Regulation 14 - Action on recommendation of high powered advisory committee - Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014

Action on recommendation of high powered advisory committee. 14. (1) A panel of two whole time members shall consider the recommendations of the high powered advisory committee and may accept or reject the same. (2) Where the panel of whole time members accepts the recommendation of the high powered advisory committee, the applicant shall be communicated about the same within 7 days of the decision of the panel. [ (3) Where the panel has accepted the recommendation to pass a settlement order, the applicant shall,- (a) remit the settlement amount forming part of the settlement terms, not later than fifteen calendar days from the date of receipt of the notice of demand, which may be extended by the panel of whole time members for reasons to be recorded, by a period(s) of fifteen calendar days. Provided that in no case shall such remittance be accepted after the ninetieth calendar day from the date of the receipt of the notice of demand. Provided further that where the settlement amount is remitted after thirty calendar days from the date of receipt of the notice of demand and on or before the ninetieth day from such receipt, the settlement amount payable by the applicant shall be increased by the levy of simple interest at the rate of six per cent per annum from the date of receipt of the notice of demand till the date of payment of the settlement amount; and/or (b) fulfil/undertake in writing to abide by, the other settlement terms, if any, within the time provided to the applicant.] 1 (4) Where the panel of whole time members does not accept the recommendation of the high powered advisory committee to settle the specified proceedings on the settlement terms recommended by it, the panel may return the application to the internal committee for re-examination of the settlement terms and thereafter the procedure as applicable in the case of an original application shall be followed by the internal committee and the high powered advisory committee. (5) Where the panel of whole time members disagrees with the recommendation to settle the specified proceedings, such decision shall be communicated to the applicant. ********* 1 Substituted vide the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations,2017 w.e.f. 27.02.2017. Prior to substitution sub-regulation (3) read as under: (3) Where the panel has accepted the recommendation to pass settlement order, the applicant shall remit the settlement amount, as per the settlement terms and/or undertake in writing to abide by other settlement terms, if any, within the time provided to the applicant.