New rules issued by the Securities Exchange and Board of India (Sebi) on Friday to streamline the consent order process is still to give the regulator a window of discretion to deal with various crimes.
The Sebi circular prohibits use of a monetary settlement for dealing with a list of relevant offenses, including a number of fraudulent business practices, as well as Insider trading and front running, other serious offenses that cause substantial losses for investors or affect their rights, failing to make an open offer and manipulation network asset values of mutual funds.
Paradoxically, the circular also gives Sebi the high powered advisory committee (HPAC), which recommend the cases to be solved by consensus, and the panel of all time members (WTMs), which takes the final decision on the agreement to settle any matter through consent, the power to pass consent order on the same offenses.
"But nothing contained in this circular, based on the facts and circumstances of the case, the HPAC / Panel WTMs can solve any of the defaults listed above," notes the Sebi circular.
The consent order mechanism, established in April 2007, currently allows alleged offenders in cases investigated by the stock market regulator to establish the charges against them through the payment of a monetary penalty without admitting or denying guilt.
There has been some criticism of the lack of transparency in the process, including through public interest litigation filed in the Delhi High Court. The regulator has been reviewing the process.
The last Sebi circular describes the benchmarks depending on the nature of various crimes, as well as a list of ten offenses that can not be solved by consensus.
According to these, according to orders can only be considered after the completion of investigations or inspections contemplated as a result of the alleged offense.
Applications will not be considered for consent order if the sin was in the two years of Sebi pass consent order, or if the applicant has already obtained more than two consent orders, for a period of three years from the date of the final consent order.
There will be no consent order if more than one procedure arising from the same cause of action is pending, unless it is for all procedures.
Consent applications should be filed within 60 days of the show cause or supplementary notices issued by Sebi officials. They also can not be presented after 60 days of the current circular if proceedings are pending before Sebi officials as at that date.
The HPAC is composed of a retired judge of the Supreme Court and three other external experts.
There will be an internal committee composed Sebi officials associated with the case to help the HPAC.
The recommendations made by the HPAC will be put before the panel of two whole time members for their approval.
The panel may increase or decrease the punishment or dismiss the application entirely.
It would be a minimum benchmark amount for each category by default, as well as additional amounts for previous default.
Weightage would be given factors including the stage of the process and the gravity of the violation.
The consent order and the details of the case would be placed on the Sebi website.
Applicants do not reapply for consent once an application is rejected. This clause will come into effect upon the expiry of 30 days from the date of this circular.
The consent application will be disposed of expeditiously, preferably within six months of the application.
The circular will apply to all new applications and pending applications, as well as those who have reached the HPAC or later.
For the record, the largest settlement through consensus to date has been in the case of the Anil Ambani group of companies, who paid Rs50 crore in addition to voluntarily refraining from participation in the stock market.
Media reports indicate a larger order was pending, in a case pertaining to Reliance Industries.
The new rules evoked a mixed response.
"Regulatory untouchability - to make certain types of charges can be solved - not a good idea, said Somasekhar Sundaresan, partner, J Sagar Associates, noting that every single legal and regulatory dispute is capable of settlement, provided the terms are right.
"It would burden the noticee to submit the pain of having to prove himself innocent, and Sebi should have to suffer the pain of having to continue with proceedings in spite of not being sure of himself. Sebi should either be very careful not to initiate action in cases of the type that is excluded because it might lose and that hurt his image. Alternatively, it would become trigger-happy and even persecution cases that can not win, saying one setting things aside would be the judiciary, and so it may retain pristine image of making his dramatic best with the judiciary having to deal with the image of a spoilsport, "he said.
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The Sebi circular prohibits use of a monetary settlement for dealing with a list of relevant offenses, including a number of fraudulent business practices, as well as Insider trading and front running, other serious offenses that cause substantial losses for investors or affect their rights, failing to make an open offer and manipulation network asset values of mutual funds.
Paradoxically, the circular also gives Sebi the high powered advisory committee (HPAC), which recommend the cases to be solved by consensus, and the panel of all time members (WTMs), which takes the final decision on the agreement to settle any matter through consent, the power to pass consent order on the same offenses.
"But nothing contained in this circular, based on the facts and circumstances of the case, the HPAC / Panel WTMs can solve any of the defaults listed above," notes the Sebi circular.
The consent order mechanism, established in April 2007, currently allows alleged offenders in cases investigated by the stock market regulator to establish the charges against them through the payment of a monetary penalty without admitting or denying guilt.
There has been some criticism of the lack of transparency in the process, including through public interest litigation filed in the Delhi High Court. The regulator has been reviewing the process.
The last Sebi circular describes the benchmarks depending on the nature of various crimes, as well as a list of ten offenses that can not be solved by consensus.
According to these, according to orders can only be considered after the completion of investigations or inspections contemplated as a result of the alleged offense.
Applications will not be considered for consent order if the sin was in the two years of Sebi pass consent order, or if the applicant has already obtained more than two consent orders, for a period of three years from the date of the final consent order.
There will be no consent order if more than one procedure arising from the same cause of action is pending, unless it is for all procedures.
Consent applications should be filed within 60 days of the show cause or supplementary notices issued by Sebi officials. They also can not be presented after 60 days of the current circular if proceedings are pending before Sebi officials as at that date.
The HPAC is composed of a retired judge of the Supreme Court and three other external experts.
There will be an internal committee composed Sebi officials associated with the case to help the HPAC.
The recommendations made by the HPAC will be put before the panel of two whole time members for their approval.
The panel may increase or decrease the punishment or dismiss the application entirely.
It would be a minimum benchmark amount for each category by default, as well as additional amounts for previous default.
Weightage would be given factors including the stage of the process and the gravity of the violation.
The consent order and the details of the case would be placed on the Sebi website.
Applicants do not reapply for consent once an application is rejected. This clause will come into effect upon the expiry of 30 days from the date of this circular.
The consent application will be disposed of expeditiously, preferably within six months of the application.
The circular will apply to all new applications and pending applications, as well as those who have reached the HPAC or later.
For the record, the largest settlement through consensus to date has been in the case of the Anil Ambani group of companies, who paid Rs50 crore in addition to voluntarily refraining from participation in the stock market.
Media reports indicate a larger order was pending, in a case pertaining to Reliance Industries.
The new rules evoked a mixed response.
"Regulatory untouchability - to make certain types of charges can be solved - not a good idea, said Somasekhar Sundaresan, partner, J Sagar Associates, noting that every single legal and regulatory dispute is capable of settlement, provided the terms are right.
"It would burden the noticee to submit the pain of having to prove himself innocent, and Sebi should have to suffer the pain of having to continue with proceedings in spite of not being sure of himself. Sebi should either be very careful not to initiate action in cases of the type that is excluded because it might lose and that hurt his image. Alternatively, it would become trigger-happy and even persecution cases that can not win, saying one setting things aside would be the judiciary, and so it may retain pristine image of making his dramatic best with the judiciary having to deal with the image of a spoilsport, "he said.
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