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Section 15JB: Settlement of administrative and civil proceedings.

The Securities and Exchange Board of India Act, 1992Central Act · Act 15 of 1992

[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.

[(5) All settlement amounts, excluding the disgorgement amount and legal costs, realised under this Act shall be credited to the Consolidated Fund of India.]]

Where this provision sits

ActThe Securities and Exchange Board of India Act, 1992
Section15JB
Marginal noteSettlement of administrative and civil proceedings.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it1

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 27 of 2014. . Ins. by Act 27 of 2014, s. 17 (w.e.f. 20-4-2007).
  • inserted, Act 13 of 2018. . Ins. by Act 13 of 2018, s. 186 (w.e.f. 8-3-2019).

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