Regulation 34 - Repeal and savings. - Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018

Repeal and savings 34. (1) On and from the commencement of these regulations, Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 shall stand repealed. (2) Notwithstanding any such repeal: (a) Notice of settlement issued under the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 shall be deemed to have been filed in accordance with these regulations and shall be dealt with in accordance with the provisions of these regulations; (b) All applications filed under the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 and pending with the Board shall be deemed to have been filed in accordance with these regulations and shall be dealt with in accordance with the provisions of these regulations; (c) All settlement orders passed under the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 shall be deemed to have been passed under these regulations; (d) The Internal Committee(s) and the High Powered Advisory Committee constituted by the Board in accordance with the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 , shall be deemed to have been constituted under these regulations; (e) The proposals of the Internal Committees and the recommendations of the High Powered Advisory Committee in accordance with the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 and any action taken by the Board on the basis of these recommendations shall be deemed to have been made under these regulations. (3) Notwithstanding anything contained in Chapters VI to Chapter VIII , with respect to specified proceedings pending as on the date of commencement of this Chapter, the Board may issue a notice of summary settlement or settlement under Chapter VII or Chapter VIII, as the case may be, in respect of such proceedings and in such cases the procedure specified in Chapter VII or Chapter VIII shall apply mutatis mutandis, as the case may be: 1 [ (4) Notwithstanding the omission of Chapter VIII , a Settlement Notice issued under regulation 18 , shall be dealt with as if the Chapter VIII is still in force and continue to be dealt with accordingly. ] Explanation. -For the purposes of this sub-regulation, it is clarified that a specified proceeding is not deemed to be initiated and pending, unless the Board has communicated the matter to the authority who shall conduct such proceedings. ************ NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/24 dated 22-07-2020