Question

What is the initial step the adjudicating officer must take as per the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 when holding an inquiry under sections 15A, 15B, 15C, 15D, 15E, 15F, 15G, 15HA, and 15HB?

A The adjudicating officer must directly impose a penalty on the person
B The adjudicating officer must file a formal complaint with the court
C The adjudicating officer must issue a notice to the person requiring them to show cause within at least fourteen days
D The adjudicating officer must refer the matter to the Central Government for further action
E The adjudicating officer must immediately schedule a hearing without prior notice.
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