Inquiry procedure by securities regulator requires notice of issues, opportunity to be heard, cross examination, majority findings and written report. Rule 16 provides that the inquiring authority appointed by the Securities and Exchange Board of India shall, with a designated chair if multiple members are appointed, deliver a statement of issues to the governing body or member, afford a reasonable opportunity to present and to cross-examine witnesses, record majority findings with a chair's casting vote if needed, submit a written report to the Securities and Exchange Board of India within the appointed period, and that temporary absence of any member does not vitiate proceedings; the governing body must apply these provisions when it is directed to conduct the inquiry.