Regulation 30 - Liability for action in case of default. - Securities And Exchange Board of India (Venture Capital Funds) Regulations, 1996

CHAPTER VI PROCEDURE FOR ACTION IN CASE OF DEFAULT 30. 1 [Liability for action in case of default. Without prejudice to the issue of directions or measure under regulation 29, a venture capital fund which- (a) contravenes any of the provisions of the Act or these regulations; (b) fails to furnish any information relating to its activity as a venture capital fund as required by the Board; (c) furnishes to the Board information which is false or misleading in any material particular; (d) does not submit periodic returns or reports as required by the Board; (e) does not co-operate in any enquiry, inspection or investigation conducted by the Board; (f) fails to resolve the complaints of investors or fails to give a satisfactory reply to the Board in this behalf, shall be dealt with in the manner provided in 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. 27-09-2002. Prior to its substitution, regulation 30 read as under: 30. Suspension of Certificate.─ The Board may suspend the certificate granted to a venture capital fund where the venture capital fund; (a) contravenes any of the provisions of the Act or these regulations; (b) fails to furnish any information relating to its activity as a venture capital fund as required by the Board; (c) furnishes to the Board information which is false or misleading in any material particular; (d) does not submit periodic returns or reports as required by the Board; (e) does not co-operate in any enquiry, inspection or investigation conducted by the Board; (f) fails to resolve the complaints of investors or fails to give a satisfactory reply to the Board in this behalf. Prior to its substitution, it was amended by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000 and the words Without prejudice to issue of directions or measure under regulation 29, were inserted. 2. Substituted for 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. 26-5-2008.