law: Securities and Exchange Board of India Act, 1992
  12.Registration of
  
  stock-brokers, sub-brokers, share transfer agents, etc.- 
  (1) No stock-broker,
  
  sub-broker, share transfer agent, banker to an issue, trustee of trust deed,
  
  registrar to an issue, merchant banker, underwriter, portfolio manager,
  
  investment adviser and such other intermediary who may be associated with
  
  securities market shall buy, sell or deal in securities except under, and in
  
  accordance with, the conditions of a certificate of registration obtained from
  
  the Board in accordance with the rules made under this Act:
  Provided  that a person buying or selling securities or otherwise dealing with the
  
  securities market as a stock-broker, sub-broker, share transfer agent, banker
  
  to an issue, trustee of trust deed, registrar to an issue, merchant banker,
  
  underwriter, portfolio manager, investment adviser and such other intermediary
  
  who may be associated with securities market immediately before the
  
  establishment of the Board for which no registration certificate was necessary
  
  prior to such establishment, may continue to do so for a period of three months
  
  from such establishment or, if he has made an application for such registration
  
  within the said period of three months, till the disposal of such application.
  (2) Every application
  
  for registration shall be in such manner and on payment of such fees as may be
  
  determined by regulations.
  (3) The Board may, by
  
  order, suspend or cancel a certificate of registration in such manner as may be
  
  determined by regulations:
  Provided  that no order under this sub-section shall be made unless the person
  
  concerned has been given a reasonable opportunity of being heard.