Mumbai: Capital market regulator SEBI in its last board meeting under the chairmanship of CB Bhave today decided that intermediaries who seek renewal licenses will be granted a onetime approval during the first renewal stage for a period of five years. On assessment of the performance of the intermediary and its track record during the initial five years, it will be granted registration on permanent basis, state a press release put up on SEBI website. Presently registrars to an issue and R&Ts have to renew their license every three years.
“They come to us to renew the license very often. The board has decided that during the first renewal, either the renewal would be rejected an extension or given a permanent license,” said C B Bhave, the current chairman of SEBI in his last media interaction. Intermediaries like merchant bankers, registrars to issue and mutual funds are required to renew their licenses with SEBI.
