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of <h1>Section 19-IB of Depositories Act: Recovery Officer's Powers to Enforce Penalties and Fees Through Asset Seizure and More.</h1> Section 19-IB of the Depositories Act, 1996, introduced by the Securities Laws (Amendment) Act, 2014, outlines procedures for recovering amounts owed to the Board. If an individual fails to pay penalties, fees, or comply with disgorgement orders, the Recovery Officer can issue a certificate specifying the debt and recover the amount through various means, including property attachment, bank account seizure, arrest, or appointing a property manager. These actions are guided by provisions from the Income-tax Act, 1961, with necessary modifications. The Recovery Officer has precedence over other claims and can seek local administration assistance.
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