Winning Bizness Desk
Mumbai. Here is development that can surprise you. The capital market regulator SEBI has earned Rs 58.81 crore by settling 107 cases in the financial year 2021-22. In 2020-21, it got Rs 68.23 crore from the cases it disposed of by rejecting 216 applications. In the annual report, the regulator said the settlement order was issued in the matter of non-disclosure with Alternative Investment Fund, Mutual Fund, insider trading, PFUTP and unfair trade practices. Under the settlement mechanism, the accused can close the case by paying a certain amount. However, the amount varies from case to case.
Total of 345 applications for settlement
According to the report, in 2021-22, SEBI received a total of 345 applications for settlement. 150 applications are still pending. Settlement order was passed in 107 applications. 167 orders were either set aside or withdrawn. Out of 58.81 crore, Rs 24.32 lakh was received as settlement charges while Rs 37.54 lakh was taken as legal fee.
Settlement period limited to 60 days
SEBI informed that a total of 1,018 orders have been passed so far under the Settlement Scheme 2020. Under this, SEBI has recovered Rs 87.38 crore. In all these, Rs 5 to 42 lakh was paid. In 2020, SEBI implemented this order and under this, the companies which were found wrong in BSE during 2014 and 2015 can be included in this. In January this year, SEBI reduced the time for filing applications for settlement from 180 days to 60 days. Initially it was 180 days.