Question – In January 2022, SEBI reduced the time limit for filing settlement application from 180 days to how much?
(a) 50 days
(b) 70 days
(c) 60 days
(d) 90 days
Answer—(c)
Related facts—
- In January 2022, SEBI reduced the time limit for filing settlement application from 180 days to 60 days.
- Under this amendment, the time limit for ‘filing of settlement application’ has been reduced to 60 days from 180 days earlier.
- Presently settlement application can be filed within 60 days from the date of receipt of show cause notice.
- However, applicants can avail additional 120 days if they pay an additional 25% on the settlement fee.
- The move is aimed at rationalizing the norms on settlement proceedings.
- Further, SEBI has rationalized the time period for submission of revised settlement terms form to 15 days after the internal committee meeting.
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