Critically examine the following: (d) Chapter III consisting of Regulations 13 to 18 of SEBI (Underwriters) Regulations 1993, deals with obligations and responsibilities of underwriters.

Chapter III of SEBI (Underwriters) Regulations, 1993, consisting of Regulations 13 to 18, deals with the obligations and responsibilities of underwriters, which are as follows: Every underwriter shall at all times abide by the Code of Conduct as specified in Schedule III. Regulations 14 and 15 contain provisions regarding the matters on which every underwriter shall enter into an agreement with the body corporate and his general responsibilities. The contents of the agreement shall include the period of agreement, the allocation of duties and responsibilities between the underwriter and the client, the amount of underwriting obligations, the period by which the underwriter should subscribe, the amount of commission/brokerage payable, and other details of arrangement for fulfilling the underwriting obligations. The general responsibilities of the underwriter are as follows: The underwriter shall not derive any direct or indirect benefit from underwriting the issue other than the commission or brokerage payable under an agreement for underwriting. The total underwriting obligations under all the agreements shall not exceed 20 times the net worth. Every underwriter, in the event of being called upon to subscribe for securities of a body corporate pursuant to an agreement, shall subscribe to such securities within 45 days of the receipt of such intimation from such body corporate. Regulations 16 to 18 relate to the maintenance of proper books of account and records and their preservation for 5 years, and SEBI's power to call for and obtain information from the underwriter.