Not by consent alone

The recent decision of the Securities and Exchange Board of India to revise the consent order guidelines should be welcomed. Not the least because these guidelines are about five years old and circumstances might have changed drastically since its introduction. But also because it has been applied to cases of violations that are grave enough to warrant a more robust response from the Regulator than a mere tap on the wrist. SEBI has accepted over 1,000 applications for settlement via this mode between fiscal year 2008 and 2011, and Rs 188 crore was collected towards settlement and other administrative charges during this period. 

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