Securities And Exchange Board Of India - Subsection
Section 32(2) in The Securities and Exchange Board of India (Intermediaries) Regulations, 2008
(2)On and from the date of surrender or cancellation of the certificate, the concerned person shall-(a)return the certificate of registration so cancelled to the Board and shall not represent itself to be a holder of certificate for carrying out the activity for which such certificate had been granted;(b)cease to carry on any activity in respect of which the certificate had been granted;(c)transfer its activities to another person holding a valid certificate of registration to carry on such activity and allow its clients or investors to withdraw or transfer their securities or funds held in its custody or to withdraw any assignment given to it, without any additional cost to such client or investor;(d)make provisions as regards liability incurred or assumed by it;(e)take such other action including the action relating to any records or documents and securities or money of the investors that may be in custody or control of such person, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Board while passing order under this Chapter or otherwise.
