image

Consultation paper on draft SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013

Consultation paper on draft SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013 has been placed on the SEBI’s site for Public Comments.

1. The President of India has promulgated the Securities Laws (Amendment) Second Ordinance, 2013 on September 16, 2013 conferring explicit powers on SEBI to settle administrative and civil proceedings under section 15JB of the Securities and Exchange Board of India Act, 1992(SEBI Act), section 23JA of the Securities Contracts (Regulation) Act, 1956 and section 19-IA of the Depositories Act, 1996.

2. The said Ordinance provides that SEBI may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such sum by the defaulter or on such other terms as may determined by SEBI in accordance with the regulations made under SEBI Act. The said Ordinance further provides that the settlement proceedings shall be conducted in accordance with the procedure specified in the regulations made under SEBI Act. A corresponding provision as clause (da) has also been inserted in sub-section (2) of section 30 of SEBI Act enabling the Board to frame regulations providing for the terms and procedure for settlement of administrative and civil proceedings.

3. In the light of the above, SEBI proposes to frame SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013, a draft of which is annexued. Public comments are invited on the said draft Regulations. Comments may be forwarded by email to ‘comments_settlementregs@sebi.gov.in’ latest by October 30, 2013.

The file has been attached here for download.

Tags: Civil law (common law)IndiaPresident of IndiaRegulationSEBISecurities & Exchange Board of IndiaSecurities and Exchange Board of India Act 1992Settlement (finance)

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates