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<h1>Action on inspection reports: Board or Chairman may impose regulatory measures including intermediary proceedings after review.</h1> Regulation 28 empowers the Board or the Chairman to consider inspection or investigation reports on portfolio managers and to take such action as deemed fit and appropriate, including actions under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations; it replaces a prior requirement to communicate findings to the portfolio manager and to provide an opportunity to be heard.