Section 35 in Securities And Exchange Board Of India (Merchant Bankers) Regulations, 1992
35. Liability for action in case of default.-
A merchant banker who-(a)fails to comply with any conditions subject to which certificate has been granted;(b)contravenes any of the provisions of the Act, rules or regulations, shall be liable to any of the penalties specified in sub-regulation (2).(2)The penalties referred to in sub-regulation (1) may be either:-(a)suspension of registration; or(b)cancellation of registration.
