Section 23 in Securities And Exchange Board Of India (Debenture Trustees) Regulations, 1993
23. Communication of findings etc.-
(1)The Board shall after consideration of the inspection report communicate the findings to the debenture trustee to give it an opportunity of being heard before action is taken by the Board on the findings of the inspecting authority.(2)On receipt of the explanation if any from the debenture trustee the Board may call upon the debenture trustee to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations and give such directions as it deems fit for all or any of the following purposes, namely-(a)directing the debenture trustee not to act as debenture trustee for any issue of debenture by a body corporate;(b)directing the debenture trustee to act as such as per the covenants of the trust deed;(c)taking appropriate action against the debenture trustee in accordance with these regulations;(d)appointing a qualified auditor to investigate into the affairs of the debenture trustee.
