Default liability for bankers to an issue permits regulatory action for contraventions under the intermediary enforcement framework. Regulation 23 makes a banker to an issue liable to one or more prescribed actions for contravening the Act, Rules or Regulations, including action under ... Summary
Securities and Exchange Board of India (Intermediaries) Regulations, 2008
Default liability for bankers to an issue permits regulatory action for contraventions under the intermediary enforcement framework.
Regulation 23 makes a banker to an issue liable to one or more prescribed actions for contravening the Act, Rules or Regulations, including action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. Earlier formulations also identified failure to comply with certificate conditions and provided for suspension or cancellation of registration.
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