Regulation 31 - Irregularity in procedure - Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018

Irregularity in procedure 31. No settlement order or rejection of a settlement application shall be 1 [ invalidated on ground of any defect in procedure or determination of the settlement terms ] or on account of any vacancy in or any defect in the constitution of any committee under Chapter V : Provided that, nothing in these regulations shall prohibit the Board from revoking the settlement order where the applicant fails to pay any difference due to any discrepancy in 2 [ arriving at the settlement terms ] : Provided further that, the applicant shall continue to be bound by the waivers given in respect of limitation or laches in respect of initiating or continuing or restoring of any legal proceeding and the waivers given in sub-paras (d), (e) (f) and (g) of para 12 of the undertaking and waivers as provided in Part-C of the Schedule-I . 3 [ Explanation. For the removal of doubts, it is clarified that the power to seek the difference under this regulation shall include and always be deemed to have included the profits gained or losses avoided out of the violations for which the specified proceedings also have been initiated. ] ************ NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/62 dated 14-01-2022 before it was read as void on ground of any defect in procedure or calculation of the settlement amount 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/62 dated 14-01-2022 before it was read as calculation of the settlement amount 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/62 dated 14-01-2022