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<h1>SEBI may appoint Division Chief-level adjudicating officers to conduct inquiries and impose penalties under Depositories Act</h1> The Securities and Exchange Board of India may appoint adjudicating officers not below Division Chief rank to conduct inquiries and impose penalties under specified sections of the Depositories Act. The adjudicating officer has powers to summon witnesses, enforce attendance, and require document production during inquiries, with reasonable opportunity for hearing provided to concerned parties. The Board retains authority to review proceedings and enhance penalty amounts if deemed necessary for securities market interests, subject to hearing requirements and a three-month time limit from the original order or appeal disposal.