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Section 23-I of the SCRA empowers SEBI to appoint an adjudicating officer for imposing penalties. What is the minimum rank from which such an officer may be drawn?
Answer & Solution
Correct answer: C.
1. Section 23-I deals with SEBI's power to adjudicate violations.
2. The adjudicating officer must be not below the rank of a Division Chief of SEBI.
3. The officer must give the person concerned a reasonable opportunity of being heard.
4. The Executive Director, Whole-Time Member and Chairman bars are not the Section 23-I floor.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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