SEBI amends existing PFUTP regulations 2003; broadens the power of investigating authority
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- Last Updated on 29 January, 2022
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Notification no. No. SEBI/LAD-NRO/GN/2022/71, Dated: 25-01-2022
SEBI notifies SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022. Amendment has been made in regulations 2, 4, 6, 8, 11A, 12 & omits regulation 7. The power of investigating authority has been broadened as no approval required before proceeding for investigation, the manner of serving summons are now defined in the regulation itself, prohibits disseminating false and misleading information or advice through any media.
SEBI through this amendment clarified that if any words and expressions used and not defined in these regulations but defined in the Act, the Securities Contracts (Regulation) Act, 1956, Depositories Act, 1996, Companies Act, 2013 or any rules or regulations made thereunder shall have the same meaning as defined there earlier no specific reference of the acts were given.
Now the maximum period of keeping custody of books and accounts and other records etc. by the investing authority is defined as 6 months.
Further, the requirement of newspaper publication of the final order passed under regulation 1 is set aside publishing the same on the website is sufficient.
Other amendments include that the “Manner of service of summons and notices issued by the Board under regulation 11A is defined in the regulation itself earlier the summons and notices were issued as per regulation 22 of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. There are a few changes made in regulation 12 also related to suspension or cancellation of registration of the intermediary.
Click Here To Read The Full Notification
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