THE GAZETTE OF INDIA

EXTRAORDINARY

PART –II – SECTION 3 – SUB SECTION (ii)

PUBLISHED BY AUTHORITY

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 2nd September, 2004

SECURITIES AND EXCHANGE BOARD OF INDIA

(PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) (SECOND AMENDMENT) REGULATIONS, 2004

S.O No.997(E).- In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, namely :-

1.These Regulations may be called the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Second Amendment) Regulations, 2004.

2.They shall come into force on the date of their publication in the Official Gazette.

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3.In the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as ‘the said Regulations’);

(a) In regulation 15, after clause (c), the following shall be inserted, namely-

“(ca) such intermediary, being a sub broker ceases to be a sub broker consequent upon the stock broker with whom it is affiliated ceasing to be a stock broker due to declaration as defaulter or suspension or cancellation of certificate of registration of the stock broker.”

(b) In regulation 16,

(i) for sub regulation (1) the following shall be substituted, namely –

“16(1) The Chairman or member may appoint an officer of the Board, not below the rank of Assistant General Manager or Assistant Legal Advisor for giving his recommendation after following the summary procedure in respect of any matter specified in regulation 15:

Provided that in respect of any matter specified under regulation 15, if a representation is received from an intermediary to dispense with the procedure laid down in regulation 16, the Chairman or the member may not appoint an officer of the Board under this sub-regulation and pass an appropriate order after considering the representation of the intermediary:

Provided further that where the Board has reasonable grounds not to accept the surrender of certificate of registration, it shall follow the procedure as laid down in regulation 16 before passing the order.”

(ii) after sub regulation (5), the following sub regulation (6) shall be inserted, namely-

“(6) the Chairman or the member may pass a common order in respect of a number of intermediaries where the subject matter in question is substantially the same or similar in nature.”

G.N. BAJPAI

CHAIRMAN

SECURITIES AND EXCHANGE BOARD OF INDIA

F.No. SEBILADDOP 19536 2004

Foot Notes :-

(1) Securities and Exchange Board of India(Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, were notified in the Gazette of India on 27.9.2002 vide S.O. No. 1045(E).

1. The Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 were subsequently amended –

1.On November 27, 2003 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Amendment) Regulations, 2003 vide F. No.SEBI/LAD/DOP/22093/2003).

2.n December 30, 2003 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Second Amendment) Regulations, 2003 vide F. No. SEBI/LAD/DOP/24418/2003.

3.On July 13, 2004 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Amendment) Regulations, 2004 vide F. No. SEBI/LAD/DOP/ 14982/2004.

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