Deadline Extension: Sebi's Settlement Scheme for Algo Platform Brokers

Sebi has extended the deadline for its settlement scheme for stock brokers involved with certain unregulated algo platforms to October 16. The extension comes as more entities show interest in the opportunity to conclude pending proceedings. Non-participants will face ongoing actions under the law.

The Securities and Exchange Board of India (Sebi) announced an extension of the deadline for its settlement scheme, aimed at stock brokers linked to certain unregulated algorithmic trading platforms. Initially set to conclude on September 16, the scheme will now run until October 16.

This extension comes amid increased interest from entities wishing to partake in the scheme, with Sebi observing a surge in participants during the final days before the original deadline. The move is intended to allow more brokers an opportunity to settle ongoing proceedings initiated by Sebi and expedite their resolution.

Nonetheless, brokers who refrain from participating in this scheme will continue to face actions as per the law. Sebi has reiterated that the extension serves those seeking a more efficient resolution to cases pending before authorities like the Securities Appellate Tribunal.

(With inputs from agencies.)