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<h1>SEBI Regulation 27A: Actions for Violations in Municipal Debt Securities, Including Refunds and Market Restrictions</h1> Regulation 27A of the Securities and Exchange Board of India (SEBI) outlines the procedures in case of violations related to the issuance and listing of municipal debt securities. SEBI can issue directions to protect the securities market, such as ordering issuers to refund application monies, restricting individuals from dealing in securities, barring market access, restraining further security issues, mandating the sale or divestment of securities, or freezing security transfers. SEBI must provide a hearing opportunity to affected parties, except in urgent cases where a post-decisional hearing is allowed. Violations by municipalities may be reported to the central and state governments.