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FAQs – Registration for all direct Intermediaries

A first time applicant for MIRSD Direct Intermediary registration needs to pay the application fees through the Self-Registration tab in the SEBI Intermediary Portal (SI Portal).   Kindly read the Self-Registration – FAQs for the same.  Once the payment is confirmed, you will receive a login id and password. Using the same, kindly login to the registration tab and make an application for registration. 

 

Kindly refer to ‘Intermediary Specific’ Regulations available on the following link for details on ‘Consideration of Application’:

https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=1& ssid=3&smid=0

No, pursuant to the amendments carried out vide Gazette Notification no SEBI/LAD/NRO/GN/2016-17/023 dated December 08, 2016, the certificate of registration granted shall be valid unless it is suspended or cancelled by the Board. Thus, it is no longer required to send an application for permanent registration. However, the required fees as applicable for renewal/registration has to be paid. Pursuant to the payment of renewal fees, a new certificate shall be issued. Refer to question 10 in the Payment of Renewal Fees - FAQs

Kindly refer to ‘Intermediary Specific Regulations’ available on the following link for the same:

https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=1& ssid=3&smid=0

SEBI follows a transparent procedure for granting registration. By and large, reply is sent to the applicant within a period of 30 days. Once the requirements are complied with, certificate of registration is issued.

The division provides a time of 15 days to reply to the queries that may be extended by another 15 days on the request of the entity. However, if the queries are not replied to or incomplete replies to the queries are received after 30 days, the application is liable to be dealt in the manner as deemed fit by SEBI.

Yes, prior to the grant of registration, a pre-registration site visit shall be conducted at the principal place of business to assess the infrastructure and the experience of KMPs. 

 

Pre-registration site visit is conducted for all MIRSD direct intermediary except Bankers to an Issue. The applicant should appoint KMPs before site visit. The KMPs and directors should be present at the time of site visit.

The office should be ready for function with computer systems, printers, telephone, internet connection and adequate storage cabinets.

The premises should be fire compliant. 

The server room should have a separate access and an assigned employee to handle it and the backup of the server should not be on the same premises. In case the applicant has opted for a cloud server, the details of the same should be provided along with an undertaking stating that the entity does not have a physical server on location. 

Further, if any other SEBI registered activities are carried out from the same premises, the area earmarked for specific activity for which registration is sought should be clearly demarcated with a Chinese wall and should have restricted access. 

No, the Key Managerial Persons (KMPs) as identified by you for SEBI registration may or may not be the same as the ones identified under Companies Act, 2013. 

 

For the purpose of SEBI registration, KMPs are referred to as the persons who shall be responsible for managing the business and those who have the requisite experience and expertise in the field.

No, you need to have minimum two persons as KMPs. 

 

The KMPs have to be full time employees of the applicant.

Yes, the director, principal officer or compliance officer can be designated as a KMP. 

The status ‘In-Progress’ post submission of application or replying to queries means that your application has been successfully submitted and is being reviewed by the SEBI officer. By and large, reply shall be sent to you within a period of 30 days.

Processing of the application shall start based on the scanned copies of documents uploaded with the application in SI portal. However, you also need to send physical documents to SEBI and ensure that you have uploaded all relevant documents on the online application for registration in the SI Portal. Any physical document sent without the same being uploaded on the SI Portal shall not be considered as a valid submission.

Yes, you may apply for SEBI registration. But, you need to provide an undertaking that the KMPs and Compliance Officer shall clear the NISM exam within 1 year from the date of grant of SEBI registration. However, it would be preferred that the KMPs and Compliance Officer have the required certification prior to starting the business.

Kindly apply online on the SI Portal for withdrawal of registration application. However, application fees shall not be refunded.