SEBI plans new norms for default proceedings

The Securities and Exchange Board of India (SEBI) has proposed new norms for settlement of administrative and civil proceedings against suspected market defaulters, except in cases of serious violations like illicit pooling of funds from investors, insider trading and fraudulent and unfair trades.
The list of violations that can't be settled has been expanded widely under the new norms, which also provide for the involved entity to file settlement plea within 60 days of the Show Cause Notice served by the SEBI. It has said that a plea to settle pending cases, upon payment of settlement charges and related costs, will not be considered if the applicant has already been party to two earlier settlements.