Section 23 in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
23. Cancellation of certificate.-
A penalty of cancellation of certificate of a Foreign Institutional Investor may be imposed if he -(a)indulges in deliberate manipulation or price rigging or cornering activities prejudicially affecting the securities market or the investors' interest;(b)is guilty of fraud or a criminal offence, involving moral turpitude;(c)does not meet the eligibility criteria laid down in these regulations;(d)violates the provisions of the Securities and Exchange Board of India (Insider Trading) Regulations, 1992 or of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 1995, made under the Act; or(e)is guilty of repeated defaults of the nature mentioned in regulation 22.Explanation:- In this regulation, "fraud" shall have the same meaning as is assigned to it in section 17 of the Indian Contract Act, 1872.
