Lawgist15-IPower to adjudicate
1[15-I. Power to adjudicate.-- (1) For the purpose of adjudging under sections 15A, 15B, 15C, 15D, 15E, 2[15EA,15EB,] 15F, 15G, 3[15H, 15HA and 15HB] the Board 4[may] appoint any officer not below the rank of a Division Chief to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty.
(2) While holding an inquiry the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), he may impose such penalty as he thinks fit in accordance with the provisions of any of those sections.
5[(3) The Board may call for and examine the record of any proceedings under this section and if it considers that the order passed by the adjudicating officer is erroneous to the extent it is not in the interests of the securities market, it may, after making or causing to be made such inquiry as it deems necessary, pass an order enhancing the quantum of penalty, if the circumstances of the case so justify:
Provided that no such order shall be passed unless the person concerned has been given an opportunity of being heard in the matter:
Provided further that nothing contained in this sub-section shall be applicable after an expiry of a period of three months from the date of the order passed by the adjudicating officer or disposal of the appeal under section 15T, whichever is earlier.]]
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1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br 2. Ins. by Act 13 of 2018, s. 184 (w.e.f. 8-3-2019). 3. Subs. by Act 59 of 2002, s. 18, for "and 15H" (w.e.f. 29-10-2002).
4. Subs. by Act 13 of 2018, s. 184, for "shall" (w.e.f. 8-3-2019).Ins. by Act 27 of 2014, s. 16 (w.e.f. 28-3-2014).
5. Ins. by Act 27 of 2014, s. 16 (w.e.f. 28-3-2014).
- 15A Penalty for failure to furnish information, return, etc
- 15B Penalty for failure by any person to enter into agreement with clients
- 15C Penalty for failure to redress investors‟ grievances
- 15D Penalty for certain defaults in case of mutual funds
- 15E Penalty for failure to observe rules and regulations by an asset management company
- 15EA Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts
- 15EB Penalty for default in case of investment adviser and research analyst
- 15F Penalty for default in case of stock brokers
- 15G Penalty for insider trading
- 15H Penalty for non-disclosure of acquisition of shares and takeovers
- 15HA Penalty for fraudulent and unfair trade practices
- 15HAA Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board
- 15HB Penalty for contravention where no separate penalty has been provided
- 15-I Power to adjudicate
- 15J Factors to be taken into account while adjudging quantum of penalty
- 15JA Crediting sums realised by way of penalties to Consolidated Fund of India
- 15JB Settlement of administrative and civil proceedings
