As per Reg 5 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, the "Investigating Authority" is required to report the findings of the investigation to whom? 

As per Reg 5-  Where Board,the Chairman,the member or the Executive Director(hereinafter referred to as “appointing authority”) has reasonable ground to believe that— 9(a) the transactions in securities are being dealt within manner detrimental to the investors or the securities market in violation of these regulations;(b) any intermediary or any person associated with the securities market has violated any of the provisions of the Act or the rules or the regulations, it may, at anytime by order in writing, direct any 32[person] (hereinafter referred to as the “Investigating Authority”)specified in the order to investigate the affairs of such intermediary or persons associated with the securities market or any other person and to report the re on to the Board in the manner provided in section 11C of the Act.