Securities
and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Amendment)
Regulations, 2006
S.O. No. 1348 (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) (Amendment) Regulations, 2006.
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 –
(a) in regulation 6, sub-regulation (1) shall be substituted
with the following, namely:
“(1) Where an Enquiry Officer is appointed, he shall,
if he finds reasonable grounds to do so, issue a show cause
notice to the intermediary concerned calling upon it to show
cause as to why further action should not be taken against
it under these Regulations, specifying therein the nature
of the contraventions alleged to have been committed by him.”
(b) in regulation 15, clause (i) shall be omitted;
(c) in regulation 16, in sub-regulation (1), the second proviso
shall be omitted.
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