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of <h1>SEBI Rule 16: Procedure for Inquiries into Stock Exchange Affairs Outlined, Ensuring Fair Hearing and Timely Reporting</h1> Rule 16 of the Securities Contracts (Regulation) Rules, 1957 outlines the procedure for inquiries into the affairs of a governing body or member of a recognized stock exchange. The Securities and Exchange Board of India (SEBI) appoints an 'inquiring authority' to conduct such inquiries. This authority, which may consist of multiple members, provides the concerned party with a statement of issues and an opportunity to present their case and cross-examine witnesses. The majority view of the authority represents its findings, and the chairman has a casting vote in case of a tie. The authority must submit a written report to SEBI within a specified timeframe. Temporary absence of any authority member does not invalidate proceedings. If SEBI directs a stock exchange's governing body to conduct an inquiry, similar procedures apply.
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