Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Settlement Proceedings Second Amendment Regulations, 2023. It amends the 2018 regulations and came into force on January 17, 2023. The amendment relates to the disposal of specified proceedings by the Panel of Whole Time Members based on approved settlement terms.
Key Points / Main Content:
* **General Information:**
* These regulations are called the Securities and Exchange Board of India Settlement Proceedings Second Amendment Regulations, 2023.
* They came into force on January 17, 2023.
* **Amendment to 2018 Regulations:**
* In the Securities and Exchange Board of India Settlement Proceedings Regulations, 2018, regulation 23 is amended.
* After subregulation 2, subregulation 2A is inserted.
* Subregulation 2A states that in the case of specified proceedings, the Panel of Whole Time Members shall dispose of such proceedings based on the approved settlement terms.
Impact Analysis:
* **Securities and Exchange Board of India (SEBI):**
* Impact: SEBI is responsible for implementing and enforcing the amended regulations.
* Action Required: SEBI needs to ensure that the Panel of Whole Time Members disposes of specified proceedings according to the approved settlement terms.
* **Panel of Whole Time Members:**
* Impact: The Panel of Whole Time Members is now responsible for disposing of specific proceedings based on approved settlement terms.
* Action Required: The Panel of Whole Time Members must adhere to the new subregulation 2A of regulation 23 when disposing of specified proceedings.
* **Entities Involved in Settlement Proceedings:**
* Impact: Entities involved in settlement proceedings may be affected by the new process for disposing of specified proceedings.
* Action Required: These entities need to be aware of the new process and ensure they comply with the approved settlement terms.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities market in India.
Securities and Exchange Board of India Act, 1992: Act of the Indian Parliament that established the Securities and Exchange Board of India.
Securities Contracts Regulation Act, 1956: Indian legislation regulating securities contracts.
Depositories Act, 1996: Indian legislation concerning depositories for securities.
Securities and Exchange Board of India Settlement Proceedings Regulations, 2018: Regulations by the Securities and Exchange Board of India regarding settlement proceedings.
Securities and Exchange Board of India Settlement Proceedings Second Amendment Regulations, 2023: Amendment regulations to the Securities and Exchange Board of India Settlement Proceedings Regulations, 2018.
Mumbai, Maharashtra: City in India, where the notification was issued.
Babitha Rayudu: Executive Director at Securities and Exchange Board of India
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एxचxx.G-अID.H-0x9xx0 82023-247988
CG-MHxx-xEG-I0D9E0x8x2x 023-247988
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 557] िई ददल्ली, ब धिार, अगस्ट्त 9, 2023/श्रािण 18, 1945
No. 557] NEW DELHI, WEDNESDAY, AUGUST 9, 2023/SHRAVANA 18, 1945
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 9 अगस्ट्त, 2023
भारतीय प्रजतभजू त और जिजिमय बोडड
(जिपटारे सबं धं ी कायिड ाजिया)ाँ (दसू रा सिं ोधि) जिजियम, 2023
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2023/142.—भारतीय प्रजतभूजत और जिजिमय बोड,ड भारतीय प्रजतभूजत और
जिजिमय बोडड अजधजियम, 1992 की धारा 30, प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 की धारा 31 और
जिक्षेपागार अजधजियम, 1996 की धारा 25 के साथ पठित भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम, 1992 की
धारा 15ञख, प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 की धारा 23ञक और जिक्षेपागार अजधजियम, 1996 की
धारा 19झक द्वारा प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे
संबंधी कायडिाजियााँ) जिजियम, 2018 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ि,ै अथाडत:्-
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिपटारे संबंधी कायडिाजियााँ) (दसू रा संिोधि) जिजियम,
2023 किा िा सकेगा ।
5152 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. य े जिजियम 17 िििरी, 2023 स े लागू हुए मािे िाएगं े ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे संबंधी कायडिाजियााँ) जिजियम, 2018 म,ें जिजियम 23 म,ें उप-
जिजियम (2) के बाद, जिम्नजलजखत उप-जिजियम िोडा िाएगा –
“(2क) यदद दकसी मामल े म ें जिधाडठरत कायडिाजियााँ या तो ि रू की िा सकती िों या दिर िरू दकए िाि े का
प्रस्ट्ताि िो, तो ऐसे म ें पणू डकाजलक सदस्ट्यों का पिै ल मंिूर की गई जिपटारे की ितों आदद के आधार पर ऐसी
कायडिाजियों का जिपटारा करेगा ।”
बबीता राय डू, कायडपालक जिदेिक
[जिज्ञापि-III/4/असा./339/2023-24]
पाद ठटप्पण:
1. भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे संबंधी कायडिाजियााँ) जिजियम, 2018, स.ं सेबी/एल.ए.डी.-
एि.आर.ओ/िी.एि./2018/48 द्वारा, 30 ििम्बर 2018 को (1 िििरी 2019 स े लागू) भारत के रािपत्र म ें प्रकाजित हुए
थ े ।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे संबंधी कायडिाजियााँ) जिजियम, 2018 तत्पश्चात्:-
i. 22 िल ाई 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिपटारे संबंधी कायडिाजियााँ) (संिोधि)
जिजियम, 2020, स.ं सेबी/एल.ए.टी.-एि.आर.ओ./िी.एि./2020/24, द्वारा
ii. 14 िििरी 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे संबंधी कायडिाजियााँ) (संिोधि)
जिजियम, 2022, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/62, द्वारा
iii. 17 िििरी 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिपटारे संबंधी कायडिाजियााँ) (संिोधि)
जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/118, द्वारा
संिोजधत हुए थ े ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 9th August, 2023
SECURITIES AND EXCHANGE BOARD OF INDIA (SETTLEMENT PROCEEDINGS) (SECOND
AMENDMENT) REGULATIONS, 2023
No. SEBI/LAD-NRO/GN/2023/142.—In exercise of the powers conferred by 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, the Securities and Exchange Board of India hereby makes the following
regulations to further amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations,
2018, namely:—
1. These regulations may be called the Securities and Exchange Board of India (Settlement Proceedings)
(Second Amendment) Regulations, 2023.
2. They shall be deemed to have come into force from January 17, 2023.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
3. In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, in regulation 23,
after sub-regulation 2, following sub-regulation shall be inserted-
“(2A) In case of specified proceedings which may be initiated or are proposed to be initiated, the Panel of
Whole Time Members shall dispose of such proceedings on the basis of the approved settlement terms.”
BABITHA RAYUDU, EXECUTIVE DIRECTOR
[ADVT.-III/4/Exty./339/2023-24]
Footnote:
1. The Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 were published in
the Gazette of India on November 30, 2018 vide No. SEBI/LAD-NRO/GN/ 2018/48, with effect from 1st day
of January 2019.
2. The Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 were subsequently
amended on: -
i. 22nd July 2020 by the Securities and Exchange Board of India (Settlement Proceedings)
(Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/24.
ii. 14th January, 2022 by the Securities and Exchange Board of India (Settlement Proceedings)
(Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/62.
iii. 17th January, 2023 by the Securities and Exchange Board of India (Settlement Proceedings)
(Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/118.
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