Capital markets regulator Sebi has restructured its 4 member high-power advisory committee on settlement orders and compounding of offences.
The committee will now be chaired by Jai Narayan Patel, former chief justice of Calcutta High Court, in line with a contemporary replace with the Securities and Exchange Board of India (Sebi).
The panel was earlier headed by Vijay C Daga, retired choose of High Court of Bombay.
Rejigging its committee, Sebi has listed M S Sahoo, former chairperson at Insolvency and Bankruptcy Board of India, and Poornima Advani, ex-chairperson of National Commission for Women as new inductees.
P Okay Malhotra, former legislation secretary in Ministry of Law & Justice, Government of India, will proceed as a member of the committee.
The panel will work as per the Settlement Proceedings Regulations, specified by the regulator.
Under the settlement mechanism, an alleged wrongdoer can settle a pending case with the regulator with out admission or denial of guilt by paying a settlement payment.
The settlement mechanism is a instrument for making certain speedy and environment friendly decision of disputes.
In January, the Securities and Exchange Board of India (Sebi) amended Settlement Proceedings norm.
Under the brand new guidelines, the timeline for submitting settlement functions has been lower to only 60 days from the present 180 days, a transfer aimed toward making the system extra environment friendly.
Earlier, settlement utility could be filed inside 60 days of the date receipt of the show-cause discover. However, a further 120 days could be availed by the candidates in case they pay extra 25 per cent over the settlement prices.
Now, the regulator has completed away the extra time provision of 120 days, in line with a notification.
The transfer is aimed toward rationalising norms on settlement proceedings.
Further, the time interval for submission of revised settlement phrases kind, after the Internal Committee (IC), has been rationalised to fifteen days. This might be from the date of the IC assembly.
The present rule permits 10 days plus extra 20 days.