of administrative and civil proceedings within a legal framework. As per the proposed norms, Sebi will constitute a high powered advisory committee for the consideration and recommendation of the terms of settlement.
The committee will consist of a retired Judge of a High Court and three external experts having knowledge in the securities market. The quorum of committee would be three members.
The members of the committee are proposed to be appointed for three years which can be extended for a further period of up to two years.
Besides, Sebi will form internal committee(s) for assisting the high powered advisory committee.
While considering the settlement application, the committee will consider various factors such as the objective of the securities laws, the interests of investors and capital markets and whether the alleged default by the applicant is intentional.
Besides, it will consider the nature, gravity and impact of alleged defaults and whether there were circumstances beyond the control of the applicant, among other issues.