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<h1>SEBI's Power Under Section 23I: Appoint Adjudicating Officer, Conduct Inquiries, Impose and Review Penalties for Violations.</h1> Section 23I of the Securities Contracts (Regulation) Act, 1956, empowers the Securities and Exchange Board of India (SEBI) to appoint an adjudicating officer, not below the rank of a Division Chief, to conduct inquiries and impose penalties for violations under specified sections. The adjudicating officer can summon individuals and documents relevant to the inquiry. SEBI may review and enhance penalties if deemed necessary for market interests, provided the concerned party is heard, and such actions occur within three months of the original order or appeal disposal.