Regulation 59 - Liability for action in case of default - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

1 Liability for action in case of default 59. In case a Collective Investment Management Company- (a) contravenes any provision of the Act or these regulations; (b) for the purposes of these regulations furnishes any information which is false or misleading or suppresses any material information; (c) does not co-operate in any inspection, investigation or inquiry conducted by the Board under the Act or these regulations; (d) fails to comply with any directions issued by the Board under the Act or the regulations; (e) fails to resolve the complaints of the investors or fails to furnish to the Board a satisfactory reply in this behalf when called upon to do so by the Board; (f) commits a breach of any provision of the Code of Conduct specified in the Third Schedule; (g) fails to pay the fees specified in the Second Schedule; (h) commits a breach of the conditions of registration; or (i) fails to make an application for listing or fails to list units of a 2 [collective investment scheme] in a recognized stock exchange, shall be dealt with in the manner provided in 3 [Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008]. *************** NOTES:- 1 Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f, 27-09-2002. 2 Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014, w.e.f. 9-1-2014. 3 Substituted for the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-05-2008.