Regulation 53 - Directions by the Board - Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Directions by the Board 53. Without prejudice to the action under Sections 11 , 11A , 11 B , 11D , sub- section (3) of Section 12 , Chapter VIA and Section 24 of the Act or Section 439 of the Companies Act, 2013 (18 of 2013), the Board may either suo-moto or on receipt of information or on completion or pendency of inspection, inquiry or investigation, in the interests of the securities market, issue or pass such directions as it deems fit including any or all of the following: (a) directing the issuer to refund of the application monies to the applicants in an issue; (b) directing the persons concerned not to further deal in securities in any particular manner; (c) directing the persons concerned not to access the securities market for a particular period; (d) restraining the issuer or its promoters or directors from making further issues of non-convertible securities; (e) directing the person concerned to sell or divest the non-convertible securities; (f) directing the issuer or the depository not to give effect to transfer or directing further freeze of transfer of non-convertible securities; (g) any other direction which the Board may deem fit and proper in the circumstances of the case: Provided that the Board shall, either before or after issuing such directions, give an opportunity of being heard to the persons against whom the directions are issued or proposed to be issued: Provided further that if any ex-parte direction is required to be issued, the Board may give post decisional hearing to affected person.