: City where the notification was issued.
AJAY TYAGI: Chairman of Securities and Exchange Board of India
Securities and Exchange Board of India Stock Brokers and SubBrokers Amendment Regulations, 2008: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Intermediaries Amendment Regulations, 2009: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Foreign Portfolio Investors Regulations, 2014: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Intermediaries Amendment Regulations, 2016: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Intermediaries Amendment Regulations, 2017: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations: Earlier amendment to the principal regulations.
Securities and Exchange Board of India Intermediaries Amendment Regulations, 2021: Earlier amendment to the principal regulations.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-06052021-226885
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 190] िई ददल्ली, बधु िार, मई 5, 2021/ििै ाख 15, 1943
No. 190] NEW DELHI, WEDNESDAY, MAY 5, 2021/VAISAKHA 15, 1943
भारतीय प्रजतभजू त और जिजिमय बोड ड
अजधसचू िा
मुम्बई, 5 मई, 2021
भारतीय प्रजतभजू त और जिजिमय बोडड (मध्यिती) (दसू रा सिं ोधि) जिजियम, 2021
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2021/20.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम, 1992
(1992 का 15) की धारा 30 के तहत प्रदत्त िजियों का प्रयोग करते हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोड ड
(मध्यवती) जिजियम, 2008 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अर्ाडत ् :-
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यवती) (दसू रा संिोधि) जिजियम, 2021 कहा िा
सकेगा ।
2. ि े रािपत्र म ें उिके प्रकािि की तारीख को प्रिृत्त (लाग)ू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यवती) जिजियम, 2008 म,ें -
I. वववियम 30 के पश्चात,् जिम्नजलजखत अंत:स्थावपत ककया िाएगा, अर्ातड ् -
"30क. स्टॉक एक्सचेंज (स्टॉक एक्सचेंजों) या समाशोधि विगम (समाशोधि विगमों) [क्लीयररंग कारपोरेिन्स]
को सदस्यता स े विष्कावसत करि े अथवा विक्षेपागार (विक्षेपागारों) [जडपॉज़िटरीज़] के साथ ककए गए सभी
2503 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
विक्षेपागार सहभागी करारों (जडपॉज़िटरी पार्टडजसपेंट एग्रीमेंट) को समाप्त करि े के संबंध में की जािे वाली
काररवाई की ववशेष प्रकिया
(1) इस वववियम के तहत कायरवावहयों का विपटारा करते समय, बोर्र इस अध्याय म ेंपहले उवललवित प्रावधािों
म ेंविधारररत की गई प्रकिया स े बाध्य िहीं होगा ।
(2) वजस स्टॉक एक्सचेंज (वजि स्टॉक एक्सचेंजों) या वजस समाशोधि विगम (वजि समाशोधि विगमों) का,
यथावस्थवत, स्टॉक दलाल (स्टॉक ब्रोकर) या समाशोधि सदस्य (क्लीयररंग मेम्बर) सदस्य था, उसकी
(उिकी) ओर स े यह सूचिा प्राप्त होिे पर कक ऐसे स्टॉक दलाल या समाशोधि सदस्य को उसकी सदस्यता स े
विष्कावसत कर कदया गया ह,ै बोर्र ऐसे स्टॉक दलाल या समाशोधि सदस्य को सूचिा (िोरटस) जारी कर
सकेगा, वजसके अंतगतर िोरटसी को, सूचिा (िोरटस) की तामील होिे की तारीि से इक्कीस कदिों की अववध
के भीतर, इस संबंध म ें वलवित जवाब के माध्यम से अपिा (अपि)े पक्ष आकद दस्तावेजी सबूत के साथ रिि े
(यकद रििा हो तो) को कहा जाएगा कक अवधवियम (एक्ट) या उसके तहत बिाए गए वववियमों
(रेग्यलू ेशन्स) के तहत प्रदाि ककया गया रवजस्रीकरण प्रमाणपत्र रद्द क्यों ि ककया जाए ।
(3) वजि विक्षेपागारों (जडपॉज़िटरीज़) के यहााँ सहभागी (पार्टडजसपेंट) को सदस्यता वमली हुई हो, उिकी ओर स े
यह सूचिा प्राप्त होिे पर कक विक्षेपागार सहभागी करार (जडपॉज़िटरी पार्टडजसपेंट एग्रीमेंट) को विक्षेपागार
(विक्षेपागारों) [जडपॉज़िटरीज़] द्वारा समाप्त कर कदया गया ह,ै बोर्र ऐसे सहभागी (पार्टरवसपेंट) को सूचिा
(िोरटस) जारी कर सकेगा, वजसके अंतगरत िोरटसी को, सूचिा (िोरटस) की तामील होिे की तारीि स े
इक्कीस कदिों की अववध के भीतर, इस संबंध म ें वलवित जवाब के माध्यम से अपिा (अपिे) पक्ष आकद
दस्तावेजी सबूत के साथ रिि े (यकद रििा हो तो) को कहा जाएगा कक अवधवियम (एक्ट) या उसके तहत
बिाए गए वववियमों (रेग्यूलेशन्स) के तहत प्रदाि ककया गया रवजस्रीकरण प्रमाणपत्र रद्द क्यों ि ककया
जाए।
(4) इस वववियम के तहत कायरवावहयों का विपटारा करत े समय व्यविगत सुिवाई का कोई अवसर प्रदाि िहीं
ककया जाएगा ।
(5) मामले के तथ्यों एवं पररवस्थवतयों, ररकॉर्र म ें उपलब्ध सामग्री और वलवित रूप म ें रिे गए पक्षों आकद, यकद
कोई हों, पर ववचार करिे के बाद, बोर्र वलवित पक्ष (जवाब आकद) प्राप्त होिे की तारीि स े बीस कदिों के
भीतर आदेश पाररत करि ेका प्रयास करेगा ।
(6) बोर्र, ऐसा आदेश पाररत करते समय, संबंवधत व्यवि पर ऐसी शत ें लगा सकेगा, जो बोर्र विवेशकों या उसके
ग्राहकों या प्रवतभूवत बाजार (वसक्यूररटीज़ माकेट) के वहत-संरक्षण के वलए ठीक समझे ।
(7) बोर्र संबंवधत व्यवि स े उि कारकों, जो भी वह ठीक समझे, के संबंध म ें बोर्र का समाधाि करि े की अपेक्षा
कर सकेगा, वजिम ें विम्नवलवित शावमल ह ैंककन्तु जो विम्नवलवित तक ही सीवमत िहीं ह ैं–
(क) संबद्ध वववियमों (रेग्यलू ेशन्स) के तहत जो ररकॉर्र और अन्य दस्तावेज रि े जािे जरूरी हों, उन्ह ें
रिि े और उन्ह ें सुरवक्षत रिि ेके वलए उस व्यवि द्वारा ककए गए इंतजामों के संबंध म;ें
(ख) विवेशकों की वशकायतों के विवारण के संबंध म;ें
(ग) उसके ग्राहकों (क्लाइंट) के ररकॉर्र, उसके पैसों (विवधयों / फंर्) या प्रवतभूवतयों (वसक्यूररटीज़) के
अंतरण (रांसफर) के संबंध म;ें[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(घ) ग्राहकों (क्लाइंट) को सेवा लगातार वमलती रह,े यह सुविवश्चत करिे के वलए उसके द्वारा ककए गए
इंतजामों के संबंध म;ें
(ङ) चूकों (वर्फॉलट) या लंवबत काररवाई, यकद कोई हो, के संबंध म ें ।
(8) प्रमाणपत्र रद्द कर कदए जािे की तारीि स े ही, संबंवधत व्यवि -
(क) इस प्रकार रद्द ककया गया रवजस्रीकरण प्रमाणपत्र बोर्र को लौटा देगा, और जो कायड आदद करि े के
वलए उसे ऐसा प्रमाणपत्र प्रदाि ककया गया था उसके बारे म ें वह यह जावहर िहीं करेगा कक उसके
पास अब भी वह प्रमाणपत्र ह;ै
(ख) ऐसा कोई कायड आदद करिा बंद कर देगा, वजसके वलए प्रमाणपत्र प्रदाि ककया गया था;
(ग) अपि े काय ड आदद ऐस े ककसी दसू रे व्यवि को अंतररत (रांसफर) कर देगा वजसके पास ऐसे काय र आकद
करि े के वलए मान्य रवजस्रीकरण प्रमाणपत्र हो, और अपि े ग्राहकों या विवेशकों को अपिी अवभरक्षा
(कस्टर्ी) म ें रिी हुई उिकी प्रवतभूवतयााँ (वसक्यूररटीज़) या उिका पैसा (विवधया ाँ / फंर्) विकालि े या
उन्ह ें अंतररत (रांसफर) करि े की अिुमवत देगा अथवा उन्ह ें ऐसा कोई काय र आकद वापस लेि े की
अिुमवत देगा जो उसे सौंपा गया हो, और वजसके वलए वह ऐसे ग्राहक या विवेशक से ककसी भी प्रकार
का कोई और शुलक आकद िहीं लेगा;
(घ) अपि े ऐसे ककसी दावयत्व के संबंध म ें प्रावधाि करेगा, जो उसे पूरे करि े हों या उसे पूरे करि े पड़ सकत े
हों;
(ङ) उस समयाववध के भीतर और उसी प्रकार ऐसी अन्य काररवाई करेगा [वजसम ें विवेशकों के ऐस े ककसी
ररकॉर्र (ककन्हीं ररकॉर्ों) या ककसी दस्तावेज (ककन्हीं दस्तावेजों) और उिकी प्रवतभूवतयों
(वसक्यूररटीज़) या उिके पैसों जो ऐसे व्यवि की अवभरक्षा (कस्टर्ी) म ें हों या उसके वियंत्रण म ें हों, के
संबंध म ें काररवाई भी शावमल ह]ै, जैसा संबद्ध वववियमों के तहत जरूरी हो अथवा जैसा बोर्र द्वारा
इस अध्याय के तहत आदेश पाररत करत े समय या ककसी अन्य प्रकार स े विदेश कदया जाए ।
(9) इस वववियम के तहत पाररत ककए गए आदेश की एक प्रवत िोरटसी को भेजी जाएगी और बोर् र के वेबसाइट
पर अपलोर् भी की जाएगी ।
(10) रवजस्रीकरण प्रमाणपत्र को रद्द ककए जािे की सूचिा, यथावस्थवत, स्टॉक एक्सचेंज (स्टॉक एक्सचेंजों) या
समाशोधि विगम (समाशोधि विगमों) [क्लीयररंग कारपोरेिन्स] या विक्षेपागार (विक्षेपागारों)
[जडपॉज़िटरीज़] को भेजी जाएगी ।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि-III/4/असा./53/2021-22]
पाद टटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यिती) जिजियम, 2008, अजधसूचिा स.ं एलएडी-एिआरओ/
िीएि/2008/11/126538 द्वारा 26 मई, 2008 को भारत के रािपत्र, भाग III, खण्ड 4 म ेंप्रकाजित हुए र् े ।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यिती) जिजियम, 2008 तत्पश्चात ् :-4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
क. 11 अगस्ट्त, 2008 को भारतीय प्रजतभूजत और जिजिमय बोडड (स्ट्टॉक दलाल और उप-दलाल) (संिोधि)
जिजियम, 2008, अजधसूचिा स.ं एलएडी-एिआरओ/िीएि/2008/20/134766, द्वारा
ख. 14 िुलाई, 2009 को भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यिती) (संिोधि) जिजियम, 2009,
अजधसूचिा स.ं एल.ए.डी.-एि.आर.ओ./िी.एि./2009-10/12/169546, द्वारा
ग. 7 िििरी, 2014 को भारतीय प्रजतभूजत और जिजिमय बोड ड [जिदेिी पोटडफोजलयो जिजिधािकताड (जििेिक)]
जिजियम, 2014, अजधसूचिा स.ं एल.ए.डी.एि.आर.ओ./िी.एि./2013-14/36/12, द्वारा
घ. 25 मई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोड ड (मध्यिती) (संिोधि) जिजियम, 2016, अजधसूचिा
स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/006, द्वारा
ङ. 21 ििम्बर, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यिती) (संिोधि) जिजियम, 2017,
अजधसूचिा स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/021, द्वारा
च. 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि) जिजियम,
2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
छ. 21 िििरी, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (मध्यिती) (संिोधि) जिजियम, 2021,
स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/07, द्वारासंिोजधत हुए र्े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 5th May, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA
(INTERMEDIARIES) (SECOND AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/20.— In exercise of the powers conferred under Section 30 of the Securities
and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further
amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Intermediaries) (Second
Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, –
I. after regulation 30, the following shall be inserted namely-
“30A. 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)
(1) 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.
(2) On receipt of intimation from all the stock exchange(s) or clearing corporation(s) of which the stock-
broker 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[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
documentary evidence, as to why the certificate of registration, granted under the Act or the regulations
made thereunder, should not be cancelled.
(3) 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.
(4) No opportunity of personal hearing shall be granted while disposing of the proceedings under this
regulation.
(5) 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.
(6) 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.
(7) The Board may require the person concerned to satisfy the Board the factors as it deems fit, including
but not limited to the following -
(a) the arrangements made by the person for maintenance and preservation of records and other
documents required to be maintained under the relevant regulations;
(b) redressal of investor grievances;
(c) transfer of records, funds or securities of its clients;
(d) the arrangements made by it for ensuring continuity of service to the clients;
(e) defaults or pending action, if any.
(8) On and from the date of cancellation of the certificate, the person concerned shall-
(a) 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;
(b) cease to carry on any activity in respect of which the certificate had been granted;
(c) 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;
(d) make provisions as regards liability incurred or assumed by it;
(e) 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.
(9) A copy of the order passed under this regulation shall be sent to the noticee and also uploaded on the
website of the Board.
(10) 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.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./53/2021-22]6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
Footnote:
1. The Securities and Exchange Board of India (Intermediaries) Regulations, 2008 was published in the
Gazette of India, Part III Section 4 on May 26, 2008 vide notification No. LAD-NRO/GN/2008/11/126538.
2. The Securities and Exchange Board of India (Intermediaries) Regulations, 2008 was subsequently amended
on:-
a) August 11, 2008 by the Securities and Exchange Board of India (Stock Brokers and
Sub-Brokers) (Amendment) Regulations, 2008, vide notification No. LAD-NRO/GN/2008/20/134766.
b) July 14, 2009 by the Securities and Exchange Board of India (Intermediaries) (Amendment)
Regulations, 2009, vide notification No. LAD-NRO/GN/2009-10/12/169546.
c) January 7, 2014 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2014, vide notification No. LAD-NRO/GN/2013-14/36/12.
d) May 25, 2016 by the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations,
2016, vide notification No. SEBI/LAD-NRO/GN/2016-17/006.
e) November 21, 2017, by the Securities and Exchange Board of India (Intermediaries) (Amendment)
Regulations, 2017, vide notification No. SEBI/LAD-NRO/GN/2017-18/021.
f) April 17, 2020, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, vide notification no. SEBI/LAD-NRO/GN/2020/10.
g) January 21, 2021, by the Securities and Exchange Board of India (Intermediaries) (Amendment)
Regulations, 2021, vide notification no. SEBI/LAD-NRO/GN/2021-07
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.