176. Amendment of section 11.
In the Securities And Exchange Board of India Act, 1992 (15 of 1992) (hereafter in this Part referred to as the principal Act), in section 11,––
(i) after sub-section (4), the following sub-section shall be inserted, namely:––
“(4A) Without prejudice to the provisions contained in sub-sections (1), (2), (2A), (3) and (4), section 11B 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.”;
(ii) in sub-section (5), after the words and figures “the Depositories Act, 1996 (22 of 1996) ”, the words, figures, letters and brackets shall be inserted, namely:––
“or under a settlement made under section 15JB or section 23JA of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or section 19-IA of the Depositories Act, 1996 (22 of 1996),”.
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.
