India ends its experiment in using consent orders to atone for capital market offences. This could increase the pressure on the already overloaded court system
The Indian stock market regulator, the Securities and Exchange Board of India (SEBI) has restricted the use of consent orders, which have been used extensively by those accused of various capital market-related offences.
In a 25 May circular SEBI amended its 2007 framework for passing consent orders and said that it has done so “on the basis of the experience gained and with the purpose of providing more clarity on its scope and applicability”.
Under the consent order scheme the alleged violator agrees to pay a fine and stay off the stock market, usually without admitting to or denying any wrongdoing.
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