Regulation 65 - Action on inspection or investigation report - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [Action on inspection or investigation report 65. The Board or the Chairman shall after consideration of inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate including action under 2 [ 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. 27-9-2002. Prior to its substitution, regulation 65 read as under; (1) The Board shall, after consideration of the inspection report referred to in regulation 64, communicate the findings report of the inspecting officer to the mutual fund, trustee or asset management company as the case may be, and give him an opportunity of being heard: Provided that if any proceeding under Chapter viii are initiated the procedure under Chapter shall be followed. (2) On receipt of the reply if any, from the mutual fund, trustees or asset management company, as the case may be the Board may call upon the trustees or asset management company to take such measures as the Board may deem fit in the interest of investors, securities market and for due compliance with the provisions of these regulations. 2. 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. 26-5-2008.