The Finance Ministry has notified SEBI’s revised rules relating to the procedure for conducting investigations and imposition of penalty.
The new rules are the Depository (Procedure for Investigation and Imposition of Penalty) (Amendment) Rules, 2021; The Securities Contracts (Regulation) (Procedure for Investigation and Imposition of Penalty) (Amendment) Rules, 2021; and the Securities and Exchange Board of India (Procedure for Inquiry and Imposition of Penalty) (Amendment) Rules, 2021.
The rules have come into effect from December 31.
The amended rules specify the manner of service of notices and orders.
A notice or order issued under these rules is to be delivered or tendered to that person or his duly authorized agent and to be served upon that person.
It can be sent by fax, electronic mail or electronic instant messaging services as well as by electronic mail, courier, speed post or registered post.
SEBI has also specified certain conditions in this regard.
In case of failure to serve notice or order in any one manner, the notice or order may be affixed on the outer door. It may also be on any other specified part of the premises in which “the person resides or is known to have last resided, or carries on business or has personally acted, or has last worked, for profit and a written report thereof shall be prepared. Presence of two witnesses”.
In case of failure to affix the notice or order, it should be published in at least two newspapers, one in an English daily newspaper having nationwide circulation and the other in a newspaper of wide circulation published in the language of the region where it The person was, as per the notifications, last known to reside or carry on business or personally worked for profit. PTI SRS HRS Hours
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