(1) Without prejudice to the provisions of regulation 52, the Board shallhave the power to appoint an auditor to inspect or investigate, as the casemay be, into the books of account or the affairs of the trustee or CollectiveInvestment Management Company in respect of 175 [collective investment scheme]s :
Provided that the Auditor so appointed shall have the same powers of theinspecting officer as stated in regulation 52 and the obligation of theCollective Investment Management Company or trustee and their respectiveemployees in regulation 54, shall be applicable to the inspection under thisregulation.
Payment of inspection fees to the Board
(2) The Board shall be entitled to recover such expenses including fees paidto the auditors as may be incurred by it for the purposes of inspecting thebooks of account, records and documents of the trustee or CollectiveInvestment Management Company.
CHAPTER VIII PROCEDURE FOR ACTION IN CASE OF DEFAULT
58.
176 [***] 173Substituted by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. Prior to substitution the regulation 56 read as under:
―Communications of findings, etc.