Regulation 32 - Omitted - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

32. 1 [* * *] ********* 1 Omitted by the Securities (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-09-2002. Prior to their omission, regulation read as under: 32. Cancellation of registration.─ A penalty of cancellation of registration of a portfolio manager may be imposed where:- (i) the portfolio manager indulges in deliberate manipulation or price rigging or cornering activities affecting the securities market and the investors interest; (ii) the financial position of the portfolio manager deteriorates to such an extent that the Board is of the opinion that his continuance as portfolio manager is not in the interest of investors; (iii) the portfolio manager is guilty of fraud, or is convicted of a criminal offence; (iv) the portfolio manager is guilty of repeated defaults of the nature mentioned in regulation 31 provided that the Board furnishes the reasons for cancellation in writing.