Lawgist19-IASettlement of Administrative and Civil Proceeding
1[19-IA. Settlement of Administrative and Civil Proceedings.--(1) Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 19 or section 19H, as the case may be, may file an application in writing to the Board proposing for settlement of the proceedings initiated or to be initiated for the alleged defaults.
(2) The Board may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such sum by the defaulter or on such other terms as may be determined by the Board in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).
(3) For the purpose of settlement under this section, the procedure as specified by the Board under the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall apply.
(4) No appeal shall lie under section 23A against any order passed by the Board or the adjudicating officer under this section.]
2[(5) All settlement amounts, excluding the disgorgement amount and legal costs, realised under this Act shall be credited to the Consolidated Fund of India.]
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1. Ins. by Act 27 of 2014, s. 50 (w.e.f. 20-4-2007).
2. Ins. by Act 13 of 2018, s. 197 (w.e.f. 8-3-2019).
- 18 Power of Board to call for information and enquiry
- 19 Power of Board to give directions in certain cases
- 19A Penalty for failure to furnish information, return, etc
- 19B Penalty for failure to enter into an agreement
- 19C Penalty for failure to redress investors‟ grievances
- 19D Penalty for delay in dematerialisation or issue of certificate of securities
- 19E Penalty for failure to reconcile records
- 19F Penalty for failure to comply with directions issued by Board under section 19 of the Act
- 19FA Penalty for conduct business in a fair manner
- 19G Penalty for contravention where no separate penalty has been provided
- 19H Power to adjudicate
- 19-I Factors to be taken into account by adjudicating officer
- 19-IA Settlement of Administrative and Civil Proceeding
- 19-IB Recovery of amounts
- 19-IC Continuance of proceedings
- 19J Crediting sums realised by way of penalties to Consolidated Fund of India
