TMI BlogSECURITIES AND EXCHANGE BOARD OF INDIA (SETTLEMENT OF ADMINISTRATIVE AND CIVIL PROCEEDINGS) (AMENDMENT) REGULATIONS, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) (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 India (Settlement of Administra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (2), the following proviso shall be inserted, namely- Provided that such an application may be considered at the next stage of proceedings, as indicated in Table I in Schedule-II, if the applicant makes out adequate grounds and subject to payment of such additional fees and/or interest on the settlement amount from the date of withdrawal of the earlier application till the date of payment of the settlement amount, as may be recommended by the high powered advisory committee. (IV) In regulation 8, for sub-regulation (4), the following shall be substituted, namely (4) The application fee referred to in sub-regulation (2) of regulation 3, the additional processing fee accompanying the application for condonation of delay as refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t amount shall be substituted with the words, symbols and numbers, the settlement amount within the period specified in clause (a) of sub-regulation (3) of regulation 14 (VII) In Schedule- I, in Part-B, for the existing item the following shall be substituted, namely- Every applicant shall pay processing fees of ten thousand rupees and every application for condonation shall be accompanied with additional processing fees of two thousand rupees, by way of a demand draft in favour of 'Securities and Exchange Board of India' payable at Mumbai or by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI. (VIII) In Schedule- II, in Chapter I, - (1) item 6 shall be substituted wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er II, item 1, shall be substituted with the following, namely- 1. (a) Where the AO has already awarded penalty to the applicant, then B shall be equal to the amount calculated by these guidelines or the penalty awarded by the AO, whichever is higher; (b) In case more than one proceeding arising from the same cause of action has been initiated against the applicant, the IA shall be increased by 15%; (c) In cases where the WTM or DM has issued directions debarring or suspending the applicant, the RAF shall take into account the value of Y as per Table III. (X) In Schedule- II, in Chapter III, Table I shall be substituted with the following, namely- TABLE I-PCF STAGE OF THE PROCEEDING(S) WHEN THE APP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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