Regulation 29 - Appointment of Auditor - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

29. Appointment of Auditor. The Board may appoint a qualified auditor to investigate into the books of account or the affairs of the portfolio manager: Provided that the auditor so appointed shall have the same powers of the inspecting authority as are mentioned in regulation 24 and the obligation of the portfolio manager and his employees in regulation 26 shall be applicable to the investigation under this regulation. Explanation. For the purposes of sub-regulation (2) of regulation 20 and under this regulation, the expression qualified auditor shall have the same meaning as given to it in section 226 of the Companies Act, 1956 (1 of 1956).