 "Sebi proposes changes to consent mechanism for settling market violations")
An expert panel formed by Sebi on Monday proposed sweeping changes to the consent mechanism for settling market violations.
In the 209-page report submitted by a committee headed by Justice A R Dave measures such confidential settlement, higher penalties on late submission of consent applications and extending the ambit of consent mechanism for any violations being investigated by Sebi, have been suggested.
The rationale behind the proposed changes is to broaden the ambit of offences that can be settled under the route. It will also help Sebi reduce the burden of pending cases. “Public concern over accountability and responsibility has to be addressed in a more cost-effective, less time-consuming manner by seeking means and devices to arrive at an arrangement relieving the aggrieved of a cumbersome procedure,” the panel said.
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