Settlement Scheme eligibility denied where adjudication was final and only penalty recovery remained; mandamus refused.

The Settlement Scheme, 2022 was confined to entities against whom enforcement proceedings had been approved or initiated and were still pending before the specified fora. Where the adjudication had already attained finality and only recovery of penalty remained, the matter fell outside the Scheme's eligibility conditions. Regulation 5 of the SEBI (Settlement Proceedings) Regulations, 2018 also excluded settlement where sums due under a securities-law order were liable for recovery. On that basis, the Delhi High Court declined to direct SEBI to open or enable the payment link or accept settlement payment, and the petitioner was held not entitled to the Scheme's benefit.

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Issues: Whether the petitioner was entitled to a mandamus directing SEBI to open or enable the payment link and accept settlement payment under the Settlement Scheme, 2022.

Analysis: The eligibility clause of the Scheme covered only entities against whom enforcement proceedings had been approved or initiated and were pending before the specified fora. Regulation 5 of the SEBI (Settlement Proceedings) Regulations, 2018 also barred settlement where monies due under an order issued under securities laws were liable for recovery. The petitioner's adjudication had already attained finality, and what remained was only recovery of the penalty. Recovery proceedings were distinct from pending enforcement proceedings, and the case did not satisfy the Scheme's eligibility conditions.

Conclusion: The petitioner was not entitled to the benefit of the Scheme or to the mandamus sought, and the issue was decided against the petitioner.

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