Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022

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.... into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018- (1) in regulation 4, sub-regulation (2) shall be omitted. (2) in regulation 5, in sub-regulation (2), in clause (i), after the words and symbol "has market wide impact,", the word "or", shall be inserted. (3) in regulation 6, in the sub-regulation (1), - (a) after the words "An application may" and before the words "at any time be rejected", the word "also", shall be inserted; (b) in the clause (b), after the words and symbols "delays the submission of information, document," and before the words and symbols "etc., as called for by the Board", the words and symbol "Revised Settlement Terms, ", shall be inserted; (c) after the clause (e), following clause shall be inserted, namely, - "(f) Where the applicant fails to comply with the condition precedent(s) for settlement within the time as required by the Internal Committee." (4) in regulation 9, - (a) in sub-regulation (2), (i) in clause (i), for the symbol '.', the symbol ';' shal....

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.... (b) in the first proviso, for the words "calculation of the settlement amount", the words "arriving at the settlement terms" shall be substituted; (c) after the second proviso, the following explanation shall be inserted, namely, - "Explanation. - For the removal of doubts, it is clarified that the power to seek the difference under this regulation shall include and always be deemed to have included the profits gained or losses avoided out of the violations for which the specified proceedings also have been initiated." (9) in regulation 33 for the words "arriving at a proposal pursuant to", the words "determining the terms while processing", shall be substituted. (10) in Schedule I, (a) in Part A, in clause 13, after the word "pending", the words and symbol ", including details of hearing opportunity given by the Board or AO, if any", shall be inserted; (b) in Part B, for the words and symbols "direct credit in the bank account through NEFT/RTGS/IMPS or any other electronic mode allowed by RBI:", the words and symbol "payment through the dedicated payment gateway provided for the purpose:" shall be substituted. (....

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....ULATION   30 OF 2011 REGULATIONS (II) REGULATION    8A  OF 1997  REGULATIONS OR REGULATION 31 OF 2011 REGULATIONS (III) Less than 2% Rs. 2 lakh + Rs. 5,000/- For every three months delay^# or part thereof 2% to less than 5% Rs. 4 lakh + Rs. 10,000/- For every three months delay or part thereof 5% to less than 10% Rs. 7 lakh + Rs. 15,000/- For every three months delay or part thereof 10 % to less than 15% Rs. 9 lakh + 0.1 % of the value of the holding not disclosed, etc. + Rs. 20,000/- For every three months delay or part thereof 15% and above Rs. 10 lakh + 0.1 % of the value of the holding not disclosed, etc. + Rs. 25,000/- For every three months delay or part thereof Notes to Table VII: 1. Table VII is not applicable in cases where the disclosure related violation is in combination with Fraudulent and Unfair Trade Practices or Insider Trading. Explanation: Dealing while in possession of material financial or shareholding information may be treated as Insider Trading. 2. The BA for violation at (II) shall only be as per the lowest slab, irrespecti....

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....lation is in combination with Fraudulent and Unfair Trade Practices or Insider Trading. Explanation: Dealing while in possession of material financial or shareholding information may be treated as Insider Trading. 3. If the disclosure for any violation is made after a period of 4 Quarters, then the value for 4 Quarters would be the maximum value for that specific disclosure violation. 4. If there are multiple transactions attracting disclosure requirements in a Quarter, then the value of highest change and maximum delay may be considered for arriving at the Base Amount irrespective of the count of violations."; (iii) in Table IX, for the words 'Foreign Institutional Investors', the words 'Foreign Portfolio Investors' shall be substituted. (iv) for Table X, the following table shall be substituted: Table-X RESIDUARY BASE AMOUNT, FOR EACH UNIT OF ALLEGED DEFAULT FOR EACH APPLICANT OR ON JOINT LIABILITY BASIS (AS PER THE SUM OF APPLICABLE AMOUNTS IN CASE OF JOINT APPLICANTS) BASE AMOUNT WHERE: NAME LENDERS# (I) BODY CORPORATES & INDIVIDU....