The Securities and Exchange Board of India (SEBI)
has begun a project to rewrite its regulations for capital
market intermediaries by compressing the various circulars
over the last 15 years into one master circular.
draft comprehensive rules for intermediaries seek to make
the registration process simpler and cost effective, mutual
funds, depository participants and foreign institutional
issued draft regulations for market intermediaries to
consolidate the common requirements in the regulations,
under the `Consultative Paper on Draft SEBI (Intermediaries)
regulations will apply to all intermediaries and prescribe
the obligations, procedure, limitations etc, in so far
as the common requirements are concerned, said the consultative
paper put on the SEBI website this evening for public
that the rules on intermediaries on basic provisions regarding
registration, general obligations, inspection and investigations,
default etc, are similar, the regulator proposes to bring
them under a single rulebook.
key feature of the proposed guidelines allows persons
currently registered with SEBI to apply for perpetual
registrations. Persons who are currently registered with
SEBI under regulations shall be required to apply afresh
within two years of notification of the proposed regulations
the paper added.