Regulation 34 - Liability for action in case of default - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

CHAPTER VI PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [Liability for action in case of default 34. A credit rating agency which contravenes any of the provisions of the Act, Rules, or Regulations framed thereunder shall be liable for one or more actions specified therein including the action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.] ************* NOTES:- 1 Substituted, ibid. Prior to its substitution, regulation 34 as amended by the SEBI (Procedure for Holding Enquiry by Enquiry officer and Imposing Penalty) Regulation, 2002, w.e.f. 27.09.2002, read as under: 34. Liability for action in case of default.─ (1) A credit rating agency which─ (a) fails to comply with any condition subject to which a certificate has been granted; or (b) contravenes any of the provisions of the Act or these regulations or any other regulations made under the Act; shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for holding Enquiry by Enquiry officer and Imposing penalty) Regulations, 2002.