Section 56(2) in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
(2)Subject to the provisions of regulation 50, any such order shall specify-(i)the Authority which may function as the disciplinary authority for the purpose of such common proceeding;(ii)the penalties specified in regulation 49 which such disciplinary authority shall be competent to impose;(iii)whether the procedure laid down in regulation 52, regulation 53 and regulation 54 shall be followed in the proceeding.
