MoF | Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019

G.S.R. 210(E)— In exercise of the powers conferred by 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 further to amend the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995, namely:-

1. Short title and commencement— (1) These rules may be called the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019.

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

2. In the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “the said rules”), in the opening para, for the words, brackets, figures and letter “clause (da) of sub-section (2) of Section 29”, the words, brackets, figures and letter “clause (da) and clause (f) of sub-section (2) of Section 29” shall be substituted.

3. In the said Rules, in Rule 1, in sub-rule (1), the words “by Adjudicating Officer” shall be omitted.

4. In the said rules, in Rule 2, in clause (c), for the word, figures and letter “Section 15-I”, the words, brackets, figures and letters “sub-section (4A) of Section 11 or sub-section (2) of Section 11B or Section 15-I of the Act” shall be substituted.

5. In the said Rules, in Rule 4, –

(i) in sub-rule (1), after figures and letter “15E,” at both the places where it occurs, the figures and letters “15EA, 15EB,” shall be inserted;

(ii) for the words “adjudicating officer”, wherever they occur, the words “the Board or the adjudicating officer” shall be substituted.

6. In the said Rules, in Rule 5, –

(i) for the words “adjudicating officer”, wherever they occur, the words “the Board or the adjudicating officer” shall be substituted;

(ii) for the word and figures “Section 15-I”, wherever they occur, the words, brackets, figures and letters, “sub-section (4A) of Section 11 or sub-section (2) of Section 11B or Section 15-I of the Act” shall be substituted.

(iii) after sub-rule (4), the following sub-rule shall be inserted, namely:-

“(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.”

Explanation: For the purpose of this rule, “error apparent on the face of record” shall mean any typographical errors that creep in inadvertently into the order and includes such other errors that do not require a long drawn out reasoning process to ascertain such a mistake.”

7. In the said rules, in Rule 6, for the words “adjudicating officer”, the words “the Board or the adjudicating officer” shall be substituted.

[F. No. 5/05/FM/2017]

Ministry of Finance

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