Regulation 23 - Liability for action in case of default - Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994

CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [Liability for action in case of default 23. A banker to issue who 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 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, w.e.f. 26- 05-2008. Prior to the substitution, the regulation read as under: 23. A banker to an issue who- (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations, 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. Prior to the above substitution, the regulation read as under: 23. A banker to an issue who:- (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations; shall be liable to any of the penalties specified in sub regulation . (2) The penalties referred to in sub- regulation (1) may be either:- (a) suspension of registration; or (b) cancellation of registration.