- [(1)] [Renumbered by Notification No. SEBI/LAD-NRO/GN/2019/32, dated 17.9.2019 (w.e.f. 15.1.2015).] In order to remove any difficulties in the interpretation or application of the provisions of these regulations, the Board shall have the power to issue directions through guidance notes or circulars:

Provided that where any direction is issued by the Board in a specific case relating to interpretation or application of any provision of these regulations, it shall be done only after affording a reasonable opportunity of being heard to the concerned persons and after recording reasons for the direction.

(2)

[ For the purpose of Chapter IIIA, the Board may, -

i. by circular, specify procedures and processes for carrying out the purposes of these regulations;

ii remove any difficulty in the interpretation or application or implementation of the provisions of these regulations, by issuing clarifications and specifying procedures through circulars or guidelines.]