Markets Regulator amends the Regulations governing Settlement Proceedings, inter alia adding a condition for rejection of settlement application,
viz. where the applicant fails to comply with the condition(s) precedent for settlement within the time as required by the Internal Committee;
Further, under the non-monetary settlement terms, inserts the 10th term, thereby allowing SEBI to restrain the applicant from accessing the securities market and/or prohibiting from buying, selling or otherwise dealing in securities, directly or indirectly and associating with the securities market in any manner for a specific period;
Further, allows applicant to submit revised settlement terms within 15 days (instead of 10 days earlier);
Clarifies that no settlement order or rejection of a settlement application shall be invalidated on ground of any defect in procedure or determination of the settlement terms or on account of any vacancy in or any defect in the constitution of any committee;
Also amends the Table for “Proceeding Conversion Factor”: SEBI
Economiclawpractice.com, Venturestreets.com, BuySellMergers.com, Intellexconsulting.com
