Regulation 28 - Omitted - Securities and Exchange Board of India (Intermediaries) Regulations, 2008

1 [ **** ] ************ NOTES:- 1. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/07 dated 21-01-2020 before it was read as, Procedure for action on receipt of the recommendation. 28. (1) On receipt of the report recommending the measures from the designated authority, the designated member shall consider the same and issue a show cause notice to the noticee enclosing a copy of the report submitted by the designated authority calling upon the noticee to submit its written representation as to why the action, including passing of appropriate direction, as the designated member considers appropriate, should not be taken. (2) The noticee may, within twenty one days of receipt of the notice send a reply to the designated member who may pass appropriate order after considering the reply, if any received from the noticee and providing the person with an opportunity of being heard, as expeditiously as possible and endeavour shall be made to pass the order within one hundred and twenty days from the date of receipt of reply of the notice or hearing.