Regulation 38 - Omitted - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

38. 1 [ **** ] ************** NOTES:- 1 Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry officer and Imposing Penalty) Regulation, 2002, w.e.f. 27-9-2002. Prior to omission, regulation read as follows: 38. Manner of Holding enquiry before Suspension or Cancellation.─( 1) For the purpose of holding an enquiry under regulation 37, the Board may appoint one or more enquiry officers. (2) The enquiry officer shall issue to the credit rating agency a notice at the registered office or the principal place of business of the credit rating agency, setting out the grounds on which action is proposed to be taken against it and calling upon it to show cause against such action within a period of fourteen days from the date of receipt of such notice. (3) The credit rating agency, may, within fourteen days from the date of receipt of such notice, furnish to the enquiry officer a written reply, together with copies of documentary or other evidence relied on by it or sought by the Board from the credit rating agency. (4) The enquiry officer shall give a reasonable opportunity of hearing to the credit rating agency, to enable it to make its submission in support of its reply made under sub-regulation (3). (5) Before the enquiry officer, the credit rating agency may either appear in person or through any person duly authorised on this behalf. Provided that no lawyer or advocate shall be permitted to represent the credit rating agency at the enquiry; Provided further that where a lawyer or an advocate has been appointed by the board as a presenting officer under sub-regulation (6), it shall be lawful for the credit rating agency to present his case through a lawyer or advocate. (6) If it is considered necessary, the enquiry officer may request the Board to appoint a presenting officer to present its case. (7) The enquiry officer shall, after taking into account all relevant facts and submissions made by the credit rating agency, submit a report to the Board and recommend the penalty, if any to be imposed upon the credit rating agency as also the grounds on the basis of which the proposed penalty is justified.