Regulation 129 — Cancellation of registration

(1) The Commission may, after providing an
opportuning of hearing, cancel the registration of an intermediary through an Order in writing if—
(i) the intermediary has provided false, incomplete or misleading documents or
representation without authorization;
(ii) the intermediary is found guilty of negligence, default, breach of duty or breach of
trust;
(iii) the intermediary fails to commence acti vity within twelve months of grant of
certificate of registration;
(iv) the intermediary fails to apply for registration as required in regulation 130 or renewal
of registration within time as specified in sub-regulation (1) of regulation 127; or
(v) any reasonable ground as deemed appropriate by Commission.
(2) The intermediary shall be personally held responsible for the liabilities and obligations
arising out of any such act leading to cancellation of registration and shall not be eligible for re -
registration for a period of up to five years.
(3) Where proceedings for cancellation of registration have been initiated, the
intermediary shall not be permitted to submit any document on behalf of the company or promoters

of a proposed company or foreign compa ny, as the case may be, and they shall make alternate
arrangement in this regard.