TMI BlogOmitted by SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 w.e.f. 27.09.2002.X X X X Extracts X X X X X X X X Extracts X X X X ..... 000 w.e.f. 28.3.2000 Prior to its substitution it read as under Any Foreign Institutional Investor aggrieved by an order of the Board under the regulations may prefer an (Appeal to the Central Government) Rules 1993. Earlier these regulations read as under:- Suspension of certificate 22. A penalty of suspension of certificate of a Foreign Institutional Investor may be imposed if he - (a) indulges in fraudulent transactions in securities; (b) fails to furnish any information related to his transaction in securities as required by the Board or the Reserve Bank of India; (c) furnishes false information to the Board; or (d) does not co-operate in any enquiry conducted by the Board. Cancellation of cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional Investor a notice at the principal place of business of the Foreign Institutional Investor setting out the default alleged to have been committed by the Foreign Institutional Investor and calling upon him to show cause why the penalties specified in regulation 21 should not be imposed on him. (3) The Foreign Institutional Investor may, within thirty days from the date of receipt of such notice, furnish to the enquiry officer a reply, together with copies of documentary or other evidence relied on by him in support of its reply: Provided that the enquiry officer may call upon him to supply further information. (4) The enquiry officer shall, give a reasonable opportunity of hearing to the Foreign Institutional Investor to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) Every order passed under sub-regulation (3) of this regulation shall be self-contained and give reasons for the conclusions stated therein including the justification for the penalty, if any, imposed by that order. Effect of suspension and cancellation of certificate 27. (1) On and from the date of the suspension of certificate, if ordered under this Chapter, the Foreign Institutional Investor shall cease to buy, sell or otherwise deal in securities in India during the period of suspension. (2) On and from the date of cancellation of certificate, if ordered under this Chapter, the Foreign Institutional Investor shall cease to buy, sell or otherwise deal in securities in India, except for the purpose of liquidating t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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