Auditor appointment powers: Board may appoint auditors with inspecting powers and recover inspection expenses from custodians or applicants. SEBI inserts Regulation 25A permitting the Board to appoint an auditor with the same powers as an inspecting officer under Regulation 21 and imposing on applicants, custodians and their personnel the obligations set out in Regulation 23. Regulation 25B entitles the Board to recover from the custodian or applicant the expenses of such inspections or investigations, including auditor fees.