Capital markets regulator Sebi has restructured its four member high-power advisory committee on settlement orders and compounding of offences.

The committee will now be chaired by Jai Narayan Patel, former chief justice of Calcutta High Court, according to a latest update with the Securities and Exchange Board of India (Sebi).

The panel was earlier headed by Vijay C Daga, retired judge of High Court of Bombay.

Rejigging its committee, Sebi has listed M S Sahoo, former chairperson at Insolvency and Bankruptcy Board of India, and Poornima Advani, ex-chairperson of National Commission for Women as new inductees.

P K Malhotra, former law secretary in Ministry of Law & Justice, Government of India, will continue as a member of the committee.

The panel will work as per the Settlement Proceedings Regulations, specified by the regulator.

Under the settlement mechanism, an alleged wrongdoer can settle a pending case with the regulator without admission or denial of guilt by paying a settlement fee.

The settlement mechanism is a tool for ensuring speedy and efficient resolution of disputes.

In January, the Securities and Exchange Board of India (Sebi) amended Settlement Proceedings norm.

Under the new rules, the timeline for filing settlement applications has been cut to just 60 days from the current 180 days, a move aimed at making the system more efficient.

Earlier, settlement application can be filed within 60 days of the date receipt of the show-cause notice. However, an additional 120 days can be availed by the applicants in case they pay additional 25 per cent over the settlement charges.

Now, the regulator has done away the additional time provision of 120 days, according to a notification.

The move is aimed at rationalising norms on settlement proceedings.

Further, the time period for submission of revised settlement terms form, after the Internal Committee (IC), has been rationalised to 15 days. This will be from the date of the IC meeting.