Securities And Exchange Board Of India - Subsection
Section 2(1) in The Securities and Exchange Board of India (Intermediaries) Regulations, 2008
(1)In these regulations, unless the context otherwise requires-(a)"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);(b)"associate means any person controlled, directly or indirectly, by the intermediary, or any person who controls, directly or indirectly, the intermediary, or any entity or person under common control with such intermediary, and where such intermediary is a natural person will include any relative of such intermediary and where such intermediary is a body corporate will include its group companies (as defined in the Monopolies and Restrictive Trade Practices Act, 1969 (Act No. 54 of 1969) or any re-enactment thereof) or companies under the same management;(c)"certificate" means a certificate of registration granted to an intermediary by the Board under the relevant regulations;(d)"change of status of constitution", in relation to an intermediary includes-(i)amalgamation demerger, consolidation or any other kind of corporate restricting 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 or any agreement or arrangement which would have the effect of such corporate restructuring;(ii)any change in control of the intermediary;(iii)any change in the legal status of the intermediary;(e)"control" in relation to an intermediary shall include the power to directly or indirectly, control the management or policy decisions of such intermediary by person or persons acting individually or in concert;(f)"For" means a Form in Schedule 1;(g)"intermediary" means a person mentioned in clauses (b) and (ba) of sub-section (2) of Section 11 and sub-section (1) and (IA) of Section 12 of the Act and includes an asset management company in relation to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, a clearing member of a clearing corporation or clearing house and a trading member of a derivative segment of a stock exchange but does not include foreign institutional investor, foreign venture capital investor, mutual fund, collective investment scheme and venture capital fund;(h)"inspecting authority" means one or more persons appointed by the Board to undertake inspection of the books, accounts, records and documents of an intermediary in terms of sub-regulation (1) of Regulation 17;(i)"principal officer" means any person who is responsible for the activities of an intermediary and includes-(i)proprietor, in the case of a proprietary concern;(ii)any partner, in the case of partnership firm;(iii)whole time/executive director/managing director, in the case of a body corporate;(iv)trustee, in the case of a trust;(v)any key employees; and(vi)any person designated as a principal officer under the relevant regulations;(j)"relevant regulations" means any regulations made by the Board applicable to a class of intermediaries;(k)"securities laws" means the Act, the Securities Contract (Regulations) Act, 1956 (42 of 1956), the Depositories Act, 1996 (22 of 1996), and the rules and regulations made thereunder;(l)"schedule" means a schedule annexed to these regulations;(m)"self regulatory organisation" means an organization of a class of intermediaries duly recognized by or registered with the Board and includes a stock exchange.
