9911796707
TMI BlogSecurities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... 1992 , Section 31 of the Securities Contracts (Regulation) Act, 1956 and Section 25 of the Depositories Act, 1996 , the Securities and Exchange Board of India hereby makes the following regulations to amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 , namely:- 1. These regulations may be called the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 - (1) In the regulation 15 , in the sub-regulation (2), (i) in clause (a), (a) after the words not la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng only before the Internal Committee. (6) In the Schedule II , in Chapter VI, in Table VI, the last row shall be substituted with the following: WHERE THE MAKING OF THE OPEN OFFER IS INFRUCTUOUS INFRUCTUOUS BY AN ACT OF THE ACQUIRER INFRUCTUOUS BY AN ACT OF THE COMPANY OR BY ANY OTHER REASON RUPEES 1 CRORE OR OPEN OFFER SIZE, WHICHEVER IS HIGHER ANY AMOUNT BETWEEN RUPEES 10 LAKHS TO RUPEES 35 LAKHS; WITH A MULTIPLIER BETWEEN 1 TO 3 AS DECIDED BY THE IC OR HPAC OR THE PANEL OF WTMS (7) In Schedule II , in Chapter VI, in Table X shall be substituted with the following table. TABLE-X ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TITUTIONS TO CONDUCT BUSINESS IN THE REQUIRED MANNER, A RECKLESS VIOLATION, OR A DISGORGEMENT /REF UND IN EXCESS OF RUPEES 1 CRORE (M) RUPEES 15 LAKHS RUPEES 1 CRORES RUPEES 45 LAKHS RUPEES 15 LAKHS RUPEES 30 LAKHS RUPEES 5 CRORES RUPEES 33 LAKHS OR 0.01% OF THE AVERAGE ASSET UNDER MANAGEMENT, AT TIME OF VIOLATION OR 0.5% OF THE AVERAGE NET WORTH, AT TIME OF VIOLATION, WHICHEVER IS HIGHER BENCHMARK WHERE VIOLATION INVOLVED AT (M) AND, - SUCH VIOLATION DIRECTLY OR INDIRECTLY (I) RESULTED IN SUBSTANTIAL LOSSES TO OTHER PERSONS, (II) CREATED A SIGNIFICANT RISK OF SUBST ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
