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of <h1>Securities Board Can Impose Penalties, Direct Equity Divestment Under Regulation 91A to Protect Market and Investors.</h1> Regulation 91A of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 grants the Board authority to issue directions and impose penalties to protect public interest, trade, investors, or the securities market. The Board can direct divestment of equity shares held in contravention of regulations, transfer proceeds to the Investor Protection Fund, or restrict market access. It can penalize depositories or associated individuals for regulatory breaches, including barring new services or imposing fines. When determining penalties, the Board considers factors like intent, negligence, and the impact of the default.
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