Regulation 93 - Liability for action in case of default by issuer or its agent - Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018

Liability for action in case of default by issuer or its agent 93. (1) If an issuer or its agent - (a) contravenes any of the provisions of the Depositories Act, the byelaws, agreements, these regulations and directions issued thereunder; (b) fails to furnish any information relating to its activity as an issuer as required under these regulations; (c) 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; (d) does not co-operate in any inspection or investigation or enquiry conducted by the Board; (e) fails to comply with any direction of the Board issued under section 18 of the Depositories Act , the Board may, without prejudice to any other action which it may take under the Act, take any action against such issuer or its agent under the Depositories Act . (2) The depository shall conduct inspection of the records of the issuers or agents, as the case may be to ensure that the records of dematerialised securities are reconciled with all the securities issued by the issuer and submit its report to the Board if there is failure by the issuers or agents in such reconciliation of records.