POWERS OF SEBI :

POWER TO ISSUE DIRECTIONS

SEBI, in the interest of investors in securities market, issue such directions as it deems fit under section 11 or section 11A or section 11B or section 11D of the Act including:

(a) directing the issuer to refund of the application monies to the applicants in a public issue.

(b) directing the persons concerned not to further deal in securities in any particular manner.

(c) directing the persons concerned not to access the securities market for a particular period.

(d) restraining the issuer or its promoters or directors from making further issues of securities.

(e) directing the person concerned to sell or divest the securities.

(f) directing the issuer or the depository not to give effect transfer or directing further freeze of transfer of securities.

(g) any other direction which SEBI may deem fit and proper in the circumstances of the case:

However, SEBI may, either before or after issuing such directions, give an opportunity of being heard to the persons against whom the directions are issued or proposed to be issued. Further that, if, any ex-parte direction
is required to be issued, SEBI may give post decisional hearing to affected person.

POWER TO ISSUE GENERAL ORDER OR CIRCULAR

SEBI may by a general or special order or circular specify any conditions or requirement in respect of issue of non-convertible redeemable preference shares. Such orders or circulars may provide for all or any of the following matters, namely:

(a) Electronic issuances and other issue procedures including the procedure for price discovery;

(b) Conditions governing trading, reporting, clearing and settlement of trade in non-convertible redeemable preference shares; or

(c) Listing conditions.

If any special order is proposed to be issued to any particular issuer or intermediary on a specific issue, no such order shall be issued unless an opportunity to represent is given to the person affected by such order.