Summary procedure for intermediaries allowed for insolvency, nonpayment, default, conviction or undisputed violations; representation permitted. Regulation 15 permits use of a summary procedure against an intermediary in specified circumstances-insolvency or winding up; nonpayment of registration, renewal or annual fees; loss of stock broker or sub broker status due to default, suspension or cancellation; disobedience of an adjudication officer's penalty order; failure to submit documents; failure to issue contract notes or enter required agreements; failure to meet capital adequacy norms; conviction for an offence involving moral turpitude; admission of regulatory violations; and undisputed facts of violation-subject to an opportunity to make representations.