Category I intermediary which allows the applicant to act as a registrar to an issue and share transfer agent. Category II intermediary which allows the applicant to act either as a registrar to an issue or share transfer agent.
The net worth requirement of a Category I applicant is Rs. 50 lakhs and for a Category II is Rs. 25 lakhs. Net worth, for the purpose of this regulation, is defined as paid-up capital and free reserves in case of a body corporate and in case of partnership or proprietorship, it is value of the capital contributed and free reserves.
The regulations require an R&T agent shall: Not act as R&T agent for an associate company, Maintain proper books of accounts and records for a minimum period of 8 years, Appoint a compliance officer
Qualified RTAs are market intermediaries who service more than 2 crore folios. They are also referred to as the Critical Infrastructure Institutions (CII).
Wind-down Plan: Every QRTA shall devise and maintain a wind-down plan - means a process or plan of action employed, for transfer of the entire operations of the QRTA to an alternative RTA/QRTA registered with SEBI, that would take over the operations of the QRTA in scenarios such as erosion of net-worth of the QRTA or its insolvency or its inability to provide critical RTA operations or services.
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