Securities And Exchange Board Of India - Subsection
Section 88(3) in Securities and Exchange Board of India (Employees' Service) Regulations, 2001
(3)An appeal shall be preferred to the appellate authority within 45 days from the date of receipt of the order appealed against. The Appellate Authority shall consider whether the findings are justified or whether the penalty is excessive or inadequate and pass appropriate orders. The Appellate Authority may pass an order confirming, enhancing, reducing or setting aside the penalty or remitting the case to the authority which imposed the penalty or to any other authority with such direction as it may deem fit in the circumstances of the caseProvided that-(i)if the enhanced penalty which the Appellate Authority proposed to impose is a major penalty specified in Regulation 79 (2) and an inquiry as provided in regulation 80 has not already been held in the case, the Appellate Authority shall direct that such an inquiry be held in accordance with the provisions of regulation 80 and thereafter consider the record of the inquiry and pass such orders as it may deem proper.(ii)if the Appellate Authority decides to enhance the punishment but an inquiry has already been held as provided in regulation 80, the Appellate Authority shall give a show cause notice to the employee as to why the enhanced penalty should not be imposed upon him and shall pass final order after taking into account the representation, if any, submitted by the employee
