Securities And Exchange Board Of India (Depositories & Participants) (Second Amendment) Regulations, 1999. - S.O. No.546(E) - SEBI/LE/13515/99 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 7th July, 1999 S.O. 546 (E).- In exercise of the powers conferred by sub-section (1) of section 30 of Securities and Exchange Board of India Act 1992 (15 of 1992), the Board hereby makes the following regulation further to amend Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, namely: l.(i) These regulations may be called Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 1999. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 (hereinafter referred to as the 'regulations'), - (a) After regulation 63, the following regulation shall be added, namely: 63A. Appointment of Auditor - The Board shall have the power to appoint an auditor to inspect or investigate, into the books of accounts, records, documents, infrastructures, systems and procedures or affairs of a depository, a participant, a beneficial owner, an issuer or its agent. Provided that the auditor so appointed shall have the same powers of the inspecting or investigating officer as stated in regulations 59 and 60, and the obligation of the depository, participant, beneficial owner, issuer or its agent and their respective directors, officers and employees, as the case may be, as stated in regulation 61, shall be applicable to the inspection or investigation under this Regulation. 63B. Board to recover the expenses - The Board shall be entitled to recover from the depository, a participant, a beneficial owner, an issuer or its agent, as the case may be, such expenses including fees paid to the auditors as may be incurred by it for the purposes of inspecting or investigating the books of accounts, records, documents, infrastructures, system and procedures of the depository, a participant, a beneficial owner, an issuer or its agent, as the case may be. [F. No. SEBI/LE/13515/99] D. R. MEHTA, Chairman Footnote.- 1. SEBI (Depositories and Participants) Regulations, 1996, the principal regulation, was published in the Gazette of India on May 16, 1996, vide S.O. No. 345 (E). 2. SEBI (Depositories and Participants) Regulations, 1996 was subsequently amended- (a) on February 7, 1997 by SEBI (Depositories and Participants) (Amendment) Regulations, 1997 vide S.O. No. 91(E). (b) on September 5, 1997 by SEBI (Depositories and Participants) (Second Amendment) Regulations, 1997 vide S.O. No. 640 (E). (c) on January 5, 1998 by SEBI (Depositories and Participants) (Amendment) Regulations, 1998 vide S.O. No. 18(E). (d) on January 21,1998 by SEBI (Depositories and Participants) (Second Amendment) Regulations, 1998 vide S.O. No. 76(E). (e) on May 20, 1999 by SEBI (Depositories and Participants) (Amendment) Regulations, 1999 vide S.O. No. 357(E).