Regulation 5 - Appointment of enquiry officer - Securities And Exchange Board of India (Procedure For Holding Enquiry By Enquiry Officer And Imposing Penalty) Regulations, 2002

Appointment of enquiry officer 5. (1) Where it appears to the Chairman or a member designated in this behalf that an intermediary has contravened any of the provisions of a Regulation referred to in regulation 4, the Chairman or the member, as the case may be, may appoint an enquiry officer for the purpose of holding an enquiry into the matter: Provided that the Chairman or the member, as the case may be, may appoint more than one enquiry officers if the subject matter of enquiry contains technical or complicated questions of fact or law who will function as a bench to be presided by the senior amongst them. (2) No officer who has dealt with the matter or who is directly or indirectly interested, or has an interest, in that intermediary or who has conducted an investigation or inspection in respect of the alleged violation shall be appointed as an enquiry officer.