Regulation 15 - Obligations and Responsibilities - Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018

Part VI - General obligations and responsibilities Obligations and Responsibilities 15. An Administrator - a) shall maintain high standards of integrity, promptitude and fairness in the conduct of all his business. b) shall act with due skill, care and diligence in the conduct of all his business. c) shall not misrepresent any facts or situations and shall refrain from being involved in any action that would bring disrepute to the profession. d) shall act with objectivity during the course of his professional dealings by ensuring that all decisions are made without any bias, conflict of interest, coercion, or undue influence of any party, whether directly or indirectly connected to sale of properties, verification of claims and refund of monies. e) shall not acquire, directly or indirectly, any of the assets of the defaulter. f) shall maintain complete independence in all professional relationships and conduct the verification and refund process, as the case may be, independent of external influences. g) shall not conceal any material information or knowingly make a misleading statement to the Recovery Officer or the Board. h) shall not act with mala fide or be negligent while performing the functions and duties under the regulations. i) shall provide all information and records as may be required by the Recovery Officer within the time specified by him. j) shall ensure that confidentiality of the information relating to the sale of properties, verification and refund process, is maintained at all times: Provided that the Administrator may disclose any information after obtaining written authorization of the Recovery Officer or the Board. k) shall disclose all costs towards the verification and refund process and endeavour to ensure that such costs are not unreasonable. l) shall comply with the terms and conditions of its appointment.