Section 34 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
34. Lability for action in case of default.
(1)A credit rating agency which:-(a)fails to comply with any condition subject to which a certificate has been granted; or(b)contravenes any of the provisions of the Act or these regulations or any other regulations made under the Act; shall be liable to either of the penalties specified in sub-regulation (2).(2)The penalties referred to in sub-regulation (1) are:-(a)suspension of registration; or(b)cancellation of registration.
