TMI BlogSecurities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... ons, 2022. 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 Proceedings) Regulations, 2018 - (1) in regulation 4 , sub-regulation (2) shall be omitted. (2) in regulation 5 , in sub-regulation (2), in clause (i), after the words and symbol has market wide impact, , the word or , shall be inserted. (3) in regulation 6 , in the sub-regulation (1), - (a) after the words An application may and before the words at any time be rejected , the word also , shall be inserted; (b) in the clause (b), after the words and symbols delays the submission of information, document, and before the words and symbols etc., as called for by the Board , the words and symbol Revised Settlement Terms, , shall be inserted; (c) after the clause (e), following clause shall be inserted, namely, - (f) Where the applicant fails to comply with the condition precedent(s) for settlement within the time as required by the Internal Committee. (4) in regulation 9 , - (a) in sub-regulation (2), (i) in clause (i), for the symbol . , the symbol ; shall be substituted; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be substituted; (c) after the second proviso, the following explanation shall be inserted, namely, - Explanation. For the removal of doubts, it is clarified that the power to seek the difference under this regulation shall include and always be deemed to have included the profits gained or losses avoided out of the violations for which the specified proceedings also have been initiated. (9) in regulation 33 for the words arriving at a proposal pursuant to , the words determining the terms while processing , shall be substituted. (10) in Schedule I, (a) in Part A, in clause 13, after the word pending , the words and symbol , including details of hearing opportunity given by the Board or AO, if any , shall be inserted; (b) in Part B, for the words and symbols direct credit in the bank account through NEFT/RTGS/IMPS or any other electronic mode allowed by RBI: , the words and symbol payment through the dedicated payment gateway provided for the purpose: shall be substituted. (11) in Schedule II , - (a) in Chapter I, in clause 2, i. after the words case may be , for the symbol : , the symbol . , shall be substituted; ii. the proviso sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... REGULATION 7 OF 1997 REGULATIONS OR REGULATION 29 OF 2011 REGULATIONS (I) REGULATION 8 OF 1997 REGULATIONS OR REGULATION 30 OF 2011 REGULATIONS (II) REGULATION 8A OF 1997 REGULATIONS OR REGULATION 31 OF 2011 REGULATIONS (III) Less than 2% ₹ 2 lakh + ₹ 5,000/- For every three months delay # or part thereof 2% to less than 5% ₹ 4 lakh + ₹ 10,000/- For every three months delay or part thereof 5% to less than 10% ₹ 7 lakh + ₹ 15,000/- For every three months delay or part thereof 10 % to less than 15% ₹ 9 lakh + 0.1 % of the value of the holding not disclosed, etc. + ₹ 20,000/- For every three months delay or part thereof 15% and above ₹ 10 lakh + 0.1 % of the value of the holding not disclosed, etc. + ₹ 25,000/- For every three months delay or part thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 % to less than 15% ₹ 9 lakh + 0.1 % of the value of the holding not disclosed, etc. + ₹ 22,500/- For every three months delay or part thereof 15% and above ₹ 10 lakh + 0.1 % of the value of the holding not disclosed, etc. + ₹ 25,000/- For every three months delay or part thereof Notes to Table VIII: 1. In cases of disclosure related violations by connected persons or by key managerial persons, the BA may be increased by 25%. 2. Table VIII is not applicable in cases where the disclosure related violation is in combination with Fraudulent and Unfair Trade Practices or Insider Trading. Explanation: Dealing while in possession of material financial or shareholding information may be treated as Insider Trading. 3. If the disclosure for any violation is made after a period of 4 Quarters, then the value for 4 Quarters would be the maximum value for that specific disclosure violation. 4. If there are multiple transactions attracting disclosure requirements in a Quarter, then the value of highest change and maximum delay may be consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 7 LAKHS ₹ 10 LAKHS RESIDUARY (P) RUPEES 3 LAKHS ₹ 10 LAKHS ₹ 10 LAKHS ₹ 1 CRORE ₹ 15 LAKHS #Name Lenders include individual applicants who submit to the satisfaction of the IC or HPAC or Panel of WTMs that, without knowledge of the illegal activity, he/she was involved in the violation to the extent of permitting/lending the use of his/her securities account or name or facility to the key operator or core entities or intermediary or securities market infrastructure institution involved in such activity. In addition, name lenders will also include individuals who are identified as such either in the investigation report or in the show cause notice or in the order of the Adjudicating Officer/SEBI/Court/Tribunal. While arriving at the settlement terms, the IC or HPAC or Panel of WTMs may take into consideration any relevant factor as may be submitted by the applicant including 16 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.4] the annual income of the applicant, the past and pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
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