Explain the High Power Advisory Committee (HPAC) of SEBI, constituted under New Settlement Regulation by SEBI and the provisions relevant to recusal by its members.

Meaning and Constitution of HPAC: As per regulation 11(1) and (2) Securities and Exchange Board of India (Settlement proceedings) Regulations, 2018- The High Power Advisory Committee (HPAC) constituted under the New Settlement Regulation of SEBI, to deal with the Settlement Application filed before SEBI, with a Judicial member who has been the Judge of the Supreme Court or a High Court and three external experts of securities market. Further, in order to impart transparency in the process, the role of the HPAC, (including instances of recusal by members of the HPAC) are specifically defined under the New Settlement Regulation. Provisions relevant to recusal: If any of the member of HPAC recused himself, the remaining two or more members may submit their recommendations on the terms of settlement; Where no consensus or majority is arrived upon by the members of the HPAC, the Judicial member's recommendations would act as the veto; If the Judicial member has recused himself then the recommendation of the remaining two or more members shall be submitted for consideration to the Panel of Whole Time Members; and Where all or all but one of the members of the High Powered Advisory Committee recuse themselves in respect of an application, the Board may constitute another High Powered Advisory Committee.