- A mutual fund which-

(a) contravenes any of the provisions of the Act and these regulations;

(b) fails to furnish any information or furnishes wrong information relating to its activity as a mutual fund as required under these regulations;

(c) fails to submit periodical returns as required under these regulations;

(d) does not co-operate in any inquiry or inspection conducted by the Board;

(e) fails to comply with any directions of the Board issued under the provisions of the Act or the regulations;

(f) fails to resolve the complaints of the investors or fails to give a satisfactory reply to the Board in this behalf;

(g) indulges in unfair trade practices in securities.

(h) is guilty of misconduct or improper or unbusinesslike or unprofessional conduct which is not in accordance with the Code of Conduct specified in the Fifth Schedule;

(i) asset management company fails to maintain the networth in accordance with the provisions of regulation 21;

(j) fails to pay any fees;

(k) violates the conditions of registration;

(l) mutual fund, asset management company or trustees of that mutual fund does not carry out its obligations as specified in these regulations."