Sebi points pointers for MIIs to assessment penalty waiver requests
Below the brand new pointers, if the motion was taken by the Inside Committee (IC) or based mostly on a pre-approved coverage of the MII, then the Member Committee (MC) will nonetheless deal with the assessment, attraction, or waiver requests, Sebi mentioned in its round.
If the motion was taken by the MC itself, such requests will now be dealt with by a brand new mechanism shaped by the governing board of the MII.
This new physique will embrace public curiosity administrators and/or unbiased exterior professionals, who usually are not a part of the MC.
The governing board are additionally required to determine a Commonplace Working Process (SOP) for dealing with such instances. If members or members usually are not glad with the result of this course of, they’re free to method the suitable authorized authorities as per the relevant legal guidelines.
Below the present guideline, any request for assessment, attraction, or waiver of a penalty must be offered to the Member Committee (MC) of the involved MII. These provisions will come into impact 45 days from the date of this round.
