Regulation 35 - Omitted - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

35. 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: 35. Show-cause notice and order.─ (1) On receipt of the report from the enquiry officer, the Board shall consider the same and issue a show-cause notice as to why the penalty as proposed by the enquiry officer should not be imposed. (2) The portfolio manager shall within twenty-one days of the date of the receipt of the show- cause notice send a reply to the Board. (3) The Board after considering the reply to the show-cause notice, if received, shall as soon as possible but not later than thirty days from the receipt of the reply, if any, pass such order as it deems fit. (4) Every order passed under sub-regulation (3) shall be self-contained and give reasons for the conclusions stated therein including justification of the penalty imposed by that order. (5) The Board shall send a copy of the order under sub- regulation (3) to the portfolio manager.