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of The Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2024 substituted regulation 30A to introduce summary proceedings against certain intermediaries. The competent authority can initiate proceedings through a notice against intermediaries in specified circumstances like expulsion from stock exchanges, termination of depository agreement, making impermissible performance claims, failure to pay fees, being untraceable, not submitting periodic reports, or admitting violations. After considering written submissions, if any, the authority shall pass an order within 21 days, without personal hearing, cancelling or suspending registration, and imposing conditions like maintaining records, redressing grievances, and transferring clients' funds or securities. The cancelled entity must cease activities, return the registration certificate, and comply with directions regarding records, liabilities, and investor interests.
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