Adjudication power: SEBI may appoint adjudicating officers to inquire, summon evidence and impose penalties, subject to review. The Board may appoint an Adjudicating Officer (not below Division Chief) to hold inquiries, after giving reasonable opportunity of hearing, summon witnesses and documents, and impose penalties under the specified sections; the Board may review records and, after an opportunity to be heard and within the prescribed time limit, enhance the quantum of penalty if the order is found erroneous and market interests justify enhancement.