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Sebi likely to consider 'approver' clause to aid in frauds and scams, says report

Sebi likely to consider 'approver' clause to aid in frauds and scams, says report

Sebi likely to consider 'approver' clause to aid in frauds and scams, says report
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By CNBC-TV18 Aug 23, 2018 8:46:31 AM IST (Published)

Securities and Exchanges Board of India (Sebi) may introduce the concept of an ‘approver’ for offenders in securities market, who could help the regulator uncover a major fraud or scam, The Hindu BusinessLine reported on Wednesday.

Securities and Exchanges Board of India (Sebi) may introduce the concept of an ‘approver’ for offenders in securities market, who could help the regulator uncover a major fraud or scam, The Hindu BusinessLine reported on Wednesday.

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An offender can expect to get a less-serious charge or a lenient sentence in exchange for vital information that could help crack the case, the report said.
A committee headed by former Supreme Court judge AR Dave has recommended that the Sebi introduce a ‘confidentiality clause’ in settlement of cases.
In legal terms, an 'approver' can also be an accomplice to the crime but confesses his or her guilt and provides evidence.
The Dave panel has recommended that confidentiality should depend on the nature of the assistance provided to SEBI. Assistance should be information such as indicating the relevant bank account details, phone numbers, or any other detail that can be independently proven, according to the report.
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