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of <h1>SEBI's Chapter VII: Summary Settlement Procedure for Defaults; 30-Day Response, Possible Extension, Full Disclosure Required</h1> The Securities and Exchange Board of India (SEBI) Settlement Proceedings Regulations, 2018, Chapter VII, outlines a summary settlement procedure. Before initiating specified proceedings, SEBI may issue a summary settlement notice, allowing the noticee to file a settlement application, pay a settlement amount, or comply with non-monetary terms for defaults like delayed disclosures or non-compliance with SEBI directives. The noticee has 30 days to respond, with a possible 15-day extension. SEBI retains the authority to modify enforcement actions and requires full disclosure and cooperation from the applicant for settlement. Upon compliance, SEBI will issue a settlement order under regulation 23.
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