Section 33 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
33. Communication of findings, etc., to the merchant banker.-
(1)The Board shall after consideration of the inspection report, communicate the findings to the merchant banker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority.(2)On receipt of the explanation, if any, from the merchant banker, the Board may call upon the mechant banker to take measures as the Board may deemed fit in the interest of the securities market and for due compliance with the provisions of the Act, rules and regulations.
