SEBI (Settlement Proceedings) (Amendment) Regulations 2022

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (SETTLEMENT PROCEEDINGS) (AMENDMENT) REGULATIONS, 2022- NOTIFICATION

No SEBI/LAD-NRO/GN/2022/62..—In exercise of the powers conferred 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 read 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 hereby makes the following regulations to further amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, namely:—

1. These regulations may be called the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022.
   
2. They shall come into force on the date of their publication in the Official Gazette.
   
3. In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018-
   
   (1) in regulation 4, sub-regulation (2) shall be omitted.
   
   (2) in regulation 5, in sub-regulation (2), in clause (i), after the words and symbol “has market wide impact,”, the word “or”, shall be inserted.
   
   (3) in regulation 6, in the sub-regulation (1), –
   (a) after the words “An application may” and before the words “at any time be rejected”, the word “also”, shall be inserted;
   (b) in the clause (b), after the words and symbols “delays the submission of information, document,” and before the words and symbols “etc., as called for by the Board”, the words and symbol “Revised Settlement Terms, “, shall be inserted;
   (c) after the clause (e), following clause shall be inserted, namely, –
   “(f) Where the applicant fails to comply with the condition precedent(s) for settlement within the time as required by the Internal Committee.”
   
   (4) in regulation 9, –
   (a) in sub-regulation (2),
   (i) in clause (i), for the symbol ‘.’, the symbol ‘;‘ shall be substituted;
   (ii) after clause (i), following clause, shall be inserted, namely, –
   “(j) Restraining 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.”;
   (b) in sub-regulation (4), in the Explanation after the word and figure “regulation 24” the words “and include other expenses incurred by the Board in any other proceeding before any Court or Tribunal in respect of such application” shall be inserted.
   
   (5) in regulation 13, in sub-regulation (2),
   (a) after clause (b), a new clause shall be inserted, namely, –
   “(ba) require the applicant to comply with certain condition precedent(s) within a specified time period for consideration of the application for settlement.”;
   (b) in clause (c), –
   (i) for the word “ten” the word “fifteen”, shall be substituted;
   (ii) for the symbol ‘:‘, the symbol ‘.‘ shall be substituted;
   (iii)the proviso to clause (c) shall be omitted

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