Major Offences, Repeat Violations Can't Be Settled: Sebi
To further streamline these norms, Sebi has put in place a detailed 'mathematical' formula and has adopted a scientific approach to determine the settlement charges required to be paid by concerned entities, as also to decide whether a case is appropriate to be settled or it is liable to be rejected for any possible settlement.
"Earlier, these was a chance that someone would come up with most difficult and bad crimes and still get a consent. At the same time, we have been criticised of being arbitrary in accepting or rejecting a case for settlement. But, now we have put in place new guidelines to take care of these issues," Sinha told in an interview.
"What we have done is that on the pattern of criminal law, certain offences which are minor in nature, only those will be consented. So we have created two categories -- if you committed big offences, you have to suffer. We can't let you go away without even admitting the offence.
"This is in the vast contrast to the practises prevailing in the US and many other developed markets. There, you can do anything and still seek settlement. Sebi has decided that we will not do that. If you have consciously done it, you must suffer," he said.
The Sebi chief further said that "even if somebody is coming for settlement, we have removed the discretion from the officer level for deciding on such pleas".
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