SEBI notifies non-monetary terms under Settlement Restraining from accessing securities market

The Securities and Exchange Board of India (SEBI) notified non-monetary terms under Settlement Restraining from accessing the securities market.

SEBI made the regulations to further amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 and named them as the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022.

In regulation 15, in sub-regulation (2), in clause (a), the words and symbols which may be extended by the Panel of Whole Time Members for reasons to be recorded, by sixty calendar days, only after receipt of an application seeking extension of time within thirty days from the date of receipt of notice of demand are omitted;and in the Explanation, for the words and symbols direct credit in the specified bank account through NEFT/RTGS/IMPS or any other authorized electronic mode of payment‖, the words payment through the dedicated payment gateway provided for the purpose gets substituted.

The notification further added that in regulation 31, for the words void on ground of any defect in procedure or calculation of the settlement amount‖, the words invalidated on ground of any defect in procedure or determination of the settlement terms are substituted; and in the first proviso, for the words calculation of the settlement amount, the words arriving at the settlement terms gets substituted.

Click Here To Read Original Notification

JurisHour
JurisHour
JurisHour is the fastest online portal for Indian legal news.

Leave a Reply

Your email address will not be published. Required fields are marked *