SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES 1[***]) RULES, 1995

rules · 1992 · State unknown

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

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SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES 1[***]) RULES, 1995 In exercise of the powers conferred by 2 [ clause (da) and clause (f) of sub-section (2) of section 29 ] of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following rules for holding inquiry for the purpose of imposing penalty under Chapter VI-A of the said Act, namely :— Short title and commencement. (1) These rules may be called the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties 3 [ *** ]) Rules, 1995. They shall come into force on the date of their publication in the Official Gazette. Definition. In these rules, unless the context otherwise requires,— (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992) ; (b) "adjudicating officer", means the officer appointed by the Board as adjudicating officer under [section 15I] 4 of the Act ; (c) "inquiry" means the inquiry referred in 5 [sub -section (4A) of section 11 or sub-section (2) of section 11B or section 15-I of the Act] . Appointment of adjudicating officer for holding inquiry. Whenever the Board is of the opinion that there are grounds for adjudging under any of the provisions in Chapter VI-A of the Act, it may appoint any of its officers not below the rank of Division Chief to be an adjudicating officer for holding an inquiry for the said purpose. Holding of inquiry. (1) In holding an inquiry for the purpose of adjudging under sections 15A, 15B, 15C, 15D, 15E, 6 [15EA, 15EB,] 15F, 15G 7 [, 15HA and 15HB] whether any person has committed contraventions as specified in any of sections 15A, 15B, 15C, 15D, 15E, 8 [15EA, 15EB , ] 15F, 15G 9 [, 15HA and 15HB] 1 Words "by Adjudic

Rule TOC

1 · Words "by Adjudicating officer" omitted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

2 · Words "clause (da) of sub-section (2) of section 29" Substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

3 · Words "by Adjudicating officer" omitted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

4 · Words " section 15L" substituted by the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) (Amendment) Rules, 2021, w.e.f. 31-12-2021.

5 · Words "section 15 -I" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

6 · Inserted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

7 · Substituted for "and 15H" by the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2006, w.e.f. 14 -11 -2006.

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

9 · Substituted for "and 15H" by the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2006, w.e.f. 14 -11 -2006.

10 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

11 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

12 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

13 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

14 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

15 · Inserted for "and 15H" by the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2006, w.e.f. 14 -11 -2006.

16 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

17 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

18 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

19 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

20 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (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 21 [the Board or the adjudicating officer] , the 22 [the 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) of 23 [sub-section (4A) of section 11 or sub -section (2) of section 11B or section 15-I 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 24 [ sub-section (4A) of section 11 or sub-section (2) of section 11B or section 15-I of the Act] .

28 · [ (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 29 [the 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.

7 · 30 [(1) A notice or an order issued under these rules shall be served on the person through any of the

21 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

22 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

23 · Words "Section 15" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

24 · Words "Section 15" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

25 · Words "Section 15" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

26 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

27 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

28 · Inserted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019.

29 · Words "Adjudicating officer" substituted by Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019, w.e.f. 8-3-2019

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