The Central Government has vide its Notification dated 7th September 2006, rescinded the following rules (the "Rules") of the Securities and Exchange Board of India with immediate effect:
The Securities and Exchange Board of India (Merchant Bankers) Rules, 1992,
The Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Rules, 1992,
The Securities and Exchange Board of India (Debenture Trustees) Rules, 1993,
The Securities and Exchange Board of India (Underwriters) Rules, 1993,
The Securities and Exchange Board of India (Portfolio Managers) Rules, 1993,
The Securities and Exchange Board of India (Registrars of an Issue and Share Transfer Agents) Rules, 1993, and
The Securities and Exchange Board of India (Bankers to an Issue) Rules, 1994.
The abovementioned Rules prescribed the requisites for grant and renewal of certificates of registration of merchant bankers, stock brokers and sub-brokers, debenture trustees, underwriters, portfolio managers, registrars to an issue and share transfer agents and bankers to an issue respectively.
However, the rescission would not affect:
the previous operation of the Rules or anything done or omitted to be done or suffered therein; or
any right, privilege, obligation or liability acquired or accrued or incurred under the Rules; or
any penalty, forfeiture or punishment incurred in respect of any offence committed against the Rules; or
any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid.
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