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New Amendments in Securities Contracts (Regulation) Rules, 1957 with regards to LLPs

The Gazette of India

EXTRAORDINARY

PART II – SECTION 3 – SUB-SECTION (i)

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 24th October, 2013

G.S.R.705(E).-In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956, (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules 1957, namely:-

1. (1). “These rules may be called the Securities Contracts (Regulation) Amendment Rules, 2013.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. ln the Securities Contracts (Regulation) Rules, 1957, in rule 8, after the sub-rule (5), the following sub-rule shall be inserted, namely:-

“(6) A limited liability partnership as defined in the Limited. Liability Partnership Act, 2008 (6 of 2009), shall also be eligible to be elected its a member of a stock exchange if

(i)       such limited liability partnership undertakes to comply with such financial requirements and norms as may be provided by the Securities and Exchange Board of India for registration of such limited liability partnerships under sub-section (1) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(ii) the designate (partners of the ‘limited liability partnership’ are not disqualified from being members of it stock exchange under sub-rule (1) [except clause (b) and (f) thereof] or sub-rule (3) [except clause (a) and clause (f) thereof and the designated partners of the ‘limited liability partnership’ had not held the offices of Directors in any company or body corporate or partner in any firm or ‘limited liability partnership’, which had been a member of the stock exchange and had been declared defaulter or expelled by the stock exchange; and

(iii) not less than two designated partners of the ‘limited liability partnership’ are persons who possess a minimum experience of two years:-

(a) in dealing in securities; or

(b) as portfolio managers; or

(c) as investment consultants.”.

[F. No. I/17/SM/2011]

Dr. K. P. KRISHNAN, Director General and Addl. Secy.

Note: The principal rules were issued under SRO No. 576 dated 21.2.1957 published in the Gazette of India, Extraordinary, part II, Section 3, page 619 dated 21.2.1957 and were subsequently amended by the amendment notification GSR 1096 dated 14.7.1967 published in the Gazette of India II, Part II section 3, sub-section (i) w.e.f.  22.7.1967, GSR 685 dated 3.6.1972 published in the Gazette of India, Part II, section 3 sub-section (i) page 1556, GSR 959 dated 8.8.1972, GSR 2641 (fitted 1.1 1.1975, GSR 1083 dated 11.11.1985, GSR 1070 (E) dated 15.11.1988, GSR 666 (E) dated 20.7.1987, G.S.R. 870(E) dated 13.11.1992, G.S.R. 617 (E) dated 20.9.1993 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) w.e.f. 20.9.1993, G.S.R. 749(E,) dated 12.10.1994, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), G,S.R.790(E) dated 7.11.1994, G.S.R. 121 (E) dated 9.3.1995, published in the Gazette of India Extraordinary, Part II, section 3, sub-section (i) w.e.f 9.3.1995, G.S.R. 291(E) dated 27.3.1995, published in the Gazette of India, Extraordinary, Pail 11, section 3, sub-section (i), G.S.R. 581(13) dated 23.12.1996, Published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), G.S.R. No 654 (E) dated 8.8.2000, published in the Gazette of India, Extraordinary, Part II, section 3. sub-section (i), G.S.R. 415 (E) dated 7.6.2001 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), G.S.R. 696(E) dated 28.8.2003, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) and G.S.R, 395(E) dated 10.6.2009 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), G.S.R. 469(E), dated 04.06.2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) and O.S.R. 662(E), dated 09.08.2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i).

Tags: Gazette of IndiaIndiaLimited liability partnershipMinistry of Finance (India)New DelhiOfficial GazetteSecurities & Exchange Board of IndiaSecurities and Exchange Board of India Act 1992

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