Securities And Exchange Board Of India - Subsection
Section 16(3) in Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
(3)The noticee may, within thirty calendar days from the date of receipt of the notice of settlement, -(a)file a settlement application in the Form specified in Part-A of Schedule-I along with non-refundable application fee as specified in Part-B and the undertakings and waivers as specified in Part-C of Schedule-I;(b)remit the settlement amount as specified in the notice of settlement;(c)comply or undertake to comply with other non-monetary terms as specified in the notice of settlement, as the case may be; and(d)seek rectification of the calculation of the settlement amount, as communicated in the notice of settlement, at the time of filing the settlement application and in all such cases, the decision of the Board shall be final and remittance shall be done within thirty calendar days from the date of receipt of the decision of the Board:Provided that, the Board may for reasons to be recorded, grant extension of time not exceeding a further period of fifteen calendar days for filing the settlement application, remittance of the settlement amount and/or furnishing an undertaking in respect of any of the non-monetary terms or compliance with any of the non-monetary terms specified in the notice of settlement.
