{"id":260664,"date":"2022-01-27T10:00:49","date_gmt":"2022-01-27T04:30:49","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260664"},"modified":"2022-01-27T09:59:35","modified_gmt":"2022-01-27T04:29:35","slug":"sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-to-securities-market-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/27\/sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-to-securities-market-amendment-regulations-2022\/","title":{"rendered":"SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page10R_mcid167\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On January 25, 2022, the Securities <\/span><span dir=\"ltr\" role=\"presentation\">and Exchange Board of India <span id=\"page10R_mcid168\" class=\"markedContent\">SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022 to <\/span>further <\/span><span dir=\"ltr\" role=\"presentation\">amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/3phDX2Q1\">Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to <\/a><\/span><span dir=\"ltr\" role=\"presentation\">Securities Market)<\/span> <span dir=\"ltr\" role=\"presentation\">Regulations, 2003. <\/span><\/span><\/p>\n<p style=\"text-align: justify;\">Key Amendments i<span id=\"page10R_mcid170\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">n the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating <\/span><\/span><span id=\"page10R_mcid170\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">to Securities Market)<\/span> <span dir=\"ltr\" role=\"presentation\">Regulations, 2003: <\/span><\/span><span id=\"page10R_mcid171\" class=\"markedContent\"><\/span><br role=\"presentation\" \/><span id=\"page10R_mcid171\" class=\"markedContent\"><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\">In Regulation 6, the period of one month for keeping custody of any books, registers, other documents has been removed. The amendment now provides:<\/li>\n<\/ul>\n<div>\n<blockquote>\n<div style=\"text-align: justify;\">&#8221; to keep in his custody any books, registers, other documents and record produced under this regulation for a maximum period of six months&#8221;<\/div>\n<\/blockquote>\n<ul>\n<li><span class=\"markedContent\"><span class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In Regulation 6 <\/span><span dir=\"ltr\" role=\"presentation\">the following new clauses shall be inserted. By way insertion, <\/span><\/span><\/span>4 new powers have been added in Regulation 6 which shall be available to the Investigating Authority to conduct the investigation.<\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: justify;\"><span id=\"page15R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c(7) to call for information and record from any person including any bank or any other <\/span><span dir=\"ltr\" role=\"presentation\">authority or board or corporation established or constituted by or under any Central, State <\/span><span dir=\"ltr\" role=\"presentation\">or Provincial Act in respect of any transaction in securities which are under investigation;<\/span><\/span><span id=\"page15R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(8) to make an application to the Judge of the designated court in Mumbai as notified by <\/span><span dir=\"ltr\" role=\"presentation\">the Central Government for an order for the seizure of any books, registers, other <\/span><span dir=\"ltr\" role=\"presentation\">documents and record, if in the course of investigation, the Investigating Authority has <\/span><span dir=\"ltr\" role=\"presentation\">reasonable ground to believe that such books, registers, other documents and record of, or <\/span><span dir=\"ltr\" role=\"presentation\">relating to, any intermediary or any person associated with securities market in any manner<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">may be destroyed, mutilated, altered, falsified or secreted;<\/span><\/span><span id=\"page15R_mcid9\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(9) to keep in his custody the books, registers, other documents and record seized under <\/span><span dir=\"ltr\" role=\"presentation\">these regulations for such period not later than the conclusion of the investigation as he <\/span><span dir=\"ltr\" role=\"presentation\">considers necessary and thereafter to return the same to the person, the company or the <\/span><span dir=\"ltr\" role=\"presentation\">other body corporate, or, as the case may be, to the managing director or the manager or <\/span><span dir=\"ltr\" role=\"presentation\">any other person from whose custody or power they were seized:<\/span><\/span><span id=\"page15R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided that the Investigating Authority may, before returning such books, registers, other <\/span><span dir=\"ltr\" role=\"presentation\">documents and record as aforesaid, place identification marks on them or any part thereof;<\/span><\/span><span id=\"page15R_mcid11\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(10) save as otherwise provided in this regulation, every search or seizure made under this <\/span><span dir=\"ltr\" role=\"presentation\">regulation shall<\/span> <span dir=\"ltr\" role=\"presentation\">be<\/span> <span dir=\"ltr\" role=\"presentation\">carried<\/span> <span dir=\"ltr\" role=\"presentation\">out<\/span> <span dir=\"ltr\" role=\"presentation\">in accordance<\/span> <span dir=\"ltr\" role=\"presentation\">with<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">provisions of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">Code<\/span> <span dir=\"ltr\" role=\"presentation\">of <\/span><span dir=\"ltr\" role=\"presentation\">Criminal Procedure, 1973 (2 of 1974) relating to searches or seizures made under that <\/span><span dir=\"ltr\" role=\"presentation\">Code.\u201d<\/span><\/span><\/p>\n<\/blockquote>\n<\/div>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<div style=\"text-align: justify;\">Regulation 11(2) has been modified to remove the requirement of press release where earlier the Board was required to issue a press release in respect of any final order passed under sub-regulation (1) in at least two newspapers of which one shall have nationwide circulation and also to put the order on the website of the Board.<\/p>\n<\/div>\n<\/li>\n<li>\n<div>Regulation 11A has been modified to include the manner of service of summons and notices issued by the Board.<br \/>\n<span id=\"page17R_mcid2\" class=\"markedContent\"><\/span><\/div>\n<\/li>\n<\/ul>\n<div style=\"padding-left: 40px; text-align: justify;\"><span id=\"page17R_mcid3\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><span dir=\"ltr\" role=\"presentation\">Manner of service of summons and notices issued by the Board.<\/span><\/span><span id=\"page17R_mcid4\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">11A. (1) A summons or notice issued by the Board under these regulations shall be served on the <\/span><span dir=\"ltr\" role=\"presentation\">person through any of the following modes, namely<\/span><span dir=\"ltr\" role=\"presentation\">\u2014<\/span><\/span><span id=\"page17R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a) by delivering or tendering it to that person or his duly authorised agent; or<\/span><\/span><span id=\"page17R_mcid6\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b) by sending it to the person by fax or electronic mail or electronic instant messaging services <\/span><span dir=\"ltr\" role=\"presentation\">along with electronic mail or by courier or speed post or registered post:<\/span><\/span><span id=\"page17R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided that the courier or speed post or registered post shall be sent to the address of his <\/span><span dir=\"ltr\" role=\"presentation\">place of residence or his last known place of residence or the place where he carried<\/span> <span dir=\"ltr\" role=\"presentation\">on, or last <\/span><span dir=\"ltr\" role=\"presentation\">carried on, business or personally works, or last worked, for gain, with acknowledgment due:<\/span><\/span><span id=\"page17R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided further that a summons or notice sent by fax shall bear a note that the same is <\/span><span dir=\"ltr\" role=\"presentation\">being sent by fax and in case the document contains annexure, the number of pages being sent shall <\/span><span dir=\"ltr\" role=\"presentation\">also be mentioned:<\/span><\/span><span id=\"page17R_mcid9\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided further that a summons or notice sent through electronic mail or electronic instant <\/span><span dir=\"ltr\" role=\"presentation\">messaging services along with electronic mail shall be digitally signed by the competent authority <\/span><span dir=\"ltr\" role=\"presentation\">and bouncing of the electronic mail shall not constitute valid service.<\/span><\/span><span id=\"page17R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(2) In case of failure to serve a summons or notice through any one of the modes provided under <\/span><span dir=\"ltr\" role=\"presentation\">sub-regulation (1), the summons or notice may be affixed on the outer door or some other <\/span><span dir=\"ltr\" role=\"presentation\">conspicuous part of the premises in which the person resides or is known to have last resided, or <\/span><span dir=\"ltr\" role=\"presentation\">carried on business or personally works, or last worked, for gain and a written report thereof shall be <\/span><span dir=\"ltr\" role=\"presentation\">prepared in the presence of two witnesses.<\/span><\/span><span id=\"page17R_mcid11\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(3) In case of failure to affix the summons or notice on the outer door as provided under sub- <\/span><span dir=\"ltr\" role=\"presentation\">regulation (2), the summons or notice shall be published in at least two newspapers, one of which <\/span><span dir=\"ltr\" role=\"presentation\">shall be in an English daily newspaper having nationwide circulation and another shall be in a <\/span><span dir=\"ltr\" role=\"presentation\">newspaper having wide circulation published in the language of the region where that person was <\/span><span dir=\"ltr\" role=\"presentation\">last known to have resided or carried on business or personally worked for gain.<\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On January 25, 2022, the Securities and Exchange Board of India SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-260664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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