Section 25 in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
25. Notice before inspection.
(1)Before undertaking an inspection under regulation 24, the Board shall give a reasonable notice to the portfolio manager, for that purpose.(2)Notwithstanding anything contained in sub-regulation (1), where the Board is satisfied that in the interest of the investors no such notice should be given, it may by an order in writing direct that the inspection of the affairs of the portfolio manager be taken up without such notice.(3)During the course of inspection the portfolio manager against whom an inspection is being carried out shall be bound to discharge his obligations as provided under regulation 26.
