Section 85: To inspect and inquire

1) For the purpose of carrying out regulation and monitoring pursuant to Section 84, the Board may, on its own or by delegating any of the powers conferred to it to anyone else, as required, make, or cause to be made, inspection or inquiry in relation to whether or not the stock exchanges, securities business persons, formal agents of securities business persons and bodies corporate which have listed their securities have complied to this Act or the Rules, Bye-laws and directives framed under this Act or orders or directives issued thereunder, in the course of carrying out activities relating to securities.

2) In making inspection and inquiry pursuant to sub-section (1), the Board or the authorised person may inspect and inquire into any information, data, documents, records and statements held by the concerned stock exchanges, securities business persons, formal agents of securities business persons and bodies corporate which have listed their securities or inquire into any concerned persons or record their statements.

3) After making an inspection and inquiry pursuant to sub-section (2), the Board shall prepare and retain a report thereof. Where inspection and inquiry have been made by a person authorised by the Board, such a person shall prepare a report of such an inspection and inquiry and submit it to the Board.

4) The procedures to be followed in making inspection and inquiry pursuant to sub-section (1) and the manner to be followed in preparing a report to be submitted after such inspection and inquiry shall be as prescribed.