Securities And Exchange Board Of India - Subsection
Section 5(1) in Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014
(1)No application for settlement of any specified proceedings shall be considered, if:(a)the alleged default was committed within a period of twenty four calendar months from the date of the last settlement order where the applicant was a party;(b)an earlier application with regard to the same alleged default had been rejected;[Provided that such an application may be considered in exceptional circumstances, such as the lapse of time since the commission of the alleged default, the weight of evidence against the applicant, etc and subject to the payment of such additional fees and/or interest on the settlement amount from the date of rejection of the earlier application till the date of payment of the settlement amount, as may be recommended by the high powered advisory committee.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2016-17/036, dated 23.2.2017 (w.e.f. 9.1.2014).](c)the applicant has been party to two settlement orders during the period of thirty six calendar months, prior to the date of the application;(d)the audit or investigation or inspection, if any, in respect of any alleged default, is not complete.
