Regulation 28 - Action on inspection or investigation report - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

1 [28. Action on inspection or investigation report.─ The Board or the Chairman shall after consideration of the 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, 2002.]] ******** 1 Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. Prior to substitution, regulation 28 read as under: 28. Communication of findings etc. to the portfolio manager.─ (1) The Board shall after consideration of the inspection report communicate the findings to the portfolio manager to give him an opportunity of being heard before any action is being taken by the Board on the findings of the inspecting authority. (2) On receipt of the application, if any, from the portfolio manager, the Board may call upon the portfolio manager to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and 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. 26-05-2008.