Photo of Rushin Kapadia

Senior Associate in the Financial Regulatory Practice at the Mumbai office of Cyril Amarchand Mangaldas. Rushin specialises in advising Indian and foreign financial institutions on regulatory compliance issues in India, investigations conducted by financial sector regulators, advising and representing clients before financial regulatory authorities. He can be reached at rushin.kapadia@cyrilshroff.com

On August 10, 2018, the Securities and Exchange Board of India (SEBI) published a report (Report) of the High Level Committee under the Chairmanship of Justice A. R. Dave (Retd.) (Committee). The Report has made recommendations to revamp the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (Regulations).

As and when amended, this will mark the fourth avatar of the consent process, first introduced by SEBI through a circular way back in 2007 (remodelled substantially in 2012) and then reincarnated as delegated legislation in 2014. The Report has taken into account SEBI’s experience with this mechanism in the past few years as well as evolving market trends.

Continue Reading Settling for a Price – The SEBI Consent Mechanism, Version 4.0