Securities And Exchange Board Of India - Subsection
Section 16(1) in Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
(1)Notwithstanding anything contained in Chapter VI, before initiating any specified proceeding, the Board may issue a notice of summary settlement in the format as specified in Part-A of Schedule-III, calling upon the noticee to file a settlement application under Chapter-II and submit the settlement amount and/or furnish an undertaking in respect of other non-monetary terms or comply with other non-monetary terms, as may be specified in the summary settlement notice in respect of the specified proceeding(s) to be initiated for the following defaults,-i. Delayed disclosures, including filing of returns, report, document, etc.;ii. Non-disclosure in relation to companies exclusively listed on regional stock exchanges which have exited;iii. Disclosures not made in the specified formats;iv. Delayed compliance of any of the requirements of law or directions issued by the Board;v. Such other defaults as may be determined by the Board:Provided that, the specified proceeding(s) shall not be settled under this Chapter, if in the opinion of the Board, the applicant has failed to make a full and true disclosure of facts or failed to co-operate in the required manner.
