Settlement scheme under SEBI regulations led to disposal of the matter and direction to file a settlement application.

A settlement scheme issued under the SEBI (Settlement Proceedings) Regulations, 2018 was treated as applicable to entities that executed reversal trades in the stock option segment during the specified period, and the matter was disposed of on that basis. The appellant was directed to file an appropriate settlement application within two weeks, and the competent authority was directed to treat it as an application in the pending proceeding and pass appropriate orders.

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Issues: Whether the appeal should be disposed of in view of the settlement scheme issued under Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, and whether the appellant should be directed to file a settlement application before the competent authority.

Analysis: An affidavit stated that a settlement scheme had been issued for entities that executed reversal trades in the stock option segment during the specified period. In that background, the matter was treated as suitable for disposal with a direction to pursue settlement before the authority concerned.

Outcome: The appeal was disposed of with a direction to the appellant to file an appropriate settlement application within two weeks, and the authority was directed to treat it as an application in a pending proceeding and pass appropriate orders.

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