Section 3 in Securities and Exchange Board of India (Underwriters) Regulations, 1993
3. [ Registration as underwriter:- [Inserted by S.O. 1449(E), dated 7.9.2006]
(1)No person shall act as underwriter unless he holds a certificate granted by the Board under these regulations.(2)Notwithstanding anything contained in sub-regulation (1), every stock broker or merchant banker holding, a valid certificate of registration under section 12 of the Act, shall be entitled to act as an underwriter without obtaining a separate certificate under these regulations.(3)A stock broker or merchant banker acting as an underwriter under sub-regulation (2) shall be governed by these regulations in other respects.]
