Section 67 in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
67. Show-cause notice and order.-
(1)On receipt of the report from the enquiry officer, the Board shall consider the same and issue to the depository or participant, as the case may be, a show-cause notice as to why the penal action as proposed by the enquiry office should not be taken against it.(2)The depository or participant, as the case may be, shall, within fourteen days of the date of the receipt of show cause notice, send a reply to the Board.(3)The Board, after considering the reply of the depository or participant, as the case may be, if received within a period of fourteen days shall as soon as possible but not later than thirty days from the date of receipt of the reply or the date of hearing, if any, which ever is later, pass such order as it deems fit including an order for the suspension or cancellation of the certificate.(4)Every order passed under sub-regulation (3) shall be self-contained and shall give reasons for the conclusions stated therein including the justification for the penalty if any, imposed by that order.(5)The Board shall send to the depository or participant, as the case may be, a copy of the order made under subregulation (3).
