Regulation 34 - Omitted - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

34. 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: 34. Manner of holding enquiry before suspension or cancellation.─ (1) For the purpose of holding an enquiry under regulation 33, the Board may appoint an enquiry officer. (2) The enquiry officer shall issue to the portfolio manager a notice at the registered office or the principal place of business of the portfolio manager. (3) The portfolio manager may, within thirty days from the date of receipt of such notice, furnish to the enquiry officer a reply together with copies of documentary or other evidence relied on by him or sought by the Board from the portfolio manager. (4) The enquiry officer shall, give a reasonable opportunity of hearing to the portfolio manager to enable him to make submissions in support of his reply made under sub-regulation (3). (5) Before the enquiry officer, the portfolio manager may either appear in person or through any person duly authorised by the portfolio manager: Provided that no lawyer or advocate shall be permitted to represent the portfolio manager at the enquiry: Provided further that where a lawyer or an advocate has been appointed by the Board as a presenting officer under sub- regulation (6), it shall be lawful for the portfolio manager to present its case through a lawyer or advocate. (6) If it is considered necessary, the enquiry officer may ask the Board to appoint a presenting officer to present its case. (7) The enquiry officer shall, after taking into account all relevant facts and submissions made by the portfolio manager, submit a report to the Board and recommend the penalty to be imposed as also the grounds on the basis of which the proposed penalty is justified.