Show-cause notice procedure requires recipient reply before the Board considers submissions and issues a final order. Regulation 72 establishes that upon receipt of an enquiry officer's report the Board shall issue a show-cause notice to the mutual fund, trustees or asset management company; the addressee must submit a reply within the prescribed reply period; the Board will consider any reply and pass such order as it deems fit; and the Board must send a copy of that order to the mutual fund, trustees or asset management company.