Regulation 24 - Appointment of designated authority - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

Appointment of designated authority. 24. 1 [ 3 [ (1) The Board may approve the initiation of proceedings for any default of the nature specified in regulation 23 against any person who has been granted a certificate of registration under the Act and regulations made thereunder. ] (2) The Executive Director shall thereafter appoint an officer not below the rank of a Division Chief, as a designated authority: Provided that the executive director may, at his discretion, appoint a bench of three officers, each of whom shall not be below the rank of a Division Chief: Provided further that such bench shall be presided by the senior most amongst them and all the decisions or recommendations of such bench shall be by way of majority.] 2 [(3)] No officer who has conducted investigation or inspection in respect of the alleged violation shall be appointed as a designated authority. ************** NOTES:- 1 Substituted ibid. prior to substitution, the sub-regulation read as follows: (1) Where it appears to the designated member, that any person who has been granted certificate of registration under the Act, regulations made thereunder has committed any default of the nature specified in regulation 23, he may appoint an officer not below the rank of a Division Chief, as a designated authority: Provided that the designated member may, at his discretion, appoint a bench of three officers, each of whom shall not be below the rank of a Division Chief: Provided further that such bench shall be presided by the senior most amongst them and all the decisions or recommendations of such bench shall be by way of majority. 2 Re-numbered by the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2017, w.e.f. 21.11.2017 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/91 dated 01-08-2022 before it was read as, (1) Where it appears to the designated member, that any person who has been granted a certificate of registration under the Act and regulations made thereunder has committed any default of the nature specified in regulation 23, the designated member may approve the initiation of proceedings under this Chapter against such person.