Settlement of administrative and civil proceedings
Section 15JB of the Securities and Exchange Board of India Act, 1992 deals with settlement of administrative and civil proceedings. Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 11, section 11B, section 11D, sub-section (3) of section 12 or section 15-I, may file an application in writing to the Board The Act came into force on 30 Jan 1992.
1[15JB. Settlement of administrative and civil proceedings.--(1) Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 11, section 11B, section 11D, sub-section (3) of section 12 or section 15-I, may file an application in writing to the Board proposing for settlement of the proceedings initiated or to be initiated for the alleged defaults.
(2) The Board may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such sum by the defaulter or on such other terms as may be determined by the Board in accordance with the regulations made under this Act.
(3) The settlement proceedings under this section shall be conducted in accordance with the procedure specified in the regulations made under this Act.
(4) No appeal shall lie under section 15T against any order passed by the Board or adjudicating officer, as the case may be, under this section.
2[(5) All settlement amounts, excluding the disgorgement amount and legal costs, realised under this Act shall be credited to the Consolidated Fund of India.]]
Section 15JB, The Securities and Exchange Board of India Act, 1992 (Act 15 of 1992).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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Bharat Nidhi Limited v. Securities and Exchange Board of India
Court's Decision & Legal Precedent
DATE VERIFIED Final Order 2025-06-11 (order-38.pdf): Quashes SEBI revocation of settlement order for want of hearing; holds that before revoking a settlement under the SEBI settlement regime (s.15JB / Settlement Regulations), SEBI must afford opportunity of hearing and pass a reasoned order; remands for reconsideration within four months.
On this section: s.15JB — settlement of administrative/civil proceedings; revocation of a settlement order for alleged breach requires audi alteram partem.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Made under this section, and citing it
1 instrument states that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.
Questions about Section 15JB
What have the courts held on Section 15JB of the Securities and Exchange Board of India Act?
Bharat Nidhi Limited v. Securities and Exchange Board of India (11 Jun 2025) is the leading judgment on this section among those set out below: s.15JB — settlement of administrative/civil proceedings; revocation of a settlement order for alleged breach requires audi alteram partem.
How do I find court cases under Section 15JB of the Securities and Exchange Board of India Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Sebi Act 15JB, section 15JB Sebi Act, section 15JB of the Securities and Exchange Board of India Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Bharat Nidhi Limited v. Securities and Exchange Board of India (11 Jun 2025).
What should I read with Section 15JB of the Securities and Exchange Board of India Act, and has it changed?
Its own text turns on section 11 (Functions of Board), section 11B (Power to issue directions and levy penalty), section 11D (Cease and desist proceedings), section 12 (Registration of stock-brokers, sub-brokers, share transfer agents, etc), and on 2 further provisions, so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it. The rules and notifications made under it are where it actually bites, and there is one: most recently SEBI (Settlement Proceedings) Regulations, 2018 (2018).
When did Section 15JB of the Securities and Exchange Board of India Act come into force?
Section 15JB of the Securities and Exchange Board of India Act, cited as Sebi Act 15JB, came into force on 30 Jan 1992, having been enacted on 04 Apr 1992. It is in force as at the date shown on this page.
Other sections of this Act
- 11. Functions of Board1315 words
- 11C. Investigation1145 words
- 12. Registration of stock-brokers, sub-brokers, share transfer agents, etc678 words
- 28A. Recovery of amounts629 words
- 15U. Procedure and powers of the Securities Appellate Tribunal494 words
- 15D. Penalty for certain defaults in case of mutual funds464 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.