177. Amendment of section 11B.
In section 11B, of the principal Act,-
(a) in the marginal heading, after the word ‘‘directions’’, the words ‘‘and levy penalty’’ shall be inserted;
(b) section 11B shall be numbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:––
“(2) Without prejudice to the provisions contained in sub-section (1), sub-section (4A) of section 11 and section 15-I, the Board may, by an order, for reasons to be recorded in writing, levy penalty under sections 15A, 15B, 15C, 15D, 15E, 15EA, 15EB, 15F, 15G, 15H, 15HA and 15HB after holding an inquiry in the prescribed manner.’’.
Notes on Clauses:
Clauses 176 and 177 of the Bill seek to amend sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 to empower the Board to levy monetary penalty under the said Act after holding an inquiry in the prescribed manner.
