Regulation 66 - Action against intermediaries - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

Action against intermediaries 66. The Board may initiate action for suspension or cancellation of registration of an intermediary holding a certificate of registration under section 12 of the Act who fails to exercise due diligence in the performance of its functions or fails to comply with its obligations under these regulations : Provided that no such certificate of registration shall be suspended or cancelled unless the procedure specified in the regulations applicable to such intermediary is complied with.