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Rule 16
Procedure for Suspension or Cancellation of Permit
:
(1) According to Section 7E of the Act, before suspending or revoking the license of any securities market, the board shall give the relevant securities market a reasonable opportunity to improve its operations within a fixed period of time.
(2) If such securities market fails to improve its operations even within the time given under sub-rule (1), the board may suspend the license of such securities market for a maximum period of 6 months.
(3) According to sub-rule (2), if the conditions to be fulfilled by such securities market are fulfilled within the period of suspension of the license of the securities market, the board may release the suspension of such license even before the expiry of the suspension of the license.
(4) According to sub-rule (2), if the conditions to be fulfilled by the securities market are not fulfilled even within the period of suspension of the securities market license, the board may cancel the license of such securities market.
(1) According to Section 7E of the Act, before suspending or revoking the license of any securities market, the board shall give the relevant securities market a reasonable opportunity to improve its operations within a fixed period of time.
(2) If such securities market fails to improve its operations even within the time given under sub-rule (1), the board may suspend the license of such securities market for a maximum period of 6 months.
(3) According to sub-rule (2), if the conditions to be fulfilled by such securities market are fulfilled within the period of suspension of the license of the securities market, the board may release the suspension of such license even before the expiry of the suspension of the license.
(4) According to sub-rule (2), if the conditions to be fulfilled by the securities market are not fulfilled even within the period of suspension of the securities market license, the board may cancel the license of such securities market.