Summary Settlement Procedure allows SEBI to offer settlement notices enabling resolution upon payment and specified undertakings. The amendment inserts a Summary Settlement Procedure allowing the Board to issue a settlement notice inviting a noticee to file a settlement application, remit a settlement amount and/or furnish or comply with non monetary undertakings for specified defaults (such as late filings, delayed or missing disclosures, format failures and other Board determined violations). The noticee must act within prescribed periods or seek rectification of amount discrepancies; the Board may extend time limits, may refuse settlement for incomplete disclosure or non cooperation, and retains power to modify enforcement action. Schedule III sets out the notice form and required content.