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of <h1>Legal representatives inherit deceased's securities obligations but penalty liability limited to pre-death impositions under Section 28B</h1> Section 28B of the Securities and Exchange Board of India Act, 1992 establishes provisions for continuing proceedings against legal representatives when a person dies. Legal representatives become liable for sums the deceased would have owed, with penalty liability limited to cases where penalties were imposed before death. Proceedings for disgorgement, refund, or recovery may continue against or be initiated against legal representatives, excluding penalty proceedings. Personal liability arises if representatives dispose of estate assets while obligations remain undischarged, but overall liability is limited to the estate's capacity to meet obligations.
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