Section 39 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
39. Show-cause notice and order.
(1)On receipt of the report from the enquiry officer, the Board shall consider the same and issue a show-cause notice to the credit rating agency, as to why the penalty as proposed by the enquiry officer should not be imposed.(2)The credit rating agency shall, within fourteen days of the date of receipt of the show-cause notice, send a reply to the Board.(3)The Board, after considering the reply of the credit rating agency to the show-cause notice, shall as soon as possible pass such order as it deems fit.(4)Every order passed by the Board under sub-regulation (3) shall be self-contained and shall give reasons for the conclusions stated therein, including justification of the penalty if any imposed by that order.(5)The Board shall send to the credit rating agency a copy of the order passed under sub-regulation (3).
