Regulation 82 - Procedure for imposing minor penalties - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Procedure for imposing minor penalties 82. (1) Where it is proposed to impose any of the minor penalties specified in clauses (a) to (e) of regulation 79(1), the employee concerned shall be informed in writing of the imputations of lapses against him and given an opportunity to submit his written statement of defence within a specified period not exceeding 15 days or such extended period as may be granted by the Competent Authority and the defence statement, if any, submitted by the employee shall be taken into consideration by the Competent Authority before passing orders. (2) Where however, the Competent Authority is satisfied that an inquiry is necessary, it shall follow the procedure for imposing a major penalty as laid down in regulation 80. (3) The record of the proceedings in such cases shall include: (a) A copy of the statement of imputations of lapses furnished to the employee; (b) The defence statement, if any, of the employee; and (c) The orders of the Competent Authority together with the reasons therefor.