Show-cause procedure for bankers to an issue formerly required a reasoned penalty order after considering the response. Regulation 28 was omitted with effect from 27 September 2002. Before omission, the Board, after receiving an enquiry officer's report, had to issue a ... Summary
Securities And Exchange Board of India (Procedure For Holding Enquiry By Enquiry Officer And Imposing Penalty) Regulations, 2002
Show-cause procedure for bankers to an issue formerly required a reasoned penalty order after considering the response.
Regulation 28 was omitted with effect from 27 September 2002. Before omission, the Board, after receiving an enquiry officer's report, had to issue a show-cause notice concerning the proposed penalty. The banker to an issue had 21 days to reply. After considering any reply, the Board had to issue a reasoned, self-contained order within 30 days and send a copy to the banker to an issue.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.