155. Amendment of section 23M.
In section 23M of the principal Act,––
(i) after the words “adjudicating officer” at both the places where they occur, the words “or the Securities and Exchange Board of India” shall be inserted;
(ii) in sub-section (2), for the words, “any of his direction or orders” the words “the direction or order” shall be substituted.
Notes on Clauses:
Clause 155 of the Bill seeks to amend section 23M of the Act, as a consequential amendments, to provide for prosecution in case of default in payment of monetary penalty levied by the Board and also for non-compliance with the directions of the Board.
