Regulation 20 - Appointment of auditor or valuer - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

Appointment of auditor or valuer. 20. (1) The Board may appoint a qualified auditor to inspect the books of account or the affairs of an intermediary: Provided that the auditor so appointed shall have the same powers of the inspecting authority mentioned in regulation 17 and the obligation of the intermediary and its employees mentioned in regulation 19 shall be applicable to the inspection under this regulation. Explanation: For the purpose of this sub-regulation, the expression qualified auditor shall have the meaning derived from section 226 of the Companies Act, 1956 (1 of 1956). (2) The Board may appoint a qualified valuer or direct a qualified valuer to be appointed by the intermediary, if so considered necessary by the Board. (3) The expenses of such audit under sub-regulation (1) or valuation under sub-regulation (2) shall be borne by the intermediary.