Market regulator Sebi has proposed to overhaul the framework governing consent settlements with the aim of making the system more efficient. The new framework, proposed through a discussion paper, aims to cut down the timeline and rationalise the fee structure.
Sebi has proposed to cut the timeline currently available for filing settlement applications from 180 days to just 60 days.
At present, a settlement application can be filed within 60 days of the date receipt of the show-cause notice. However, an additional 120 days can be availed by the noticee provided they pay 25 per cent extra over the settlement