Regulation 71 - Directions by the Board - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

Directions by the Board. 71. Without prejudice to exercise of its powers under the provisions of the Act, Depositories Act, 1996 and rules and regulations made thereunder, the Board may, either suomotu or on receipt of any information or during pendency of any inspection, inquiry or investigation or on completion thereof, in the interest of public or trade or investors or the securities market, issue such directions as it deems fit, including but not limited to any or all of the following:─ (a) directing a person holding equity shares or rights over equity shares in a depository in contravention of these regulations to divest his holding, in 10 such manner as may be specified in the direction; (b) directing transfer of any proceeds or securities to the Investor Protection Fund of a depository; (c) debarring any depository, any shareholder of such depository, or any associate and agent of such shareholder, or any transferee of shares from such shareholder, or sponsor(s), director(s) and key management personnel(s) of the depository from accessing the securities market and/or dealing in securities for such period as may be determined by the Board.