The Market Regulator, Securities, and Exchange Board of India (SEBI) has notified non-monetary terms under Settlement Restraining from accessing the securities market.
The Board empowered under Section 15JB of the Securities and Exchange Board of India Act, 1992, Section 23JA of the Securities Contracts (Regulation) Act, 1956, and Section 19-IA of the Depositories Act, 1996 read with Section 30 of the Securities and Exchange Board of India Act, 1992, Section 31 of the Securities Contracts (Regulation) Act, 1956 and Section 25 of the Depositories Act, 1996 notified the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022.
In regulation 9, in sub-regulation (2), after clause (i), clause, shall be inserted, namely, Restraining from accessing the securities market and/or prohibiting from buying, selling or otherwise dealing in securities, directly or indirectly and associating with the securities market in any manner for a specific period. In sub-regulation (4), in the Explanation after the word and figure “regulation 24” the words and include other expenses incurred by the Board in any other proceeding before any Court or Tribunal in respect of such application shall be inserted.
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” shall be omitted; 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” shall be substituted;
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