Section 22 in Securities And Exchange Board Of India (Ombudsman) Regulations, 2003
22. Consequences of non-implementation of the award.-
(1)The award shall be implemented by the party so directed within one month of receipt of the award from the Ombudsman or an order of the Board passed in review petition or within such period as specified in the award or order of the Board.(2)If any person fails to implement the award or order of the Board passed in the review petition, without reasonable cause -(a)he shall be deemed to have failed to redress investors' grievances and shall be liable to a penalty under section 15C of the Act;(b)he shall also be liable for -(i)an action under section 11 (4) of the Act ; or(ii)suspension or delisting of securities; or(iii)being debarred from accessing the securities market; or(iv)being debarred from dealing in securities; or(v)an action for suspension or cancellation of certificate of registration; or(vi)such other action permissible which may be deemed appropriate in the facts and circumstances of the case.Provided that no such order shall be passed without following the procedure laid down under the relevant rules or regulations.
