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Insertion of new section 28B - Continuance of proceedings.

Clause 187 - Bills - AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 - FINANCE BILL, 2018 - Clause 187 - 187. Insertion of new section 28B. In the principal Act, after section 28A, the following section shall be inserted, namely:- .....

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d that, in case of any penalty payable under this Act, a legal representative shall be liable only in case the penalty has been imposed before the death of the deceased person. (2) For the purposes of sub-section (1),- (a) any proceeding for disgorge .....

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may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased and all the provisions of this Act shall apply accordingly; (b) any proceeding for disgorgement, refund or an action for recov .....

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ll apply accordingly. (3) Every legal representative shall be personally liable for any sum payable by him in his capacity as legal representative if, while his liability for such sum remains undischarged, he creates a charge on or disposes of or par .....

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