9911796707
TMI BlogImposition of penaltyX X X X Extracts X X X X X X X X Extracts X X X X ..... ons, submit a report to the Chairman or a member designated in this behalf and recommend for the imposition of any of the following penalties by the Chairman or the member, as the case may be, with the justification for the imposition thereof:- (a) Minor penalties - i) 1[***] or censure; ii) prohibiting the intermediary to take up any new assignment or mandate or launch a new scheme for a perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case may be, shall consider the same and issue a show-cause notice to the intermediary 2[enclosing therewith a copy of the report of the Enquiry Officer] as to why the action as it considers appropriate should not be taken. (3) The intermediary 3[may] within fifteen days of the date of the receipt of the show-cause notice send a reply to the Chairman or the member, as the case may be. 4[(4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anipulation of any scrip or index or assisting in such manipulation or of insider trading; (b) the intermediary is guilty of violation of conditions of registration; (c) the intermediary or any of its whole time directors or partners or its proprietor is found to be not a fit or proper person; (d) failure to obey directions of the Board passed under section 11 or section 11B of the Act or failu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tituted, ibid. Prior to its substitution, sub-regulation(4), read as under: (4) The Chairman or the member, as the case may be, after considering the reply to show-cause notice, if received, shall as soon as possible pass such order as it deems fit. 5. Inserted, ibid. *[As corrected vide SO 1333(E), dated 21-8-2006. 6. Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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