Regulation 23 - Action on inspection or investigation report - Securities and Exchange Board of India (Underwriters) Regulations, 1993

1 [Action on inspection or investigation report. 23. The Board or the Chairman shall after consideration of inspection or investigation report take such action as the Board or Chairman may deem fit and appropriate including action under 2 [Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.]] ****** 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 substitution, it read as under: Communication of findings etc. to underwriter.- (1) The Board shall after consideration of the inspection report communicate the findings to the underwriter to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. (2) On receipt of the explanation, if any, from the underwriter, the Board may call upon the underwriter to take such measures as the Board may deem fit in the interest of the securities market and for the due compliance with the provisions of the Act, rules and regulations. 2 Substituted for the words the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-05-2008.