Section 22 in Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993
22. Liability for action in Case of Default.
- A registrar to an issue or share transfer agent who-(a)fails to comply with any conditions subject to which registration has been granted:(b)contravenes any of the provisions of the Act, rules or regulations;(c)contravens the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the rules made thereunder;(d)contravenes the rules, regulations or bye-laws of the stock exchange; 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 after the inquiry for a specified period; or(b)cancellation of registration.
