Section 33 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
33. Manner of holding enquiry before suspension or cancellation.-
(1)For the purpose of holding an enquiry under regulation 32, the Board may appoint one or more enquiry officers.(2)The enquiry officer shall issue to the venture capital fund, at its registered office or its principal place of business, a notice setting out the grounds on which action is proposed to be taken against it and calling upon it to show cause against such action within a period of fourteen days from the date of receipt of the notice.(3)The venture capital fund may, within fourteen days from the date of receipt of such notice, furnish to the enquiry officer a written reply, together with copies of documentary or other evidence relied on by it or sought by the Board from the venture capital fund.(4)The enquiry officer shall give a reasonable opportunity of hearing to the venture capital fund to enable him to make submissions in support of its reply made under sub-regulation (3).(5)Before the enquiry officer, the venture capital fund may appear through any person duly authorised by the venture capital fund:Provided that no lawyer or advocate shall be permitted to represent the venture capital fund at the enquiry:Provided further that where a lawyer or an advocate has been appointed by the Board as a presenting officer under sub-regulation (6), it shall be lawful for the venture capital fund to present its case through a lawyer or advocate.(6)The enquiry officer may, if he considers it necessary, ask the Board to appoint a presenting officer to present its case.(7)The enquiry officer shall, after taking into account all relevant facts and submissions made by the venture capital fund, submit a report to the Board and recommend the penal action, if any, to be taken against the venture capital fund as also the grounds on which the proposed action is justified.
