Section 28A: Inspection

4[28A. Inspection.—(1) For the purpose of ascertaining whether a person who is, or at any time has been, a regulated person is complying with or has complied with any provision or requirement of this Act or any administered legislation, or the terms and conditions of licence or registration, the Commission may from time to time inspect any record or document relating to any regulated activity. (2) The Commission may authorize in writing one or more of its employees to exercise the powers of the Commission under this section. (3) In the exercise of his powers under this section, an authorized person may― (a) require the regulated person, or any concerned person, whom he believes is in possession of or has under his control any record or document referred to in sub­section (1), to produce that record or document before him; (b) make inquiries of a regulated person, or any other person whom he has reasonable cause to believe has information relating to any record or document referred to in sub­section (1), concerning any such record or document or concerning any transaction or activity which was undertaken in the course of, or which may affect, the business conducted by the regulated person; and (c) inspect and make copies of, or take extracts from, and where necessary take possession of, such documents. 1Omitted and subs., by Ord. No. LV of 2000, Ss.11-12. 2Omitted by Finance Act 2003 (Act No. I of 2003), s. 11. 3Subs. by Act No. XXXVI of 2016, s. 12. 4Ins. by Act No. XXXVI of 2016, s. 13. (4) For the purpose of an inspection under this section, the regulated person or other person mentioned in sub­section (3) shall afford an authorized person access to the records or documents as may be required for the inspection and shall produce before the authorized person such records or documents as may be required. (5) Any person who, without reasonable excuse, fails to comply with a requirement imposed on him by an authorized person under sub­section (3) commits an offence under this Act and shall be punishable with imprisonment of either description which may extend to three years or with fine which may extend to two hundred million rupees or with both.]

Effective date: 1997-01-01

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