Section 25 of the 1956 Act unless that company is registered under
Section 25(2) of the 1956 Act. Registration under Section ... Act.
Thus, under Section 25 of the 1956 Act holding license is of paramount
consideration and registration under Section 25(2) of 1956 Act follows
inserted to Section 12 of
the SEBI Act by the Securities Laws (Amendment)
18
Act, 1995 with effect from 25.01.1995 provides that
no person shall ... would
amount to defeating the object with which SEBI Act is enacted. Under
the SEBI Act it is the duty of SEBI to protect
PACL on 14.06.2013 wherein there is no
mention of registration or any advise to seek
registration. Therefore, it can be safely inferred that
SEBI ... make an application for
registration or was denied registration by SEBI or
failed to comply with conditions of provisional
registration if granted
obtained a certificate of
registration from the Board under these regulations:
Provided that a person acting as an investment adviser
immediately before the commencement ... existing investment adviser who has applied for
registration within 6 months is entitled to act as investment adviser till the
disposal of the application
Securities and Exchange Board of India
Act, 1992 (' SEBI Act ') read with Regulation 65 of the SEBI (Collective
Investment Schemes) Regulations ... before the commencement
of the Securities Laws (Amendment) Act, 1995, for which no
certificate of registration was required prior to such
commencement, may continue
Securities and Exchange Board of India
Act, 1992 (' SEBI Act ') read with Regulation 65 of the SEBI (Collective
Investment Schemes) Regulations ... before the commencement
of the Securities Laws (Amendment) Act, 1995, for which no
certificate of registration was required prior to such
commencement, may continue
Securities and Exchange Board of India
Act, 1992 (' SEBI Act ') read with Regulation 65 of the SEBI (Collective
Investment Schemes) Regulations ... before the commencement
of the Securities Laws (Amendment) Act, 1995, for which no
certificate of registration was required prior to such
commencement, may continue
through the appellant.
10. Section 12(1) of SEBI Act which deals with registration certificate
(to the extent relevant) reads as under:-
"12. Registration ... SEBI Act . Once Delhi High Court in the
aforesaid case has construed Section 12 of SEBI Act and held that
separate registration certificate
whether the appellant, in the absence of SEBI
registration be able to act as sponsor member and if so,
would the annual charges ... whether
the appellant, in the absence of SEBI registration be able to act as
sponsor member and if so, whether the annual charges
that the merchant banker who has been
granted registration by the Reserve Bank of India to act
as a primary or satellite dealer may carry ... intermediaries
including the MBs. Chapter V of the SEBI Act, 1992 deals with the
Registration Certificate. Section 12 provides that various intermediaries,
including
