Securities And Investment Analysts Bill 2014
SPECIAL ISSUEKenya Gazene Supplement No.60 (National Assembly Bills No.2I)REPUBLIC OF KENYAIKENYA GAZETTE SUPPLEMENTNATIONAL ASSEMBLY BILLS, 2014"lNAIROBI, 22nd April, 2014CONTENTBill for Introduction into the National AssemblyPAGEPRINTED ANDPUBUSHED BY THE GOVBRNMENT PRINTER, NAIROBI
2483TIrE SECURTTIES AI\D IIWESTMENT ANALYSTS BtLL,20t4ARRANGEMENT OF CLAUSESClailsePART I- PRELIMINARYl-Short title and corlmencement.2-Interpretation.3-PART II- ESTABLISHMENT OF INSTITUTEEstablishment of the Institute.of the Institute.4-MembershipS-Funds of the Institute.6-HonoraryFellows.7of the Institute.-Chairperson8-Functions of the Institute9-The Council.l0-Boards of Councils11-. embership of the Council.1213-secretaryto the Council.Board.-RegistrationPARTIII. REGISTRATION AND PRACTICEfor registration.14-Applicationl5-Hoiders of authority to practice.I6--Qualifrcations for registration.17-Disqualification from Registration.l8-Register.I9-Cancellation of registration.20-Authority to practice. \21-Defrnition22-of Practice.Application for practicing certifi cate.23-Issuance of practicing certificate.24-Issuanqe of annual license.
tIIThe Securities and lnvestment Aualysts Bill, 20l425-Properf of [nstitute.PART IV. DISCIPLINARY PROVISIONS2f-Professional misconduct.27-Disciplinary Board.28the Disciplinary-Inquiry WBoard.29-Recomn.rendations after inquiry.30-Appeal.3l-Partto apply to previous holders of an authority to practice.PART V -MISCELLANEOUS32-Staffof the Instituteand Exarninations Board.33-Protection from liability.34-Accountsand audit.35-Offences.36-Vacancy in membership.37-Appointment of interim managers.38-Regulations.39-Transitional provisions.SCHEDULESFIRST SCHEDULErelating to the Institute-ProvisionsSECOND SCHEDULf,-Provisions relating to the CouncilTHIRD SCHEDULE-Provisions relating to the Registration andQuality Assurance Boardtr'OURTH SCHEDULE-Provisions relatingto the DisciplinaryBoard Proceedings on InquiryFIFTH SCHEDULE-Provisions relating to Interim Manager
The Securities and lnvestment Analysts Bill, 2014rHE sECURrrrESS,r?l)ydsrMENrANALY248'5srsA Bill forAN ACT of Parliament to provide fortheestablishment, powers and functions of theInstitute of Certified Securities and InvestmentAnalysts to provide for the examination andregistration of certified securities and investmentanalysts and for connected purposes.ENACTED by the Parliarnent of Kenya as follows1. This Act may be cited as the Securities andInvestment Analysts Act, 2Al4 and shall corne intooperation upon the expiry of ninety days after itsShorttitle.publication.2. In this Act, unless the context otherwiserequires-o'annual licence"means an annual licence issuedpursuant to section 24;"Cabinet Secretary" means the Cabinet Secretary forbeing responsible for matters relating to finance;the time"Capital Markets Authority" means the Authorityestablished under section 5 of the Capital Markets Act;"chairperson" means the chairperson of the Institute, andincludes a person appointed under paragraph 2 of the FirstSchedule to act as chairperson;"Council" rneans the Couneilof the Instituteestablished under section 9;"Disciplinary Board" means the Board establishedunder section 27;,'oExaminations Board" means the Kenya Accountantsand Secretaries National Examinations Board establishedunder section 14 of the Accountants Act,2008;"firm" means a sole proprietorship or partnership or aregistered company established by members in practiieT"Institute" means the Institute of Certified Securitiesand Investment Analysts established by section 3."practising certificate" means a practising certificateissued pursuant to section 16;"Register" means the register kept pursuant to sectionl8;InterprEtation
The Securities and Investment Analysts Bill,2014,"Registration Board" means the Registration andQuality Assurance Board established under section 13."securities exchange" means a market, exchange,securities organization or other place at which securitiesand investments are offered for sale, purchase or exchange,including any clearing, settlement or transfer servicescorinected therewith.(2) For the purpose of this Act:Object andpurpose of the(a) a person is registered if his name is recorded in theregister pursuant to section 18 of this Act;Act.(b) a person is not registered ,if his registration iscancelled and particulars of the cancellation arerec.prded in the register pursuant to section 19 ofthis Act; and(c) a person is registered if the fact of the restoration ofhis registration is recorded in the register pursuantto section l8(1) (d) of this Act.PART II - ESTABLISHMENT OF INSTITUTE3. (l) There is established an Institute to be known asthe Institute of Certified Securities and Investment Analysts.Establishmentofthe Institute(2) The Institute shall be a body corporate withperpetual succession and a corlmon seal, and shall, in itscorporate nErme, be capableof-(a) suing and being sued;(b) taking, purchasing or otherwise acquiring,holding, q,harging or disposing of both movableand immovable property;(c) borrowing money;(d) entering into contracts;(e) doing or performing all such other acts necessaryfor the proper performance of its functions underthis Act, which may be lawfully done orperformed by a body corporate.(3) The provisions of the First Schedule shall haveeffect with respect to the Institute.4. (1) Each person who is registered is a member of theInstitute shall be allowed to place the prefix the term *IA"before the person's name.(2) The members of the Institute shall be divided intothe following classes, namely:Mcmbcrshipthc Instittrtc.of
The Securities and Investment AnalystsBill,20l42487who becomeFellows pursuant to an invitation undersubsection (3) each of whom shall be titled(a) Fellows, comprising members"Fellow of the Institute of Certified Securitiesand Investnent Analyst" (designatory lettersFCSIA);r(b) Full members (comprising those membersregistered under section 20 but who are notFellows) each of whom shall bE titled "Memberof the Institute of Certified Securities andInvestment Analysf ' (designatory letters CSIA).(c) Associate members, comprising persons eligible tobe registered under section 20 but who do not meetall the requirements prescribed under subsection (l)of that section, each of whom shall be titled"Associate Member of the Institute of CertifiedSecurities and Investnent Analysf' (designatoryletters ACSIA).(3) Where the Council considers that a member of theInstitute has fulfilled the requirements for admission intoFellowship as the Coupcil may prescribe, the Council mayinvite such member to become a Fellow of the Institute.(4) Associate members shall be entitled to such rightsof membership as the Cabinet Secretary may, in consultationwith the Council, by notice in the Gazette prescribe.(l)The expenditure of Institute and its bodiesestablished under this Act shall be met from the funds5.Funds of theInstitute.genelated by the Institute and its bodies under this Act.(2) The members of the Institute as specified in section4 shall pay such fees and subscriptions fs the Council mayfrom time to time prescribe.6. (1) Where the Council considers that a person, not [gPo'vFellows'berog a' memter of the Institute has rendered spicialservices to the Institute or the secgrities and investments,the Council may invite such a person to become anHonorary Fellow of the Institute.(2) An Honorary Fellow shall not be a member of theInstitute.(3) An Honorary Fellow shall be titled "HonoraryFellow of the Institute of Certified Securities and Investment
I\The fucurities and Investment Analysts Bitl,20I4Analyst" (designatory letters Hon FCSIA).7,(l)There shall be a chairperson of the Institute whoshall be elected in the matter provided for in the FirstSchedule.Chairpersonthe Institute.of(2) A member seeking election as chairperson shallbe a person who:(a) has been a member of the Institute for acontinuous period of not less than three years;(b) has served on the Council or its Boards for atleast one year; and(c) has not been disqualified under the provisions of theSecond Schedule.8.The functions of the Institute shall be to(a) advise the Cabinet Secretary on matteis relating tosecurities and investments in all sectors of theeconomy;(b) promote standards of professional competence andpractice amongst members of the Institute;(c) promote research into the subjects of securities andinvestments and related matters, and the publicationof books, periodicals, journals and articles inconnection therewith;(d) promotethe international recognition oftheInstitute;(e) advise the regulator for the time being responsiblefor capital markets in respect of licensing financial,securities and investments analysts;(f)advise the Examinations Board on matters relatingto examinations standards and policies;G). to design and administer an initial ethics test for thepurposes of determining the professional suitabilityof all its members and to subsequently design andundertakecontinuous development'progranrmes for its members.such(h) carry out agy other functions prescribed for it underany of the other provisions of this Act or any otherwritten law.Functions of theInstitutc.I1
The Securities and Investment AnalystsBiU,20l49. (1) The Institute shall be govemed by a Council to beknown as the Council of the Institute.(2) Subject to this Act, all acts and things done in thename of or on behalf of the Institute by the Council, or withthe authority of the Council shall be deemed to have beendone by the Institute.(3) The Council shall issue standards of professional2489The Council.practice, including securities and investment standards,which shall form the basis of securities and investmentpractice for members of the Institute in the preparation,verification and analysis of financial statements.(a) The Council may with the approval of the members,issue by-laws to govern matters affecting the operations(l)The Council rnay establish such boards asnecessary for the performance of the functions of theInstitute and may, subject to the provisions of this Act,10.BoardsofCouncils.delegate powers conferred on it to such boards.(2) The provisions of the Second Schedule shall haveeffect with respect to the Council.11.(l) The Council shall consist of eleven members asfollows:(a) a chairperson elected in accordance with section 7;Membership ofthe Council.(b) one member to represent the ministry responsiblefor matters relating to finance;(c) one member to repregent the regulator for the timebeing responsible for capital markets;(d) one member to represent the Exarhinations Board;(e) one member appointed by the Council to representSecurities Exchanges, and(fsix members elected in the manner provided in theSecond Schedule.12.':(1) There shall be a Secretary to the Council whoshall be appointed by the Council.(2) The Secretary to the Council shall hold andvacate the office of Secretary in accordance with thetgrms of the instrument of appointment to that office.(3) Ii additjon to the functions conferred by or underthis Act,ttlie Secretary to the Council shall exercise andSecretary to theof Council.
The Securities and Investment Analysts Bill,2014perfonn such other functions as the Council may, from timeto timea determine.13. (l) There is established a board to be known as theRegistration and Quality Assruanee Board.RegistrationBoard.(2) The Registration Board "shall consist ofsevenmembers to be appointed by the Council as follorvs:(a) a chairpersonfrom the Institute;?ppointed(b) one person to represent the Ministry responsiblefinange;(c) one person nominated by the Examinations Board;(d) one person to represent the Securities Exchanges;(e) two.persons nominated by the Council to represenlthq Institute; and(D qne person, ngt being a member of the Institute,nominated by the Council to represent the users ofsenrices proyided'by sectrities and investmentsanalysts.(3)The functions of the Regisfiation Board shall be to-(a) receive, consider and approve applications forregistation as a certified financial securities andinvesfinent analyst;(b) grant practising certificat s and annual licenses inaccordance with the provisionS of this Act;(c) monitor compliance with professional, qualityassurance and other standards p\b.lished by theCouncil for observance by the mernbers of theInstitute;(d) prescribe regulations to govern quality assurancqprogrammes, including actions necessary to rectiffdeviations from established standards;(e) where appropriate and based on the results ot aquahty assurance reviewo recomalend to f,re Corurcilthat a member's conduct be referred for inquiryunder section 28;(0 advise the Council on matters pertainingprofessional and other standards necessary. achievement of quatityassurance;pitottrei}h,"
The Securities and Investment Analysts BiU,2014G)cancellationbfcertificates2/ 91in accordance withsection 19.(4) In the performance of its functions under thisseqtion, the Registration Board may undertake suchinvestigations as it deems appropriate, and may requisitionevidence, examine records and documents prepared or heldby, or likely to be availed to, the member underiinvestigation.(5)Wherethe Registration Board makes arecommendation under subsection 3(e) the Council shallrefer the matter for inqurry under section 28.(6) The Disciplinary Board shall consider as evidencethe results of the investigation undertaken by theRegistration Board in an inquiry referred to it undersubsection (5).(7) The Councrt shall provide the Regrstration Boardwith such facilities and resouries asere necessary to enableit competently discfrarge its functions.(8) In the exercise of its functioRs under this Act, theRegistration Board shall regulate its own procedure andshallnot work under ttre direbtion of any person or persons.(9) The Serlretary to the Council shall serve as theSecretary to thp Registration Board and may, with theconsent of the pdrson presiding at ameeting, take part in thedeliberations on any matter arising/at the meeting bu(shallnot be entitled to vote on any sucVmatter.(10) The provisions of the Third Schedule shall haveeffect with respect to the Registration Board.PARTIII -REGISTRATIONAND PNI.CTTCN(l) A person wishin! to be registered as a furancial,securities and investment analyst shall apply to the14.Registation Board.(2) An application to be registered as a financial,securities and investment analyst shall be in the prescribedform and shall be accompanied by the prescribed fee.(3) Where an application is made by a person inaccordance with this section, the Registration Board shallapprove the application if it is satisfied that the person-Application forregistration.
The Securities and Investment AnalystsBill,20l4(a) is of or above the age fixed by the Council pursuantto subsection (4);(b) is qualified to be registered; and(c) is not disqualified from being registered, and, ifnot satisfied shall refuse the application.(a) The Council shall by notice in the Gazetk, fix theage which a person wishing to be registered must haveattained.(5) A person who, in an application to be registered,wilfully makes a false or misleading statement commits anoffence and shall be liable on conviction to a fine notexceeding one million or to imprisonment for a period notIexceeding eighteen months or to both.(l)Notrvithstanding sections la(l) and (3), theRegistration Board may on application and payment of theprescribed fees,, register as a financial, securities, and15.Holdersofauthority topractiseinvestment analyst any person who, prior to thecommencement of this Act, is the holder of a valid authorityto practise issued in accordance with the provisions of anyother Act.(2) Applicationsunder this section shall be received bythe Board within a period of eighteen months after thecommencement of the Act.16. (1) Subject to this section, a personbe registered if the person-ii qualified to(a) has been awarded by the Examinations Board, acertificate or other documentary evidenceconfirming that he has passed the final certifiedsecurities and investment analysts examination; or(b) holdsaqualification approved beforethecoflrmencement of this Act and was registered atthe time of commencement of the Act undersubsection (2).(2) The Council may in consultation with theExaminations Board from time to time, by notice in theGazetle, approve qualifications which it considers sufficientto allow a person to be registered, and may, in like manner,withdraw any such approval.(3) Notwithstanding subsection (l) or (2), the Councilmay require a person making an application for registrationQualificationsfor registration
The Securities'and Inve stment Analysts Bill,20142493to satisff the Registration Board, in such nramer as it maydirect, that the person has-(a) adequate knowledge of Kenyan laws, includingtaxation law and law governing financial marketsand;(b) adequate experienceinfinancial, securities andsecurities analysis, and(c)acceptable professional conduct and generalcharacter which in the opinion of the Board makesuch person a fit and proper person to be registeredand unless the person so satisfies the RegistrationBoard he shall not be treated as being qualified tobe registered.17.(1) Subject to this section, a person is disqualifiedfrom being registered(a)registsation.if such person is convicted by a court of competentjurisdiction in Kenya or elsewhere of an offenceinvolving fraud or dishonesty;,(b)ifsuch personis an undischarged bankrupt;(c)ifsuch person is of unsound mind and has beencertified to be so by a medical practitioner; or(d)during any period when Disciplinary Board hasdetermined under Section 26 that such perso4 shallnot be repistered or during any such period as variedby the High Court under section 30(1) of this Act.(2) A person shall not be treated as disqualified undersubsbction (l) (a) of this section if the Registration Boardhaving regard to(a) the period which has elapsed since the convictionconcerned; orItFDisqualificationfrom(b) the circumstances of the offence, determines that itwould be unreasonable to so teat the person.(3) A person shall not be treated as disqualified undersubsection (l) (b) of this section if the Registration Board issatisfied that the bankruptcy of the person concerned aroseap a result of unavoidable losses or misforfunes.(4) A person shall not be treated as being disqualifieduhder subgection (l) (d) of this section if the High Court
The Securities and Investment AnalystsBill,20l4allows an appeal under section 30 of this Act.18.(1) The Secretary to the Registration Boardcause to be kept a register in which shall be recorded-'shall iegister'(a) the name of any person whose application undersection 20 of this Act is approved;(b) the fact that a practising certificate is issued to anyperson or that any such certificate has ceased to bein.force under this Act;(c) the particulars of the cancellation of the registrationofany person;(d) the factihat the registration of any person isrestored under this Act;(e) details of firms engaged in the public practice of asecurities and investment analysis, including theirproprietors; and(f)such other matters as the Council may determine.(2) The Secretary to the Registration Board may causeto be made such alterations in the register as are necessary:to ensure that the matters recorded therein are accurate.(3) The register may, at allreasonable hours, beinspected, and copies of all or any part of any entry in theregister taken-(a) without payment, by-ILI(i) any member of the police force or any publicservant, acting in the course of his duty; or(ii) any personauthorisedby theSecretaryitotheCouncil; or(b) on payment of such fee as may be prescribed, byany other person.(a) The register shall be received in proceedings beforeany court or tribunal as evidence of the matters recordedtherein which are required by or under this Act to be soirecorded.(5)Adocument purportingSecretary to the Council-to be certified by thelIji(a) to be a true copy of an entry in the register;
The Securities ancl Investment AnalystsBill,20l42495(b) stating that a person is not, or was not on a datespecified in the document, registered; or(c) stating that a person is not, or was not on adatespecified in the document, the holder of a practisingcertificate,shall be received in proceedings before a court ortribunal as prima facie evidence of any such matterscontained in the entry or of that fact, as the case may be.(6) Proceedings on an inquiry under this Act before theDisciplinary Board shall be deemed to be proceedingsbefore a tribunal for the pu{poses of this section.19. (1) Subject to this section, the Registration Boardshall cancel the registration of a memberi(a) if determination that the registration of the member becancelled is made urder section 23(2) of thrs Act;(b) if any circumstance arises which, if the memberwere then a person applying for registration, woulddisqualiff him under section 24 from beingregistered; or(c)if it is appropriate under subsection(4) of thissection to do so.(2) The Registration Board shall not cancel theregistration of a member under subsectioru.(1) (b) unless ithas afforded to the member an opportunity to show causewhy his registration should not be Lancelled.(3) Subsections (2) and (3) of section 23 shall apply inrelation to the cancellation of the registration of a memberof the Institute under subsection (1) (b) of this section asthey apply for the purpose of determining whether or not'aperson is disqualified from being registered.(a) The Registration Board may cancel the registrationof a member of the Institute who fails to comply with therequirements of section 5.(5) When the registration of a member of the Instituteis cancelled under subsection (1) (a), the Registration Boardshall restore the registration if, on an appeal made undersection 30 (l) the High Court allows the appeal.(6) The Registration Board shall upon request restorettrp registtation of a person whose registration is cancelledCancellation ofregistration.
The Securities end Investment A.nalysts Bill,2014under subseation(l)(c).(7) The registration of a member shall be restored byrecording in the register particulars of the restoration.(8) A person shall not be treated as being disqualifiedunder this section if the High Court allows an appeal undersection 30(1) of this Act.(9)A person aggrieved by a determination of theRegislration Board under section 22 (l), section 23 (1) andsection 24 (2) may appeal to an arbitrator against such.dstermination within twenty-one days of being notified ofthe determination.person dissatisfied by a decision under(9),mayappeal to the High Court, which maysubsectionaffirm the determination of the registration Board or allow(10)Athe appeal.(l)No person-shall practice as a certified financial,securities and investment analyst unless the person isregistered as a certified financial securities and investmentanalyst and holds a practising certificate or an annual licensefrom the Registration Board that is in force.(2) Any person who contravenes subsection (1)commits an offence and is liable on conviction to a fine notexceeding five hundred thousand or to imprisonment for aperiod notexceeding two years or to both.21.(l) Subject to this section, a person practices as afinancial, securities and investment analyst for the purposesof this Act if, in consideration of remuneration or otherbenefits received or to be received and whether by himselfor in partnership with any other person, such person:20.(a) engages in the practice of a financial, securities andinvestment analysis or holds himself out to thepublic as a person entitled to do so;(b) offers to perform or performs services involvinginvestment advice or financial decisions, investmenttransactions, books, accounts or records;(c) offers to perform or performs services involving theverification or certification of investments securitiesand related advice; or(d) engages in any practice, or performs or offers toAuthority topractice.Definition ofpractice.
Thc Securities and lnvestment Analysls Bill,201424v7perform any services, which may be prescribed.(2) A salaried employee of thg Government or of anyother person does not practice as a financial, securities andinvestrnent analyst by reason only of doing, in his capacityas such employee, any of the acts referred to in subsection(l).'(3) Anadvocate,aprofessional secretary,aprofessional accountant or a person authorised to do so by orunder any written law, does not practice as a financial,securities and investment analyst by reason only of carqringon the work of an investment consultant or an investrientadvisor of a financial consultant.22. (1)Aperson wishingtoobtaina practisingcertificate shall apply to the Registration Board.(2) An application for a practising certificate shall bein the prescribed form and shall be accompanied by theprescribed fee.23. (l) Where an application is made by a person inaccordance with section 16(1), the Registration Board shallissue to such person a practising certificate if it is satisfiedthat the person-(a) is registered;O).has received, from an investment analyst who is theholder of a practising certificate, instruction of suchnature and for such period as nay be prescribed;and(o) meets such other requirements as may beprescribed, and if not so satisfied, shall refuse theapplication.(2)remainsAinpractising certificate issued under this Actforce unless it ceases to be in force undersubsection (5), (6) or (7).(3) Notwithstanding subsection Q), a practisingcertificate issued to any person shall cease to be ii force ifthat person ceases to be registered.(4) IVhere a practising certificate issued to any personto be in force under subsection (5) that practisingcertificate shall not come into force again if the person issubsequently registered but shall come into force again if.ceasesApplication forpractisingcertifieate.Issuance of- practisingcertificate.
TheSe curit ie s and I nv e stmentAnalyst s Bill,20 I4the regisllation of the person is restored pursuant tosubsection (5) or (6) of section 30(1Xb).(5) Subject to subsection (6), a practising certificate shallcease to be in force during any period when it is suspendedpursuant to section 29(lxi) or if that period is varied onapleal under section 30(l) during the period as so varied.(6) A person may surrenderlo the Institute, a practisingcertificate issued to him and, in that event, the certificateshall cease to be in force.(7) Where a practising certificatd ceases to be in forceunder subsection (3), the person to whom the certificate wasissued shall deliver it to the Institute within fourteen daysafter the date on which he ceases to be registered.(S) Any person who, without reasonable excuse,contravenes subsection (7) commits an offence and is liableon conviction to a fine not exceeding one hundred thousandshillings for every month accruing or part thereof.24,(l) Where the holder of a practising certificateintends to practice as a firm, whether as a sole practitioneror in a partnership, he shall apply to the Registration Boardfor an annual practising license in the prescribed form,furnishing the Registration Board with such details of thefirm as it may require.Issue of annuallicense(2) Where an application is made by a person undersubsection (l), the Registration Board shall issue him withan annual licence if it issatisfied thqJ the person(a) holdsapractising certificate; and(b) meets such other requirements as may beprescribed; and, if not so satisfied, shall refuse theapplication(3) An annual licence issued under this Act shall bevalid fromlthe date of issue to the thinipth June of the yearof issue andshall be renewed at the end ihereof.25. Apractising certificate or an dnnual licence issuedto any person shall remain the property of the Institute.PART IV - DISCPLINARY PROYISIONS26.(l) A member of the Institute shall be gurlry ofprofessional misconduct if such member-Propcrty ofInstitutchofcssionalmisconduct
The Securities and Investment Analysts Bill,2014(a)allows any person to practise in his name as asecurities, financial and investment analyst, unlesssuch person is the holder of a practising certificateand is in partnership with or employed by him;for the purpose of or in the course ofpractising as an investment or financial analyst, intopartnership with a person who does not hold apractising certificate, or secures any' professionalbusiness through the services ofsuch a person or bymea[s not openlo an investment analyst;(b)enters,or allows or agrees to pay, directly orindirectly, to any person (other than a person whoholds a practising certificate, is a retired partner orthe legal representative ofsuch a partner), any share,commission or brokerage out of the fees for, orprofits of his professional services;(c)paysII(d)accepts or agiees to accept any part ofthefees of, orprofits for, the professional work of an'advocate,auctioneer, broker or othe"r agent who is not theholder of a practising certificate;(e)solicits clients or professional work or advertisesprofes onal attainments or services by use of meanswhich contravene the guidelin'bs published by theCouncil;'.(f) discloses information acquired in the course ofprofessional engagement to any person other than aclient, without the consent of the client, or otherwise.than required by law;(g)certifies or submits in his name or in the name of hisfirm a report of investment advice, where theexamination of such statements and the relatedrecords have not been made by him or a partner oran employee in his firm;(h)fails to observe and apply professional, technieal,ethical or other standards prescribed by the Councilas guidelines for practice by members of theInstitute;(i) permits.his name or the name of his firm to be usedin connection .with an estimate of earningscontingent upon future transactions in & rnsonerT2499
The Securities and Investment Analysts Bill,2014Owhich may lead to the beli
The Securities and Investment Analysts Bill,2014, "Registration Board" means the Registration and Quality Assurance Board established under section 13. "securities exchange" means a market, exchange, securities organization or other place at which securities and investments are offered for sale, purchase or exchange, including any clearing, settlement or transfer services
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20. Registration of Securities Exchanges and Capital Trade Points. 21. Registration e.t.c. 22. Revocation of certificate of a Securities Exchange or Capital Trade Point. 23. Approval of amendments to Listing Rules. 24. Securities Exchange or Capital Points to give notice of disciplinary actions, etc. 25. Disciplinary actions by a Securities .
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