THE GAZETTE OF INDIA

EXTRAORDINARY

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

PUBLISHED BY AUTHORITY

NEW DELHI, WEDNESDAY, AUGUST 23, 2006

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, 21st August, 2006

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SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) (AMENDMENT) REGULATIONS, 2006

S.O. No. 1348 (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, 2006.

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 –

(a)in regulation 6, sub-regulation (1) shall be substituted with the following, namely:

“(1) Where an Enquiry Officer is appointed, he shall, if he finds reasonable grounds to do so, issue a show cause notice to the intermediary concerned calling upon it to show cause as to why further action should not be taken against it under these Regulations, specifying therein the nature of the contraventions alleged to have been committed by him.”

(b) in regulation 15, clause (i) shall be omitted;

(c) in regulation 16, in sub-regulation (1), the second proviso shall be omitted.

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F.No. SEBILADDOP 2108 2006

M. DAMODARAN

CHAIRMAN

SECURITIES AND EXCHANGE BOARD OF INDIA

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