Regulation 25 - Power of the Board to issue directions - Securities and Exchange Board of India (Buy Back Of Securities) Regulations, 1998

Power of the Board to issue directions 25. (1) The Board may in the interests of the securities market and without prejudice to its right to initiate action including criminal prosecution by the Board under section 24 of the Act and give such directions as it deems fit including: (a) directing the person concerned not to further deal in securities in any particular manner; (b) prohibiting the person concerned from cancelling any of the securities bought back in violation of the Companies Act; (c) directing the person concerned to sell or divest the 1 [shares or other specified securities] acquired in violation of the provisions of these Regulations or any other law or regulations; (d) taking action against the intermediaries registered with the Board in accordance with the Regulations applicable to it; (e) prohibiting the persons concerned, directors, partners, members, employees and associates of such persons, from accessing the securities market; (f) disgorgement of any ill-gotten gains or profits or avoidance of loss; (g) restraining the company from making a further offer for buy-back. (2) In case any person is guilty of insider trading or market manipulation the person concerned shall be dealt with in accordance with the provisions of the Securities and Exchange Board of India (Insider Trading) Regulations, 1992 and the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 1995. ******** 1 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999.