TMI Blog2023 (1) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... sure of the Settlement Scheme of 2022 either physically or online - HELD THAT:- SEBI settlement Scheme, 2022 with an object to settle enforcement proceedings approved/initiated and pending in respect of Illiquid stock Options. A perusal of the concerned Regulation and the eligibility Clause would clearly indicate that all the entities who had executed non-genuine trades/trade reversals on the stock option segment of BSE during the period April 01, 2014 to September 30, 2015 and against whom enforcement proceedings have been approved or initiated and are pending before any authority/forum, viz. Adjudicating Officer/Hon ble SAT/Hon ble Courts/Recovery Officer etc. shall be eligible to avail the one time settlement opportunity. It clearly i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L) 1. This petition seeks for issuance of directions in the nature of mandamus directing the respondents to open/enable the link for payment of penalty in terms of the Scheme and accept the payment on behalf of the Petitioner on or before the closure of the Settlement Scheme of 2022 either physically or online. The petitioner also prayed for production of file relating to the Petitioner s Order being Adjudication Order No. order/PB/AS/2021-22/14221. 2. The facts of the case are that on 05.08.2021, Show Cause Notice was issued to the petitioner alleging that he carried out non-genuine trades i.e. in liquid stock options at the Bombay Stock Exchange, whereby, he violated Regulations 3(a)(b)(c)(d), 4(1) and 4(2)(a) of SEBI (prohibition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of the Scheme, which is adversely affecting the right of the petitioner from entering into a settlement in terms of the Scheme in question. While highlighting the purpose of the Scheme, learned counsel makes an endeavour to suggest that the word used in the Scheme i.e. approved/initiated enforcement proceedings would mean that the proceedings in hand are still pending before the enforcement directorate in the form of execution. According to him, since the amount has not yet been realised from the petitioner and, therefore, for all practical purposes, proceedings should be treated as pending before the enforcement Department. 4. Learned counsel appearing on behalf of the respondent, on advance notice, vehemently opposed the prayer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had executed non-genuine trades/trade reversals on the stock option segment of BSE during the period April 01, 2014 to September 30, 2015 and against whom enforcement proceedings have been approved or initiated and are pending before any authority/forum, viz. Adjudicating Officer/Hon ble SAT/Hon ble Courts/Recovery Officer etc. shall be eligible to avail the one time settlement opportunity . 8. A perusal of the concerned Regulation and the eligibility Clause would clearly indicate that all the entities who had executed non-genuine trades/trade reversals on the stock option segment of BSE during the period April 01, 2014 to September 30, 2015 and against whom enforcement proceedings have been approved or initiated and are pending before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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