Lawgist15JBSettlement of administrative and civil proceedings
1[15JB. 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 11, section 11B, section 11D, sub-section (3) of section 12 or section 15-I, 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 this Act.
(3) The settlement proceedings under this section shall be conducted in accordance with the procedure specified in the regulations made under this Act.
(4) No appeal shall lie under section 15T against any order passed by the Board or adjudicating officer, as the case may be, 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. 17 (w.e.f. 20-4-2007).
2. Ins. by Act 13 of 2018, s. 186 (w.e.f. 8-3-2019).
- 15A Penalty for failure to furnish information, return, etc
- 15B Penalty for failure by any person to enter into agreement with clients
- 15C Penalty for failure to redress investors‟ grievances
- 15D Penalty for certain defaults in case of mutual funds
- 15E Penalty for failure to observe rules and regulations by an asset management company
- 15EA Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts
- 15EB Penalty for default in case of investment adviser and research analyst
- 15F Penalty for default in case of stock brokers
- 15G Penalty for insider trading
- 15H Penalty for non-disclosure of acquisition of shares and takeovers
- 15HA Penalty for fraudulent and unfair trade practices
- 15HAA Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board
- 15HB Penalty for contravention where no separate penalty has been provided
- 15-I Power to adjudicate
- 15J Factors to be taken into account while adjudging quantum of penalty
- 15JA Crediting sums realised by way of penalties to Consolidated Fund of India
- 15JB Settlement of administrative and civil proceedings
