BSE stock options case: 768 entities avail benefits of Sebi's settlement scheme 2024
markets regulator said on Monday. The regulator introduced the Sebi Settlement Scheme, 2022, allowing entities to settle their cases. After the scheme closed, the regulator continued legal proceedings against those who did not participate. Some of these entities challenged the decisions by appealing to the Securities Appellate Tribunal (SAT).
During a hearing in September 2023, the Tribunal directed that if a new settlement scheme is introduced in the future, the appellants would be eligible to benefit from it, and the scheme would cover their cases.
Accordingly, Securities and Exchange Board of India (Sebi) introduced the 'ISO Settlement Scheme, 2024' to provide an opportunity to the entities against whom proceedings had been initiated and appeals against the proceedings are pending before any forum or authority.
The scheme was initially kept open from March 11 to May 10, but was extended to June 10 considering the interest of a large number of entities to avail of the benefit.
«A total of 768 entities availed of the benefit of the scheme and remitted the specified settlement amount and legal cost, respectively,» Sebi said in its settlement order. Most entities paid either Rs 1.2 lakh or Rs 2.4 lakh as settlement charges.
Accordingly, Sebi said, «The proceedings that have been initiated and are pending before any forum or authority for the violations… be settled qua the applicants (768)».
As part of the surveillance, the Sebi had noted several instances of trades by a set of entities trading in the options
