Section 3 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
3. Application for grant of certificate.-
(1)An application by a person for grant of a certificate shall be made to the Board in Form A.(1A)[ An application for registration made under the sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II.] [Inserted by S.O. 1448(E), dated 7.9.2006](2)The application under sub-regulation (1) shall be made for any one of the following categories of the merchant banker namely:-(a)Category I, that is-(i)to carry on any activity of the issue management, which will inter-alia consist of preparation of prospectus and other information relating to the issue, determining financial structure, tie-up of financiers and final allotment and refund of the subscription; and(ii)to act as adviser, consultant, manager, underwriter, portfolio manager.(b)Category II, that is, to act as adviser, consultant, co-manager, underwriter, portfolio manager;(c)Category III, that is to act as underwriter, adviser, consultant to an issue;(d)Category IV, that is to act only as adviser or consultant to an issue.(3)Notwithstanding anything contained in sub-regulation (1), any application made by a merchant banker prior to coming into force of these regulations containing such particulars or as near thereto as mentioned in Form A shall be treated as an application made in pursuance of sub-regulation (1) and dealt with accordingly.
