DEPOSITORIES (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES 1 [ *** ]) RULES, 2005

rules · 1992 · State unknown

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Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

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DEPOSITORIES (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES 1 [ *** ]) RULES, 2005 In exercise of the powers conferred by 2 [ sub-section (1) and ] clause (a) of sub-section (2) of section 24 of the Depositories Act, 1996 (22 of 1996), the Central Government hereby makes the following rules for holding inquiry for the purpose of imposing penalty under sections 19A, 19B, 19C, 19D, 19E, 19F , 3 [19FA] and 19G of the Act, namely :— Short title and commencement 1. (1) These rules may be called the Depositories (Procedure for Holding Inquiry and Imposing Penalties 4 [ *** ]) Rules, 2005. They shall come into force on the date of their publication in the Official Gazette. Definitions (1) In these rules, unless the context otherwise requires,— (a) "Act" means the Depositories Act, 1996 (22 of 1996); (b) "adjudicating officer" means the officer appointed by the Board as adjudicating officer under section 19H of the Act; (c) "inquiry" means the inquiry referred in 5 [sub-section (2) of section 19 or section 19H of the Act] . (2) Words and expressions used herein and not defined in these rules but defined in the Depositories Act, 1996 shall have the same meanings respectively assigned to them under that Act. Appointment of adjudicating officer for holding inquiry 3. Whenever the Board is of the opinion that there are grounds for adjudging under sections 19A, 19B, 19C, 19D, 19E, 19F and 19G of the Act, it may appoint any of its officer not below the rank of Division Chief to be an adjudicating officer for holding an inquiry for the said purpose. 1 Words "by Adjudicating Officer" omitted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019. 2 Inserted by Depositories (Procedure for Holding

Rule TOC

1 · (1) These rules may be called the Depositories (Procedure for Holding Inquiry and

3 · Whenever the Board is of the opinion that there are grounds for adjudging under sections 19A, 19B, 19C, 19D, 19E, 19F and 19G of the Act, it may appoint any of its officer not below the rank of Division Chief to be an adjudicating officer for holding an inquiry for the said purpose.

1 · Words "by Adjudicating Officer" omitted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

2 · Inserted by Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

3 · Inserted by Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

4 · Words "by Adjudicating Officer" omitted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

5 · Substituted for "section 19H" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

4 · (1) In holding an inquiry for the purpose of adjudging under sections 19A, 19B, 19C, 19D, 19E, 19F 6 [, 19FA] and 19G whether any person has committed contraventions as specified in any of sections 19A, 19B, 19C, 19D, 19E, 19F 7 [, 19FA] and 19G, the 8 [Board or the adjudicating officer] shall, in the first instance, issue a notice to such person requiring him to show cause within such period as may be specified in the notice (being not less than fourteen days from the date of service thereof) why an inquiry should not be held against him .

6 · Inserted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

7 · Inserted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

8 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019

9 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019 .

10 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

11 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

12 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

13 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

5 · (1) If, upon consideration of the evidence produced before the 18 [Board or the adjudicating officer], the 19 [Board or the adjudicating officer] is satisfied that the person has become liable to penalty under any of the sections specified in sub-section (1) or 20 [subsection (2) of section 19 or section 19H] of the Act, he may, by order in writing, impose such penalty as he thinks fit in accordance with the provisions of the relevant section or sections specified in 21 [sub-section (2) of section 19 or section 19H] of the Act.

14 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

15 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

16 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

17 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

18 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

19 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

20 · Substituted for "section 19H" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

22 · Substituted for "section 19H" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

23 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

25 · [ (5) The Board or the adjudicating officer who has passed an order, may rectify any error apparent on the face of record on such order, either on its own motion or where such error is brought to his notice by the affected person within a period of fifteen days from the date of such order.

6 · The 26[Board or the adjudicating officer]shall send a copy of every order made under rules by it to the person concerned and to the Board.

27 · [(1) A notice or an order issued under these rules shall be served on the person through any of the following modes, namely:–

24 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

25 · Inserted by Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

26 · Substituted for "adjudicating officer" by the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019, w.e.f. 8-3-2019.

27 · Substituted by the Depositories (Procedure for Holding Inquiry and Imposing Penalties) (Amendment) Rules, 2021, w.e.f. 31-12-2021. Prior to substitution, the provision read as under: