Securities And Exchange Board Of India - Subsection
Section 23(1) in Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993
(1)A penalty of suspension of certificate granted to a registrar to an issue or share transfer agent may be imposed if they -(i)violate the provisions of the Act, rules and regulations;(ii)do not follow the code of conduct specified at Schedule III;(iii)(a)fail to furnish any information related to their activities or transactions in securities as required by the Board;(b)furnish wrong or false information;(c)do not submit periodical returns as required by the Board;(d)do not co-operate in any enquiry conducted by the Board;(iv)fail to resolve the complaints of the investors or fail to give a satisfactory reply to the Board in this behalf;(v)indulge in manipulating or price rigging or cornering activities;(vi)are guilty of misconduct, improper, unbusinesslike or unprofessional conduct;(vii)fail to maintain the capital adequacy requirement specified in regulation 7.(viii)fail to pay the fees as specified in regulation 12.(ix)violate the conditions of registration;Provided that the Board for reasons to be recorded in writing may in case of repeated defaults of the type mentioned above impose a penalty of cancellation of certificate on the registrar to an issue or share transfer agent.
