Section 25 in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
25. Manner of holding enquiry.-
(1)For the purpose of holding the enquiry referred to in regulation 24, the Board may appoint an enquiry officer.(2)The enquiry officer shall issue to the Foreign Institutional Investor a notice at the principal place of business of the Foreign Institutional Investor setting out the default alleged to have been committed by the Foreign Institutional Investor and calling upon him to show cause why the penalties specified in regulation 21 should not be imposed on him.(3)The Foreign Institutional Investor may, within thirty days from the date of receipt of such notice, furnish to the enquiry officer a reply, together with copies of documentary or other evidence relied on by him in support of its reply:Provided that the enquiry officer may call upon him to supply further information.(4)The enquiry officer shall, give a reasonable opportunity of hearing to the Foreign Institutional Investor to enable him to make submission in support of his reply under sub-regulation (3) of this regulation.(5)Before the enquiry officer, the Foreign Institutional Investor may either appear in person or through any person duly authorised by him in writing.(6)If it is considered necessary, the enquiry officer may 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 Foreign Institutional Investor and by the presenting officer, if appointed under sub-regulation (6) above, submit a report to the Board and recommend the penalty if any to be awarded along with the justification for such penalty.
