Regulation 22 - Liability for action in case of default - Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [22. Liability for action in case of default.─ A registrar to an issue or share transfer agent who- (a) fails to comply with any conditions subject to which registration has been granted; (b) contravenes any of the provisions of the Act, rules or regulations; (c) contravenes the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the rules made thereunder; (d) contravenes the provisions of the Depositories Act, 1996 or the rules made thereunder; (e) contravenes the rules, regulations or bye-laws of the stock exchange, shall be dealt with in the manner provided under 2 [chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008].] ************* NOTES:- 1 Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002. Prior to its substitution, regulation 22 read as under: 22. Liability for action in case of default.─ (1) A registrar to an issue or share transfer agent who- (a) fails to comply with any conditions subject to which registration has been granted; (b) contravenes any of the provisions of the Act, rules or regulations; (c) contravenes the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the rules made thereunder; (d) contravenes the rules, regulations or bye-laws of the stock exchange, shall be liable to any of the penalties specified in sub-regulation (2). (2) The penalties referred to in sub-regulation (1) may either be:- (a) suspension of registration after the inquiry for a specified period; or (b) cancellation of registration. 2 Substituted for the Securities and Exchange Board of India (Procedure for Holding Enquiry Officer and Imposing Penalty) Regulations, 2002, by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-5-2008.