Regulation 41 - Suspension, cancellation of registration or any other actions - International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025

CHAPTER VI MISCELLANEOUS 41. Suspension, cancellation of registration or any other actions (1) The Authority may take such action as deemed fit, including suspension or cancellation of registration, against a CMI if it: (a) fails to comply with any conditions subject to which a certificate of registration has been granted; (b) contravenes any of the provisions of the Act or any rules, regulations, notifications, circulars, guidelines, directions, instructions issued under the Act or any other relevant statute; (c) fails to furnish any information relating to its activity as a capital market intermediary as directed by the Authority; (d) furnishes to the Authority information which is false or misleading in any material particular; (e) does not submit periodic returns or reports as directed by the Authority; (f) does not co-operate in any enquiry, inspection or investigation conducted by the Authority; (g) fails to resolve the complaints of investors or fails to give a satisfactory reply to the Authority; or (h) commits any other act/omission which in the opinion of the Authority warrants such action or which is against the interest of the investors. (2) Without prejudice to sub-regulation (1), a recognised stock exchange may take such action as deemed fit, including suspension, against a broker dealer (trading member), in accordance with the applicable laws. (3) Without prejudice to sub-regulation (1), a recognised clearing corporation may take such action as deemed fit, including suspension, against a clearing member, in accordance with the applicable laws. (4) Without prejudice to sub-regulation (1), a recognised depository may take such action as deemed fit, including suspension, against a depository participant, in accordance with the applicable laws.