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ARTICLE · 12 MAY 2017

Securities Law Update For February And March, 2017

Dhaval Vussonji & Associates
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With a view to streamline and strengthen the settlement process, SEBI has on February 27, 2017 amended several provisions of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014.

IndiaCorporate/Commercial Law
Ankur Loona
Ankur Loona
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REGULATORY AMENDMENTS

SEBI TWEAKS SETTLEMENT NORMS

With a view to streamline and strengthen the settlement process, SEBI has on February 27, 2017 amended several provisions of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014.

The revised regulations focus on settling the matter in a time-bound manner with levying of interest in the event of excessive delay in filing the application or payment of settlement amount.

Accordingly, a settlement application has to be henceforth filed with SEBI within 60 days from the receipt of the show cause notice. Any delay beyond such period will attract an extra processing fee of Rs. 2000/- per applicant and also be liable to levy of interest @ 6 % per annum on the settlement amount for the delayed period.

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