Section 25 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
25. Power of the Board to issue directions.-
(1)The Board may in the interests of the securities market and without prejudice to its right to initiate action including criminal prosecution by the Board under section 24 of the Act and give such directions as it deems fit including:(a)Directing the person concerned not to further deal in securities in any particular manner;(b)Prohibiting the person concerned from canceling any of the securities bought back in violation of the Companies Act;(c)Directing the person concerned to sell or divest the [shares or other specified securities] [Substituted by S.O. 745(E), dated 18.6.2004] acquired in violation of the provisions of these Regulations or any other law or regulations;(d)Taking action against the intermediaries registered with Board in accordance with the Regulations applicable to it;(e)Prohibiting the persons concerned, its directors, partners, members, employee and associates of such persons, from accessing the securities market;(f)Disgorgement of any ill-gotten gains or profit or avoidance of loss.(g)Restraining the company from making a further offer for buy back.(2)In case any person is guilty of insider trading or market manipulation the person concerned shall be dealt with in accordance with the provisions of Securities and Exchange Board of India (Insider Trading) Regulations, 1992 and Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 1995.
