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of <h1>Regulation 16: Steps for Replacing Defaulting Administrators in Investor Refund Cases Under SEBI Regulations 2018</h1> Regulation 16 of the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018, outlines actions to be taken in case of default by an Administrator. If the Administrator fails to meet appointment terms, engages ineligible professionals, neglects responsibilities, disobeys instructions, or acts against investor interests, the Recovery Officer can recommend their replacement. The Board may remove the Administrator, refer the case to the Insolvency and Bankruptcy Board of India, or issue market activity restrictions. Replacement is mandatory if the Administrator's registration is canceled or suspended.
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