Penalties
DRA-4.1.7
The following penalties can be imposed by the Disciplinary Committee:
(a) Reminder;(b) Warning;(c) Confiscation of all or part of theCMSP's guarantee;(d) Suspension of trading by violating companies for a period not exceeding four months;(e) Striking off the listed companies and unlisted companies, or the transfer of a listed company into an unlisted company whosesecurities are admitted for trading;(f) Suspension of aCMSP's membership for a period not exceeding four months;(g) Cancellation of membership of aCMSP , and any otherperson with a similar status membership; or(h) Any other penalty available, as per the rules of theSRO .Amended: April 2020
Added: July 2010DRA-4.1.8
Deliberations of the Disciplinary Committee must be confidential. Resolutions must be adopted by majority vote and the concerned parties must be notified not later than 15 calendar days following adoption of resolution(s).
Amended: April 2020
Added: July 2010DRA-4.1.9
The chief executive officer of the
SRO must refer the violation record to the Disciplinary Committee if an investigation has been carried out by theSRO , or where the violation has been referred by theCBB for investigation.Amended: April 2020
Added: July 2010DRA-4.1.10
Violations referred to disciplinary proceedings must be raised in the form of a statement, which must, at a minimum, contain the name and address of the defendant, date of the violation and a summarised description of the violation and the available evidence. The Disciplinary Committee must not consider any violation unless it is submitted in accordance with this method.
Amended: April 2020
Added: July 2010DRA-4.1.11
The record of the violation referred to in the Disciplinary Committee must be submitted to the Chairman of the Disciplinary Committee for fixing a date for the hearing by issuing an order to that effect. The
Disciplinary Action Cell must serve summons on the defendant, requiring him to appear on the date fixed for the hearing.Amended: April 2020
Added: July 2010DRA-4.1.12
A staff member of the
Disciplinary Action Cell must attend the hearing of the Disciplinary Committee, in order to keep the record under the supervision of the Chairman thereof. The record must contain names of members of the Disciplinary Committee, date, time and place of the hearing, names of parties who appear, or their representatives, all proceedings carried out in the hearing, and any statements and applications made by the parties. The Chairman and the staff of theDisciplinary Action Cell must sign the record.Amended: April 2020
Added: July 2010DRA-4.1.13
The defendant must appear on the date fixed for hearing the violation, and the committee must enable him to state his defence in respect thereof, after notifying him of the violation and of the supporting evidence.
Amended: April 2020
Added: July 2010DRA-4.1.14
If the defendant does not appear at the sitting fixed for hearing the violation, the committee may, if it is proved that the summons was duly served, proceed to hear and decide on the violations in his absence.
Amended: April 2020
Added: July 2010DRA-4.1.15
Records of investigations carried out prior to the disciplinary proceedings must be attached to the violation record. The Disciplinary Committee, if not satisfied with the investigation, may carry out its own investigation or order further investigations by the
SRO or by an independent professional firm.Amended: April 2020
Added: July 2010DRA-4.1.16
The Disciplinary Committee may, for the proof of any facts, rely on the evidence obtained from the investigations carried out in respect of the facts which constitute the violation, and may, at its absolute discretion, prefer one item of evidence to the other. The Disciplinary Committee shall may formulate its valuation according to its own satisfaction. The Disciplinary Committee must not base its decision on the personal knowledge of its members.
Amended: April 2020
Added: July 2010DRA-4.1.17
The members of the Disciplinary Committee must deliberate on the decision before issuing it. Every member must express his opinion in secret, and the decision must be taken by majority vote.
Amended: April 2020
Added: July 2010DRA-4.1.18
The decision passed by the Disciplinary Committee must be in writing. It must contain a review of the violation, statements and defence of the offender, proceedings carried out, reasons for the decision and the decree thereof, and date and place of issue of the decision. The draft decision must be signed by the Chairman and members of the Disciplinary Committee.
Amended: April 2020
Added: July 2010DRA-4.1.19
The Chairman of the Disciplinary Committee may pronounce the decision in a public hearing. The decision should be filed in the violation record, after pronouncement thereof.
Amended: April 2020
Added: July 2010DRA-4.1.20
[This Paragraph was deleted in April 2020].
Amended: April 2020
Added: July 2010DRA-4.1.21
[This Paragraph was deleted in April 2020].
Amended: April 2020
Added: July 2010DRA-4.1.22
The
Disciplinary Action Cell must, in the case of the defendant's non-appearance in the hearing, notify him of the decision within five days from the date of issue thereof.Amended: April 2020
Added: July 2010DRA-4.1.23
Service of all documents, decisions and notices relating to the disciplinary proceedings shall be effected by registered mail or any other acceptable means of correspondence including electronic means of correspondence.
Amended: April 2020
Added: July 2010DRA-4.1.24
Decisions of the Disciplinary Committee must be submitted to the CBB, in writing, as soon as possible after the decision has been made.
Added: April 2020
