Section 2 in Securities and Exchange Board of India (Stock Brokers) Regulations, 1992
2. Definitions.
(1)In these regulations, unless the context otherwise requires : -(a)[ "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992)] [Inserted by S.O. 1447(E), dated 7.9.2006];(aa)"certificate" means a certificate of registration issued by the Board;(i)in case of a body corporate-(A)amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force;(B)change in its managing director, whole-time director or director appointed in compliance with clause (v) of sub-rule (4A) of rule 8 of the Securities Contracts (Regulation) Rules, 1957; and(C)any change in control over the body corporate;(ii)any change between the following legal forms - individual, partnership firm, Hindu undivided family, private company, public company, unlimited company or statutory corporation and other similar changes;(i)if its shares are listed on any recognised stock exchange, change in control within the meaning of regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997;(ii)in any other case, change in the controlling interest in the body corporate;(iii)in case of a partnership firm any change in partners not amounting to dissolution of the firm;(ac)"change in control", in relation to a stock broker or a sub-broker being a body corporate, means :-(ab)"change of status or constitution" in relation to a stock broker or a sub-broker means any change in its status or constitution of whatsoever nature and includes-Explanation. - For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, whether direct or indirect, to the extent of at least fifty-one per cent of voting rights in the body corporate;(ad)[ "clearing corporation" shall mean a clearing corporation as defined in clause (d) of sub-regulation (1) of regulation 2 of the [Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018] [Substituted by Notification No. LAD-NRO/GN/2013-14/25/24775, dated 27.9.2013 (w.e.f. 23.10.1992).];](ae)[ "clearing member" means a person having clearing and settlement rights in any recognised clearing corporation and shall include any person having clearing and settlement rights on a commodity derivatives exchange: [Substituted by Notification No. SEBI/AD-NRO/GN-2015-16/017, dated 8.9.2015 (w.e.f. 23.10.1992).]Provided that such a clearing member in commodity derivatives exchange shall be required to become a member of a recognised clearing corporation from such date as may be specified by the Board.](aaa)"enquiry officer" means any officer of the Board, or any other person, having experience in dealing with the problems relating to the securities market who is appointed by the Board under Chapter VI;(b)"form" means a form specified in Schedule I;(c)"inspecting authority" means one or more persons appointed by the Board to exercise powers conferred under Chapter V of these regulations;(ca)[ "professional clearing member" means a member having clearing and settlement rights in any recognized clearing corporation, but not having trading rights in any recognized stock exchange.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2022/73, dated 23.02.2022 (w.e.f. 23.10.1992).][[(cb)] [Substituted by Notification No. LAD-NRO/GN/2013-14/25/24775, dated 27.9.2013 (w.e.f. 23.10.1992).] "proprietary trading member" means a stock broker who trades in the debt segment of the recognisedstock exchange, exclusively on its own account or as permitted by its sectoral regulator;](d)"regulations" means Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992;(e)[* * *] [Omitted by S.O. 1447(E), dated 7.9.2006](f)"Securities Contracts (Regulation) Act" means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);(fa)[ "self-clearing member" means a member of a clearing corporation who is also a stock broker and clears and settles trades on its own account or on account of its clients only and includes any person having clearing and settlement rights on a commodity derivatives exchange: [Substituted by Notification No. SEBI/AD-NRO/GN-2015-16/017, dated 8.9.2015 (w.e.f. 23.10.1992).]Provided that such person who clears and settles trades in commodity derivatives, shall be required to become a member of a recognised clearing corporation, from such date as may be specified by the Board.](g)"small investor" means any investor buying or selling securities on a cash transaction for a market value not exceeding rupees fifty thousand in aggregate on any day as shown in a contract note issued by the stock broker;(ga)[ "stock exchange" means a stock exchange which is for the time being recognised by the Central Government or by the Board under section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);[Inserted by S.O. 1447(E), dated 7.9.2006](gb)[ "stock broker" means a person having trading rights in any recognised stock exchange and includes a trading member;](gc)[ ***] [Omitted by Notification No. SEBI/LAD-NRO/GN/2018/27, dated 30.7.2018 (w.e.f. 23.10.1992).]](gd)[ and (h) ***] [Omitted by Notification No. LAD-NRO/GN/2013-14/25/24775, dated 27.9.2013 (w.e.f. 23.10.1992).](i)[ "Underwriter" means a person who engages in the business of underwriting of an issue of securities of a body corporate. [Inserted by Notification No. SEBI/LAD-NRO/GN/2021/14, dated 30.3.2021 (w.e.f. 23.10.1992).](j)"Underwriting" means "an agreement to subscribe to or procure subscription for securities, issued or offered for sale, remaining unsubscribed".(k)"issue" means an offer of sale or purchase of securities by any body corporate, or by any other person or group of persons on its or his or their behalf, as the case may be, to or from the public, or the holders of securities of such body corporate or person or group of persons through a merchant banker;](2)[ Words and expressions used and not defined in these regulations but defined in the Act, the [Companies Act, 2013] [Inserted by Notification No. LAD-NRO/GN/2013-14/25/24775, dated 27.9.2013 (w.e.f. 23.10.1992).], the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules or regulations made thereunder or any statutory modification or reenactment thereto, as the case may be.][Chapter II] [Substituted by Notification No. LAD-NRO/GN/2013-14/25/24775, dated 27.9.2013 (w.e.f. 23.10.1992).] Registration Of Stock Brokers
