ADVOKS GLOBAL · KENYA
Central Depositories Act
12A. Disciplinary action and review of a disciplinary action
Edition: 2023-12-11 · In force
12A. Disciplinary action and review of a disciplinary action
(1)A central depository may reprimand, fine, suspend, expel or otherwise take any disciplinary action against a central depository agent in accordance with its rules.(2)A central depository shall, within seven days of any action taken under subsection (1), notify the Authority, in writing, giving particulars including the name of the person, the reason and the nature of the action taken.(3)The Authority may, on its own motion or on application by an aggrieved person, review any disciplinary action taken under subsection (1), and may affirm, modify or set aside the decision of a central depository after giving the central depository and the central depository agent an opportunity to be heard.(4)Nothing in this section shall preclude the Authority, in any case where a central depository fails to act against a central depository agent, from suspending, expelling or otherwise taking disciplinary action against a central depository agent:Provided that the Authority shall give the central depository and the central depository agent an opportunity to be heard.(5)Any action taken by a central depository under subsection (1), shall not prejudice the power of the Authority to take such further action as it considers necessary against a central depository agent.