Regulation 25 - Liability for action in case of default - Securities and Exchange Board of India (Underwriters) Regulations, 1993

CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [Liability for action in case of default. 25. An underwriter who contravenes any of the provisions of the Act, Rules or Regulations framed thereunder shall be liable for one or more actions specified therein including the action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.] ********* 1 Substituted by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-05-2008. Prior to substitution, regulation 25 as substituted by the SEBI((Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002 and amended by SEBI(Underwrites) Amendment) Regulations, 1997, w.e.f.17-1-1997 read as under: Liability for action in case of default-An underwriter or a stock broker or a merchant banker entitled to carry on business of underwriting who- (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations, shall be dealt with in the manner provided under the Securities and Exchange Board of India(Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002.