Securities
and Exchange Board of India (Procedure for Holding Enquiry
by Enquiry Officer and Imposing Penalty) (Second Amendment)
Regulations, 2004
S.O No.997(E).-.In exercise of the powers conferred by section
30 of the Securities and Exchange Board of India Act, 1992
(15 of 1992), the Board hereby makes the following Regulations
to further amend the Securities and Exchange Board of India
(Procedure for Holding Enquiry by Enquiry Officer and Imposing
Penalty) Regulations, 2002, namely :-
1. These Regulations may be called the Securities and Exchange
Board of India (Procedure for Holding Enquiry by Enquiry Officer
and Imposing Penalty) (Second Amendment) Regulations, 2004.
2. They shall come into force on the date of their publication
in the Official Gazette.
3. In the Securities and Exchange Board of India (Procedure
for Holding Enquiry by Enquiry Officer and Imposing Penalty)
Regulations, 2002 (hereinafter referred to as 'the said Regulations');
(a) In regulation 15, after clause (c), the following shall
be inserted, namely-
"(ca) such intermediary, being a sub broker ceases to
be a sub broker consequent upon the stock broker with whom
it is affiliated ceasing to be a stock broker due to declaration
as defaulter or suspension or cancellation of certificate
of registration of the stock broker."
(b) In regulation 16,
(i) for sub regulation (1) the following shall be substituted,
namely –
"16(1) The Chairman or member may appoint an officer
of the Board, not below the rank of Assistant General Manager
or Assistant Legal Advisor for giving his recommendation after
following the summary procedure in respect of any matter specified
in regulation 15:
Provided that in respect of any matter specified under regulation
15, if a representation is received from an intermediary to
dispense with the procedure laid down in regulation 16, the
Chairman or the member may not appoint an officer of the Board
under this sub-regulation and pass an appropriate order after
considering the representation of the intermediary:
Provided further that where the Board has reasonable grounds
not to accept the surrender of certificate of registration,
it shall follow the procedure as laid down in regulation 16
before passing the order."
(ii) after sub regulation (5), the following sub regulation
(6) shall be inserted, namely-
"(6) the Chairman or the member may pass a common order
in respect of a number of intermediaries where the subject
matter in question is substantially the same or similar in
nature."
|
