Regulation 64 - Liability for action in case of default - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

CHAPTER VII PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [Liability for action in case of default. 64. A depository or a participant who- (a) contravenes any of the provisions of the Act, the Depositories Act, the bye-laws, agreements and these regulations; (b) fails to furnish any information relating to its activity as a depository or participant as required under these regulations; (c) does not furnish the information called for by the Board under clause (a) of sub-section (1) of section 18 of the Depositories Act or furnishes information which is false or misleading in any material particular; (d) does not co-operate in any inspection or investigation or enquiry conducted by the Board; (e) fails to comply with any direction of the Board issued under section 18 of the Depositories Act; (f) fails to pay the annual fee referred to in regulation 8, shall be dealt with in the manner provided 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. Earlier it was amended by the SEBI (Depositories and Participants) (Amendment) Regulations, 1997, w.e.f. 7-2-1997. 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.