Summary settlement procedure allows noticees to apply and remit amounts to resolve specified regulatory defaults. The Board may issue a summary settlement notice requiring a noticee to file a settlement application, remit a settlement amount and/or furnish or comply ... Summary
Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
Summary settlement procedure allows noticees to apply and remit amounts to resolve specified regulatory defaults.
The Board may issue a summary settlement notice requiring a noticee to file a settlement application, remit a settlement amount and/or furnish or comply with specified non monetary undertakings for enumerated defaults such as delayed disclosures, format non compliance, and delayed statutory compliance. A noticee has thirty calendar days to apply, remit and provide undertakings, may seek rectification of the amount subject to the Board's final decision, and may receive a recorded extension of up to fifteen days. The Board may refuse settlement for lack of full disclosure or cooperation, may modify enforcement action, and will pass a settlement order when satisfied.
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