144. Amendment of section 12A.
In the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (hereafter in this Part referred to as the principal Act), section 12A shall be numbered as sub-section (1) thereof and after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:––
“(2) Without prejudice to the provisions of sub-section (1) and section 23-I, the Securities and Exchance Board of India may, by an order, for reasons to be recorded in writing, levy penalty under sections 23A, 23B, 23C, 23D, 23E, 23F, 23G, 23GA and 23H after holding an inquiry in the prescribed manner.”.
Notes on Clauses:
Clause 144 of the Bill seeks to amend section 12A of the Securities Contracts (Regulation) Act, 1956 to empower the Board to levy monetary penalty under the said Act after holding an inquiry in the prescribed manner.
