sebi:SO/AS/VC/2022-23/7010
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Facts / Headnote
Adjudication proceedings disposed of pursuant to accepted settlement terms
Provisions invoked
- s. 15A
- s. 15
- s. 19
Regulations
- Reg. 13
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 12
- Reg. 29
Parties
- Nitan Chhatwal
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated May 31, 2022 are disposed of in terms of the accepted settlement terms, with the Noticee paying ₹11,92,263 as settlement charges without admitting or denying the findings of fact and conclusions of law.
Full text
Settlement Order in respect of Nitan Chhatwal Page 2 of 4 under section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act, 1992’) and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) read with section 19 of the SEBI Act, 1992 to inquire into and adjudge under Section 15A (b) of the SEBI Act, 1992 for the alleged violations of Regulation 29 (1) read with 29 (3) of SEBI (SAST) Regulations, 2011 and Regulation 13 (1) of SEBI (PIT) Regulations, 1992 read with Regulation 12 (2) of SEBI (PIT) Regulations, 2015. Pursuant to the transfer of erstwhile Adjudicating officer Shri Prasanta Mahapatra, the instant matter vide order dated June 06, 2022, was transferred to the undersigned.
Settlement Order in respect of Nitan Chhatwal Page 3 of 4 6. It was informed by the concerned department of SEBI that the Noticee filed a Settlement Application bearing reference no. 7010/2023 with SEBI in terms of Settlement Regulations proposing to settle the pending proceedings through a Settlement Order without admitting or denying the findings of fact and conclusions of law, through a settlement order.
Settlement Order in respect of Nitan Chhatwal Page 4 of 4 10. This order is without prejudice to the right of SEBI to take enforcement actions, in terms of Regulation 28 of the Settlement Regulations, including restoring or initiating the proceedings in respect to which the settlement order was passed against the Noticee, if: i. any representations made by the Noticee in the settlement proceedings is subsequently found to be untrue; or ii. the Noticee breaches any of the clauses / conditions of undertakings / waivers filed during the current settlement proceedings.
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Source: SecMarx — sebi:SO/AS/VC/2022-23/7010. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.