Financial Market Intermediaries are service providers and are an integral part of any financial system. Elucidate and mention the primary market intermediaries and secondary market intermediaries. When the applications f

Intermediaries are service providers and are an integral part of any financial system. SEBI regulates various intermediaries in the primary and secondary markets through its regulations for these respective intermediaries. SEBI has defined the role of each of the intermediary, the eligibility criteria for granting registration, their functions and responsibilities and the code of conduct to which they are bound. These regulations also empower SEBI to inspect the functioning of these intermediaries and to collect fees from them and to impose penalties on erring entities. Primary Market Intermediaries Merchant Bankers Bankers to the Issue Registrars to an issue and share transfer agents Underwriters Debenture Trustees Secondary Market Intermediaries Stock brokers Depository Share Transfer Agents Rejection of Application: Any application of grant of certificate:- which is not complete in all respects and does not conform to the requirements in Form A and the requirements specified in the relevant regulation; which does not contain such additional information as required by the SEBI; which is incorrect, false or misleading in nature; where the applicant is not in compliance with the eligibility requirements as set out under the SEBI (Intermediaries) Regulations, 2008 or the relevant regulations; where the applicant is not a fit and proper person; where the principal officer does not have the requisite qualification or experience as required under the relevant regulations; can be rejected by the SEBI for reasons to be recorded by the SEBI in writing. However, the applicant has to be given an opportunity in writing to make good the deficiencies within the time specified by the SEBI, for the purpose.