Sebi has assured that it would provide final communication to two individuals within five weeks in a case where both sides had agreed to settle the matter through consent mechanism back in 2012.
The assurance came after the concerned entities -- Chetan Shah and Hetal Rajesh Patel -- approached the Securities Appellate Tribunal (SAT) against the market regulator.
Securities and Exchange Board of India (Sebi) in 2012 had settled a matter with Chetan Shah and Hetal Rajesh Patel after both paid an amount of Rs 25 lakh each as settlement fee.
However, the market regulator had not provided them with final orders regarding closing the cases as required under the guidelines for consent mechanism.
Subsequently, Shah and Patel had filed an appeal before SAT submitting that they had not received the final orders for more than two years and that they were suffering undue hardship due to this inaction on the part of Sebi.
Sebi assured SAT that it would provide the final decision to the both the individuals in five weeks.
Accordingly, SAT disposed of the case "with a direction to the respondent (Sebi) to convey order/decision to the appellants by taking order dated February 24, 2012 to its logical conclusion within five weeks from today".
Under the consent mechanism, entities facing proceedings from Sebi, pay settlement charges, as also legal and administrative expenses, without admission or denial of guilt.
