Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 Chapter VIIA PROCEDURE IN CASE OF VIOLATION OF REGULATIONS
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Board directions can restrain market access and order refunds, subject to opportunity of being heard and urgent exceptions. Regulation 27A authorises the Board to issue directions in the interest of the securities market suo motu or on information or inspection/investigation, ... Summary
Board directions can restrain market access and order refunds, subject to opportunity of being heard and urgent exceptions.
Regulation 27A authorises the Board to issue directions in the interest of the securities market suo motu or on information or inspection/investigation, including refunds of application monies, restrictions on dealings and market access, restraint on further issuances, orders to divest or freeze transfers, and other appropriate measures; the Board must afford an opportunity of being heard before or after directions, with provision for urgent ex parte directions followed by post decisional hearing, and may notify Central and State Governments when the issuer is a Municipality.
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