Regulation 46 - Directions - Securities and Exchange Board of India (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008

Directions 46. Without prejudice to actions under the Act, the Securities and Exchange Board of India Act, 1992 (15 of 1992) and regulation 45, the Board may in the interest of the securities market, in the interest of the investors or for the purpose of securing the proper management of any special purpose distinct entity or trustee (whether registered with the Board or not), pass, any or all of the following directions: (a) directing the originator or any other persons associated with securitisation or regulated activity to refund any money collected under an issue to the investors with or without requisite interest, as the case may be; (b) directing the persons associated with securitisation or regulated activity concerned not to access the capital market or not to deal in securities or securitised debt instruments for a particular period or not to engage in securitisation or regulated activities; (c) directing the recognised stock exchange concerned not to permit trading in the securitised debt instruments; (d) directing the recognised stock exchange concerned to suspend trading in securitised debt instruments; (e) any other direction which the Board may deem fit and proper in the circumstances of the case: Provided that before issuing any directions the Board may give a reasonable opportunity of being heard to the person concerned: Provided further that if any interim direction is required to be passed, the Board may give post decisional hearing to such person.