Sebi mulls expanding scope of informal guidance scheme, raises fees

Capital markets regulator Sebi on Friday proposed changes to the informal guidance scheme to expand the list of applicants that can seek guidance under the plan and enhance the fee for making an application. In its consultation paper, Sebi has proposed that stock exchanges, clearing corporations, depositories and managers of a pooled investment vehicle registered with it should be included in the list of eligible applicants who may seek guidance under the IG Scheme.

At present, only a limited category of entities, including listed companies and intermediaries, are eligible to request guidance under the scheme.

On rationalising fees, Sebi has proposed to raise the fees to Rs 75,000 from the current Rs 25,000 from an applicant while making an application under the IG scheme.

Further, in case of rejection of an informal guidance application, a processing fee of Rs 5,000 is deducted while refunding the fee to the applicant. This has been proposed to increase to Rs 15,000.

Also, it has been proposed that the IG scheme should be revised to provide for a nodal coordination cell with a centralised e-mail address that receives applications only through online mode and monitors the processing of the disposal of applications. On the users’ interface, the regulator has proposed that the applicant should be provided a period of up to 15 days to respond to the clarifications requested by Sebi, failing which the application may be rejected by the department. The period taken up to 15 days may be excluded from the overall timeline of 60 days to respond to an application. Sebi has proposed mandating the departments to use electronic e-mail as a mode of communication for seeking clarification from applicants.

The Securities and Exchange Board of India (Sebi) has sought public comments till September 15 on the proposals.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – todayschronic.com. The content will be deleted within 24 hours.

Leave a Comment