TMI BlogTHE SCHEDULE [See regulation 21]X X X X Extracts X X X X X X X X Extracts X X X X ..... tions subject to which registration has been granted; (b) contravenes any of the provisions of the Act, rules or regulations; (c) contravenes the provisions of the Securities Contracts (Regulation) Act or the rules made thereunder; (d) contravenes the provisions of the Depositories Act, 1996 or the rules made thereunder; (e) contravenes the rules, regulations or bye-laws of the stock exchange, shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. 4. Regulations 26 to 32 shall be omitted. PART III AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 1993 1. In regulation 2, clause (a) shall be omitted. 2. For regulation 28, the following regulation shall be substituted, namely: - Action on inspection or investigation report 28. 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 inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PART V AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA (UNDERWRITERS) REGULATIONS, 1993 1. In regulation 2, clause (a) shall be omitted. 2. For regulation 23, the following regulation shall be substituted, namely;- 23. Action on inspection or investigation report - 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 the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 . 3. For regulation 25, the following regulation shall be substituted, namely:- 25. Liability for action in case of default - An underwriter or a stock broker or a merchant banker entitled to carry on business of underwriting who - (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations, shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for Hold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) contravenes any of the provisions of the Act, rules or regulations, shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. 4. Regulations 24 to 31 shall be omitted. PART VIII AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN INSTITUTIONAL INVESTORS) REGULATIONS, 1995 1. In regulation 2, clause (e) shall be omitted. 2. For regulation 21, the following regulation shall be substituted, namely:- 21. Liability for action in case of default - A Foreign Institutional Investor who- (a) fails to comply with any condition subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations, shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. 3. Regulations 22 to 29 shall be omitted. PART IX AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF IND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. 3. For regulation 64, the following regulation shall be substituted, namely:- 64. Liability for action in case of default - A depository or a participant who contravenes any of the provisions of the Act, the Depositories Act, the bye-laws, agreements and these regulations; fails to furnish any information relating to its activity as a depository or participant as required under these regulations; does not furnish the information called for by the Board under clause (a) of sub-section (1) of section 18 of the Depositories Act or furnishes information which is false or misleading in any material particular; does not co-operate in any inspection or investigation or enquiry conducted by the Board; fails to comply with any direction of the Board issued under section 18 of the Depositories Act; fails to pay the annual fee referred to in regulation 8, shall be dealt with in the manner provided under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liability for action in case of default A mutual fund which - (a) contravenes any of the provisions of the Act and these regulations; (b) fails to furnish any information or furnishes wrong information relating to its activity as a mutual fund as required under these regulations; (c) fails to submit periodical returns as required under these regulations; (d) does not co-operate in any inquiry or inspection conducted by the Board; (e) fails to comply with any directions of the Board issued under the provisions of the Act or the regulations; (f) fails to resolve the complaints of the investors or fails to give a satisfactory reply to the Board in this behalf; (g) indulges in unfair trade practices in securities: Explanation- For the purposes of this clause unfair trade practices has the same meaning as in the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995; (h) is guilty of misconduct or improper or unbusinesslike or unprofessional conduct which is not in accordance with the Code of Conduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd appropriate including action under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. 2. Regulation 58 shall be omitted. 3. For regulation 59, the following regulation shall be substituted, namely:- 59. Liability for action in case of default - In case a Collective Investment Management Company - (a) contravenes any provision of the Act or these regulations; (b) for the purposes of these regulations furnishes any information which is false or misleading or suppresses any material information; (c) does not co-operate in any inspection, investigation or inquiry conducted by the Board under the Act or these regulations; (d) fails to comply with any directions issued by the Board under the Act or the regulations; (e) fails to resolve the complaints of the investors or fails to furnish to the Board a satisfactory reply in this behalf when called upon to do so by the Board; (f) commits a breach of any provision of the Code of Conduct specified in the Third Schedule; (g) fails to pay the fees specified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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