Regulation 5: Appointment of Enquiry Officers in SEBI Cases; Multiple Officers for Complex Situations; Conflict of Interest Rules Apply.

Regulation 5 of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, allows the Chairman or a designated member to appoint an enquiry officer if an intermediary is suspected of regulatory violations. Multiple enquiry officers may be appointed for complex cases, forming a bench led by the senior officer. An enquiry officer cannot be someone who has previously dealt with the case, has a direct or indirect interest in the intermediary, or has conducted related investigations or inspections.

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