Regulation 33 - Action on inspection or investigation report. - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

1 [Action on inspection or investigation report. 33. The Board or the Chairman shall after consideration of inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate including action under 2 [ Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008]]. ************** NOTES:- 1 Substituted by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 w.e.f.,27.09.2002. Prior to the substitution the regulation read as under: Communication of findings etc. to the merchant banker 33. (1) The Board shall after consideration of the inspection report communicate the findings to the merchant banker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. (2) On receipt of the explanation if any, from the merchant banker, the Board may call upon the merchant banker to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations. Substituted by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 w.e.f, 26-5-2008. Prior to the substitution the regulation read as under: 33. Action on inspection or investigation report The Board or the Chairman shall after consideration of inspection or investigation report take action as the Board or Chairman may deem fit and appropriate including action under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. Prior to the above substitution the regulation read as under: 33. Communication of findings etc. to the merchant banker etc.- (1) The Board shall after consideration of the inspection report communicate the findings to the merchant banker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. (2) On receipt of the explanation if any, from the merchant banker, the Board may call upon the merchant banker to take such measures as the Board any deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations. 2 Substituted for the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, w.e.f, 26-5-2008.