(1) These rules may be called the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.
(2) They shall come into force on the date of their publication in the Official Gazette.
Definition.
2. In these rules, unless the context otherwise requires,—
(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992) ;
(b) "adjudicating officer", means the officer appointed by the Board as adjudicating officer under section 15L of the Act ;
(c) "inquiry" means the inquiry referred in section 15-I.
Appointment of adjudicating officer for holding inquiry.
3. Whenever the Board is of the opinion that there are grounds for adjudging under any of the provisions in Chapter VI-A of the Act, it may appoint any of its officers not below the rank of Division Chief to be an adjudicating officer for holding an inquiry for the said purpose.
Holding of inquiry.