Regulation 4 - Limitation - Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018

Limitation. 4. (1) An application in respect of any specified proceeding pending before the Board shall not be considered if it is made after sixty days from the date of service of the notice to show cause or supplementary notice(s) to show cause, whichever is later. 1 [ **** ] (3) The provisions of this regulation shall not apply in the case of proceedings pending before the Tribunal or any court. ************* NOTES:- 1. Omitted vide Notification No. SEBI/LAD-NRO/GN/2022/62 dated 14-01-2022 before it was read as, (2) Notwithstanding anything contained in sub-regulation (1), the Board may consider the application, if satisfied that there was sufficient cause for not filing it within the specified period and it is accompanied with non-refundable fees as specified in Part-B of the Schedule-I: Provided that, where the application is filed after sixty calendar days from the expiry of the period specified in sub-regulation (1), the settlement amount determined in accordance with Schedule-II of these regulations shall be increased by twenty five percent: Provided further that, no such delayed application shall be considered if the application is filed after one hundred and twenty calendar days from the expiry of the period specified in sub-regulation (1) or after the first hearing, whichever is earlier.