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Regulation 23 - Settlement of proceedings before the Adjudicating Officer and the Board - Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018Extract CHAPTER X SETTLEMENT ORDERS Settlement of proceedings before the Adjudicating Officer and the Board. 23. 1 [ (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 [ **** ] 3 [ **** ] 4 [ (2A) In case of specified proceedings which may be initiated or are proposed to be initiated, the Panel of Whole Time Members shall dispose of such proceedings on the basis of the approved settlement terms. ] (3) The settlement order passed under these regulations shall, contain the details of the alleged default(s), relevant provisions of the securities laws, brief facts and circumstances relevant to the alleged default, the admissions made by the applicant, if any and the settlement terms. ************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/118 dated 17-01-2023 before it was read as, (1) The Adjudicating Officer shall by an appropriate order dispose of the proceeding pending before him on the basis of the approved settlement terms. 2. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/118 dated 17-01-2023 before it was read as, Explanation. -In case of concurrent proceedings, a comprehensive order may be passed by the Panel of Whole Time Members and thereafter the concerned Adjudicating officer may pass an order, disposing of the relevant proceedings before him, in view of the settlement. 3. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/118 dated 17-01-2023 before it was read as, (2) The Panel of the Whole Time Members shall by an appropriate order dispose of proceedings initiated or proposed to be initiated other than the proceedings referred to in sub-regulation (1). 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/142 dated 09-08-2023 w.e.f. 17-01-2023
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