Regulation 31 - Action on the inspection report - Securities and Exchange Board of India (Research Analysts) Regulations, 2014

Action on the inspection report. 31. The Board may after consideration of the inspection report and after giving reasonable opportunity of hearing to research analyst or research entity or its authorized representatives, without prejudice to any other action under the Act, issue such directions as it deems fit in the interest of securities market or the investors including requiring research analyst or research entity not to provide research recommendation for a particular period; (i) requiring the research analyst or research entity to refund any money collected as fees, charges or commissions or otherwise to the concerned clients along with the requisite interest. (ii) prohibiting the research analyst or research entity from operating in the capital market or accessing the capital market for a specified period.