Regulation 30 - Liability for action in case of default - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 30. 1 [Liability for action in case of default. A portfolio manager who contravenes any of the provisions of the Act, Rules or Regulations framed thereunder shall be liable for one or more action specified therein including the action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.] ********* 1 Substituted by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-05-2008. Prior to substitution, regulation 30 as substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002, read as under: 30. Liability for action in case of default. (1) A portfolio manager 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 the Enquiry Officer and Imposing Penalty) Regulations, 2002.