Amendment to the Consent Circular dated 20th April 2007

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....e SEBI(Prohibition of Insider Trading)Regulations, 1992; ii. Serious fraudulent and unfair trade practices which, in the opinion of the Board, cause substantial losses to investors and/or affects their rights, especially retail investors and small shareholders or have or may have market wide impact, except those defaults where the entity makes good the losses due to the investors; iii. Failure to make the open offer (except where the entity agrees to make the open offer or if in the opinion of the Board, the open offer is not beneficial to the shareholders and / or the case is referred for adjudication); iv. Front-running; for the purpose of this circular, front running means usage of non public information to dir....

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....onsidered i. Before the completion of any investigation / inspection or contemplated in respect of the alleged default; ii. If an alleged default is committed within a period of two years from the date of any consent order except where the default is minor in nature; iii. If the applicant has already obtained more than two consent orders, for a period of three years, from the date of the last consent order; iv. Where more than one proceeding arising out of the same cause of action is pending, unless it is for all the proceedings. 3. One application may be considered for a single proceeding or multiple proceedings arising from the same cause of action but in no case, shall one application be considered ....

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.... 8. The consent application in the prescribed format, containing all the necessary details / documents, shall be assigned a registration number, which shall be communicated to the applicant and quoted for future correspondence. In case the specified details/documents as submitted by the applicant are incomplete or vague, the deficient application shall be returned forthwith to the applicant without assigning a registration number, detailing the deficiencies contained therein. 9. The applicant shall be granted not more than one opportunity to resubmit the rectified application, if it so desires, within a period of 15 days from the date of service of the letter from SEBI. The application resubmitted within the stipulated period only shal....

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....d before the HPAC for its consideration and recommendations. 13. The recommendations made by the HPAC, shall be placed before the Panel of two Whole Time Members for their approval. The HPAC/ Panel of WTMs may, considering the facts and circumstances of the case and the gravity of the charges:- (i) enhance the settlement amount in serious cases as per the scheme of the Act, or (ii) reduce the settlement amount if the settlement amount is disproportionately higher considering the nature of violation, or (iii) refuse to consider the case under the consent process. 14. The consent terms finally approved by the Panel of WTMs, i.e. the Settlement Amount (SA) along with the directives, if any, shall be communicate....