In order to start the process of surrender, a public notice regarding surrender of certificate of registration should be issued in the newspapers. Newspaper needs to be one English newspaper of wide circulation (All India Editions) and one Local Language Newspaper.
The public notice regarding surrender of certificate of registration in newspapers should be issued in both the places and also the places where most of your clients are geographically located.
You can apply for surrender after a minimum period of 30 calendar days post the public notice.
Kindly log in to SEBI Intermediary Portal (SI Portal). In the portal, select Post Registration activities and file application for surrender.
Yes, you can make an application for surrender on T+1. However, you will be required to make the payment for the next block as well. In order to avoid making payment for the next block, make sure that the application is filed in the SI Portal before the expiry of the block dates for fees.
Kindly submit the following documents
- Original SEBI certificate of registration
- Copy of the Public Notice for surrender of registration
- List of all activities that are being carried out including those activities that do not relate to the securities market.
- Details of Enquiry/Adjudication/Prosecution or any other action pending against the applicant with respect to its activities
- Details of applicant registered with SEBI as any other intermediary
- List of directors
- Relevant undertakings as attached in Surrender Annexure1
If the original certificate has been lost, the applicant need to submit a true copy of the FIR and an affidavit- cum undertaking that the applicant is not in possession of the original certificate of registration. The undertaking should also contain a clause that if the original certificate is found at a later date, it needs to be submitted.
Annexure 1
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1 | Whether any disciplinary proceedings pending |
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2 | Whether any investigation/enquiry by SEBI is pending against the applicant with respect to “MB/BTI/RTA/UW/CRA/DT” (choose the appropriate) activities. |
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3 | Whether as on date of application all fees have been paid and also mention the due date for renewal of next block period |
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4 | Whether the applicant shall continue to be liable for all liabilities/obligations (including monetary penalties, if any) for violations, if any, of the provisions of the SEBI Act and the SEBI (MB/RTA/UW/DT/CRA/BTI) (choose the appropriate regulations) Rules and Regulations that have taken place before its surrender of certificate of registration. |
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5 | Whether any pending assignments/ mandates as a “MB/ BTI/ RTA/ UW/ CRA/ DT” (choose the appropriate) |
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6 | Whether any arrangements made by the applicant for maintenance and preservation of records and other documents required to be maintained under the relevant regulations; |
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7 | Whether any transfer of records, funds or securities of its clients pending |
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8 | Whether any arrangements made by it for ensuring continuity of service to the clients |
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9 | Whether any arrangements made to transfer its activities to another intermediary holding a valid certificate of registration to carry on such activity and allow its clients or investors to withdraw or transfer their securities or funds held in its custody or to withdraw any assignment given to it, without any additional cost to such client or investor. |
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10 | Whether any defaults or pending actions, if any |
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11 | Whether the applicant shall cease to carry on activity in respect of which the certificate had been granted |
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12 | Whether the applicant has made provisions as regards liability incurred or assumed by it |
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13 | Whether the applicant has taken such other action including action relating to any records or documents and securities or money of the investors that may be in custody or control of such person, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Board while passing order under SEBI (Intermediaries) Regulations, 2008 or otherwise. |
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14 | Whether the applicant has any investor complaints pending. |
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