Regulation 27 - Liability for action in case of default - Securities and Exchange Board of India (Vault Managers) Regulations, 2021

CHAPTER VI PROCEDURE FOR ACTION IN CASE OF DEFAULT Liability for action in case of default 27 . A Vault Manager who- (a) contravenes any of the provisions of the Act, the rules framed thereunder or these regulations; (b) fails to furnish any information relating to its activity as Vault Manager as required by the Board; (c) furnishes false and misleading information to the Board; (d) does not submit reports as required by the Board; (e) does not co-operate in any enquiry or inspection conducted by the Board; (f) fails to update its systems and procedures as recommended by the Board; (g) fails to resolve the complaints of complainants or fails to give a satisfactory reply to the Board in this behalf; (h) makes a breach of the Code of Conduct specified in the Third Schedule ; or (i) fails to pay the fees in accordance with these regulations; shall be dealt with in the manner provided under the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 .