Where the Council is of the opinion that a member is guilty of a professional or other misconduct mentioned in the Schedule, it shall afford to the member a reasonable opportunity of being heard before making any order against him and may thereafter take any one or more of the following actions, namely:--
         (a) reprimand the member; or
         (b) remove the name of the member from the register permanently or for such period, as it thinks fit.
         (c) impose such fine as it may think fit, which may extend to five lakh rupees.
     Explanation.--For the purposes of this section, "member of the Institute" includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry.