Securities And Exchange Board Of India - Subsection
Section 87(4) in Securities and Exchange Board of India (Employees' Service) Regulations, 2001
(4)The Inquiry Officer shall submit his report to the competent authority and the report shall be forwarded by the Chairman to the Central Vigilance Commission for its advice as to whether the charge or charges as the case may be, can be considered to have been established and the penalty or penalties to be imposed under Regulation 79 hereof. The penalty or penalties to be imposed shall be decided by the competent authority after considering the advice of the Central Vigilance Commission.Explanation. - An employee shall be deemed to be guilty of corrupt practices if he has committed an act of criminal misconduct as defined in Section 13 of the Prevention of Corruption Act, 1988 or he has acted for an in proper purpose or in a corrupt manner or had exercised or refrained from exercising his powers with an improper or corrupt motive.
