The Securities and Exchange Board of India (SEBI) vide notification No. SEBI/LAD-NRO/GN/2023/142 issued on 10th August 2023 has notified Securities and Exchange Board of India (Settlement Proceedings) (Second Amendment) Regulations, 2023.
The amendment shall be deemed to have come into force from January 17, 2023. It was notified that Settlement Proceedings shall be disposed of by Panel of Whole Time Members.
Exercising the authority granted by Section 15JB of the Securities and Exchange Board of India Act, 1992, Section 23JA of the Securities Contracts (Regulation) Act, 1956, and Section 19-IA of the Depositories Act, 1996, in conjunction 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 (SEBI) hereby introduces the subsequent regulations to amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018.
The notification states that “In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, in regulation 23, after sub-regulation 2, following sub-regulation shall be inserted-
“(2A) In case of specified proceedings which may be initiated or are proposed to be initiated, the Panel of Whole Time Members shall dispose of such proceedings on the basis of the approved settlement terms.”
The Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 were published in the Gazette of India on November 30, 2018 vide No. SEBI/LAD-NRO/GN/ 2018/48, with effect from 1st day of January 2019. It was subsequently amended in 2020, 2022 and 2023.
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