2023 (1) TMI 1054

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....heme and accept the payment on behalf of the Petitioner on or before the closure of the Settlement Scheme of 2022 either physically or online. The petitioner also prayed for production of file relating to the Petitioner's Order being Adjudication Order No. order/PB/AS/2021-22/14221. 2. The facts of the case are that on 05.08.2021, Show Cause Notice was issued to the petitioner alleging that he carried out non-genuine trades i.e. in liquid stock options at the Bombay Stock Exchange, whereby, he violated Regulations 3(a)(b)(c)(d), 4(1) and 4(2)(a) of SEBI (prohibition of Fraudulent and Unfair Trading Practices related to Securities Markets), Regulations 2003. The petitioner filed the reply, however, the adjudicating authority in terms of o....

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....of the Scheme, learned counsel makes an endeavour to suggest that the word used in the Scheme i.e. "approved/initiated enforcement proceedings" would mean that the proceedings in hand are still pending before the enforcement directorate in the form of execution. According to him, since the amount has not yet been realised from the petitioner and, therefore, for all practical purposes, proceedings should be treated as pending before the enforcement Department. 4. Learned counsel appearing on behalf of the respondent, on advance notice, vehemently opposed the prayer. He submits that the case of the petitioner has already attained finality and the Scheme in question since has been framed in exercise of Power vested under Regulation 5, SEBI ....

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....orcement proceedings have been approved or initiated and are pending before any authority/forum, viz. Adjudicating Officer/Hon'ble SAT/Hon'ble Courts/Recovery Officer etc. shall be eligible to avail the one time settlement opportunity". 8. A perusal of the concerned Regulation and the eligibility Clause would clearly indicate that all the entities who had executed non-genuine trades/trade reversals on the stock option segment of BSE during the period April 01, 2014 to September 30, 2015 and against whom enforcement proceedings have been approved or initiated and are pending before any authority/forum, viz. Adjudicating Officer/Hon'ble SAT/Hon'ble Courts/Recovery Officer etc. shall be eligible to avail the one time settlement opportunity.....