Sebi gives guidelines for MIIs to revise the fine statement of the fine

Markten Watchdog Sebi has issued new guidelines for market infrastructure (MIIS) trade fairs, cleaning up companies and deposits for processing requests to revise fines with regard to regulatory actions with regard to regulatory actions on Tuesday.

According to the new guidelines, if the action has been taken by the internal committee (IC) or based on a pre -approved policy of the MII, the member committee (MC) will still handle the assessment, appeal or distance requests, Sebi said in the circular.

If the action has been taken by the MC itself, such requests are now being handled by a new mechanism formed by the MII board of directors.

This new body will include directors of public interest and/or independent external professionals, who are not part of the MC.

The board must also set up a standard operational procedure (SOP) for dealing with such cases. If members or participants are not satisfied with the outcome of this process, they are free to approach the correct legal authorities according to the applicable laws.

According to the current directive, every request for revision, profession or distance from a fine must be presented to the Lid Committee (MC) of the MII concerned. These provisions come into force for 45 days from the date of this circular.