Securities And Exchange Board Of India - Subsection
Section 7(3) in Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993
(3)In sub-regulation (2) the "networth" means -(a)in the case of an applicant being a proprietary concern or a firm or an association of persons or any body of individuals, the value of capital contributed to such business by the applicant and the free reserves of any kind belonging to the business of the applicant, and(b)in the case of a body corporate, the value of the paid up capital and the free reserves as disclosed in the books of accounts of the applicant at the time of making the application under sub-regulation (1) of regulation 3.
