THE GAZETTE OF INDIA

EXTRAORDINARY

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

PUBLISHED BY AUTHORITY

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 7th June, 2005

SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) (AMENDMENT) REGULATIONS, 2005

S.O No. 779 (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) (Amendment) Regulations, 2005.

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

3. In the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 –

(i) in regulation 4, after the words “contravention of any of the provisions of” and before the hyphen, the following words shall be inserted, namely “the following regulations, as amended from time to time”;

(ii) in regulation 6, in sub-regulation (3) –

(a) in clause (i), the word “ordinarily” shall be omitted;

(b) after clause (ii), the following proviso shall be inserted, namely :
“Provided that the Enquiry Officer may extend the time mentioned under clause (i) for sufficient reasons to be recorded in writing.”;

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(iii) in regulation 8 –

(a) the word “shall” occurring after the words “has been issued” and before the words “submit to the enquiry officer” shall be substituted with the word “may”;

(b) in the proviso, after the words “for sufficient reasons” and before the comma, the following words shall be inserted, namely “to be recorded in writing”;

(iv) in regulation 13 –

(a) in sub-regulation (2), after the words “show cause notice to the intermediary” and before the words “as to why action as it considers appropriate should not be taken”, the following words shall be inserted, namely “enclosing therewith a copy of the report of the enquiry officer”;

(b) in sub-regulation (3), the word “shall” occurring after the words “the intermediary” and before the words “within 15 days” shall be substituted with the word “may”;

(c) sub-regulation (4) shall be substituted with the following, namely:–
“(4) The Chairman or Member, as the case may be, shall after considering the reply to the show cause notice, if received, pass such order as he may deem fit, as expeditiously as possible and endeavour shall be made by him to pass such order within one hundred and twenty days from the date of receipt of reply of the intermediary.”;

(d) after sub-regulation (4), the following explanation shall be inserted, namely:
“Explanation: For the purposes of this sub-regulation, ‘the date of receipt of reply of the intermediary’ includes the date on which the intermediary makes oral submissions in a hearing before the Chairman or Member, if granted by him.”

(e) sub-regulation (5) shall be omitted;

(v) in regulation 16 –

(a) in sub-regulation (2), the word “ordinarily” shall be omitted;

(b) after sub-regulation (2), the following proviso shall be inserted, namely:
“Provided that the Enquiry Officer may extend the time mentioned under sub-regulation (2) for sufficient reasons to be recorded in writing.”

M. DAMODARAN

CHAIRMAN

SECURITIES AND EXCHANGE BOARD OF INDIA

F.No. SEBILADDOP 41584 2005

Foot Notes :-

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

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

♦ 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).

♦ On 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.

♦ 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.

♦ On September 2, 2004 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Second Amendment) Regulations, 2004 vide S.O.No.997(E).

♦ On December 31, 2004 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) (Third Amendment) Regulations, 2004 vide S.O.No.28(E).

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