The Securities and Exchange Board of India on 1st August 2022, has published the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.
Through this amendment, regulation 22 which deals with definition under action in case of default and manner of suspension or cancellation of certificate, in which clause (C) has been defined as follows:
“competent authority” means a Whole Time Member or an officer of the Board, not below the rank of a Chief General Manager, as may be designated for the purpose by the Board;
Further under regulation 24 which deals with appointment of designated authority in which the following sub-regulation has been substituted:
The Board may approve the initiation of proceedings for any default of the nature specified in regulation 23 against any person who has been granted a certificate of registration under the Act and regulations made thereunder.
As per regulation 23 if a person has been granted a certificate of registration under the Act or regulations made thereunder, fails to comply with any conditions subject to which a certificate of registration has been granted to him or contravenes any of the provisions of the securities laws or directions, instructions or circulars issued thereunder, the Board may, without prejudice to any action under the securities laws or directions, instructions or circulars issued thereunder, by order take such action in the manner provided under these regulations.
