TMI BlogSecurities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) (Second Amendment) Regulations, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... tories Act, 1996 read with section 30 of the Securities and Exchange Board of India Act, 1992 , section 31 of the Securities Contracts (Regulation) Act, 1956 and section 25 of the Depositories Act, 1996 , the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014, namely, 1. These regulations may be called the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) (Second Amendment) Regulations, 2017. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided further that, notwithstanding anything contained in the notice of settlement, the Board shall have the power to modify the enforcement action to be brought against the noticee and the notice of settlement shall not confer any right upon the noticee to seek settlement or avoid any enforcement action. (2) The noticee may within thirty calendar days from the date of receipt of the notice of settlement,- (a) file a settlement application in the Form specified in Part-A of the Schedule-I alongwith non-refundable application fee as specified in Part-B and the undertakings and waivers as specified in Part-C of the Schedule-I; (b) remit the settlement amount as specified in the notice of settlement; and (c) comply or undertake ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation 14A shall apply mutatis mutandis. Explanation . - For the purposes of this Chapter, it is clarified that a specified proceeding is not deemed to be initiated and pending, unless the Board has communicated the matter to the authority who shall conduct such proceedings. 14C. Notwithstanding anything contained in these regulations, where a noticee does not file a settlement application under this Chapter or remit the settlement amount and/or comply with other non-monetary terms to the satisfaction of the Board or withdraws the settlement application, the specified proceedings may be initiated or continued, as the case may be and such a noticee shall only be permitted to file a settlement application in respect of proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following non-monetary terms: (i) . (ii) ...................... (please specify any other terms, if any) 4. If remittance of the settlement amount is not made and/ or any of the non-monetary terms are not complied or undertaken to be complied within the specified time, the Board may initiate or continue any specified proceedings against you in accordance with law. Notwithstanding anything contained in this notice, the Board reserves the right to modify the proceedings and charges (to be) brought against you and this notice shall not confer any right to seek settlement or avoid any action initiated by the Board. 5. If the settlement application is not filed or the settlement amount is not remitted and/or undertaking ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
