Section 62(2)(i) in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
(i)if such enhanced penalty which the appellate authority proposes to impose is one of the penalties specified in sub-clauses (i) to (v) of clause (a) regulation 49 and an inquiry under regulation 52 has not already been held in the case, the appellate authority shall itself hold such inquiry or direct that such inquiry be held in accordance with the provisions of regulation 52 and thereafter, on a consideration of the proceedings of such inquiry and make such orders as it may deem fit;