Section 8 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
8. Procedure for Registration.-
(1)The Board, on being satisfied that the applicant is eligible, shall grant a certificate in Form B and send an intimation to the applicant mentioning the category for which the Board has granted certificate.(2)(i)Notwithstanding anything contained in sub-regulation (1), where a certificate has been granted for a category lower than for what has been applied for, the applicant may make an application to the Board at any time after the expiry of one year from the date of grant of such registration.(ii)The Board may consider an application made under clause (i) and grant a certificate for higher category.(3)An application made under clause (i) of sub-regulation (2) shall be considered in the same manner as an application made under regulation 3.(4)On the grant of a certificate the applicant shall be liable to pay the fees for the category for which the registration is granted in accordance with Schedule II;Provided that the amount of fees payable shall be proportionately reduced by the amount of fees already paid by the merchant banker for the year in which the registration is granted in the higher category.
