Section 23 in Securities and Exchange Board of India (Underwriters) Regulations, 1993
23. Communication of findings, etc., to the underwriter.-
(1)The Board shall after consideration of the inspection report communicate the findings to the underwriter to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority.(2)On receipt of the explanation, if any, from the underwriter,the Board may call upon the underwriter to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with the provisions of the Act, Rules and Regulations.
