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Date: 17-Jan-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Section 15JB of the Securities and Exchange Board of India Act,

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The amendment modifies the process for disposing of settlement proceedings.
  • The gazette notification publishes the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2023.
  • These regulations further amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018.

Key Changes

  • Regulation 23 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 is amended.
  • Sub-regulation (1) of Regulation 23 is replaced with a new sub-regulation (1) which states that the Whole Time Member, Adjudicating Officer, or competent officer of the Board before whom the proceedings are pending, shall dispose of the respective proceedings, by an appropriate order, on the basis of the approved settlement terms.
  • The Explanation to sub-regulation (1) is removed.
  • Sub-regulation (2) is removed.
  • The regulations come into force on the date of their publication in the Official Gazette, which is January 17, 2023.

Impact Analysis

Impact on SEBI

  • SEBI should ensure proper communication and training to its staff regarding the changes in the settlement proceedings.

Impact on Companies/Individuals involved in Settlement Proceedings

  • Companies and individuals should familiarize themselves with the amended regulations to ensure compliance.

Suggested Action Items

  • Monitor SEBI's implementation of the amended regulations and provide feedback as necessary.

Key Entities Referenced

SEBI: Securities and Exchange Board of India Securities and Exchange Board of India Act, 1992: The Act that establishes SEBI and defines its powers and functions. Securities Contracts (Regulation) Act, 1956: An Act to prevent undesirable transactions in securities by regulating the business of dealing therein. Depositories Act, 1996: An Act to provide for the establishment of depositories with the objective of ensuring free transferability of securities with speed, accuracy and security. Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018: The original regulations that are being amended by this notification. Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020: Previous amendment to the 2018 regulations. Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022: Previous amendment to the 2018 regulations.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-एम.एxचxx.G-अID.E-x1x8x0 12023-242039 CG-MH-E-18012023-242039 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 44] नई फदल्ली, मगं लिार, िनिरी 17, 2023/पौष 27, 1944 No. 44] NEW DELHI, TUESDAY, JANUARY 17, 2023/PAUSHA 27, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड अजधसचू ना मुम् बई, 17 िनिरी, 2023 (जनपटारे सबं धं ी कायिड ाजहया)ाँ (सिं ोधन) जिजनयम, 2023 स.ं सबे ी/एलएडी-एनआरओ/िीएन/2023/118.—भारतीय प्रजतभूजत और जिजनमय बोड,ड भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 की धारा 30, प्रजतभूजत संजिदा (जिजनयमन) अजधजनयम, 1956 की धारा 31 और जनक्षेपागार अजधजनयम, 1996 की धारा 25 के साथ पठठत भारतीय प्रजतभूजत और जिजनमय बोड ड अजधजनयम, 1992 की धारा 15ञख, प्रजतभूजत संजिदा (जिजनयमन) अजधजनयम, 1956 की धारा 23ञक और जनक्षेपागार अजधजनयम, 1996 की धारा 19झक द्वारा प्रदान की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड (जनपटारे संबंधी कायडिाजहयााँ) जिजनयम, 2018 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाडत:् - 1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोड ड (जनपटारे संबंधी कायडिाजहयााँ) (संिोधन) जिजनयम, 2023 कहा िा सकेगा । 2. ये जिजनयम रािपत्र म ेंइनके प्रकािन की तारीख को लागू होंग े । 3. भारतीय प्रजतभूजत और जिजनमय बोड ड(जनपटारे संबंधी कायडिाजहयााँ) जिजनयम, 2018 म,ें जिजनयम 23 म,ें (1) उप-जिजनयम (1) के स्ट्थान पर जनम्नजलजखत उप-जिजनयम आ िाएगा – “(1) पूणडकाजलक सदस्ट्य, न्यायजनणाडयक अजधकारी (अड्िूजडकेटटग ऑफिसर) या बोडड का सक्षम अजधकारी जिसके समक्ष कायडिाजहयााँ चल रही हों, मंिूर की गई जनपटारे की ितों आफद के आधार पर, समजु चत आदेि के माध्यम स,े संबंजधत कायडिाजहयों का जनपटारा करेगा ।”; 410 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (2) उप-जिजनयम (1) का स्ट्पष्टीकरण हट िाएगा; और (3) उप-जिजनयम (2) हट िाएगा । बबीता रायुडू, कायडपालक जनदेिक [जिज्ञापन-III/4/असा./570/2022-23] पाद ठटप्पण: 1. भारतीय प्रजतभूजत और जिजनमय बोड ड (जनपटारे संबंधी कायडिाजहयााँ) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ/िी.एन./2018/48 द्वारा, 30 निम्बर 2018 को (1 िनिरी 2019 स े लाग)ू भारत के रािपत्र म ेंप्रकाजित हुए थे । 2. भारतीय प्रजतभूजत और जिजनमय बोडड (जनपटारे संबंधी कायडिाजहयााँ) जिजनयम, 2018 तत्पश्चात्:- (1) 22 िुलाई 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (जनपटारे संबंधी कायडिाजहयााँ) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.टी.-एन.आर.ओ./िी.एन./2020/24, द्वारा (2) 14 िनिरी 2022 को भारतीय प्रजतभूजत और जिजनमय बोडड (जनपटारे संबंधी कायडिाजहयााँ) (संिोधन) जिजनयम, 2022, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/62, द्वारा संिोजधत हुए थ े। SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th January, 2023 SECURITIES AND EXCHANGE BOARD OF INDIA (SETTLEMENT PROCEEDINGS) (AMENDMENT) REGULATIONS, 2023 No. SEBI/LAD-NRO/GN/2023/118.—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) (Amendment) Regulations, 2023. 2. They shall come 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, in regulation 23, (1) sub-regulation (1) shall be substituted by- “(1) The Whole Time Member, Adjudicating Officer or the competent officer of the Board before whom the proceedings are pending, shall dispose of the respective proceedings, by an appropriate order, on the basis of the approved settlement terms.”; (2) the Explanation to sub-regulation (1) shall be omitted; and (3) sub-regulation (2) shall be omitted. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./570/2022-23][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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