SEBI has issued a Consultation Paper on review of the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003. This consultation paper solicits comments and inputs from the public with respect to the proposed changes in the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 including changes with respect to expanding the scope of the scheme, enhancing the fee levied and rationalizing various processes.
It is being proposed to revise the IG Scheme to:
- Provide applicant time period up to 15 days to respond to the clarifications requested by SEBI, failing which the application may be rejected by the department. The time period taken up to 15 days may be excluded from the overall timeline of 60 days to respond to an application;
- Mandate the departments to use electronic e-mail as a mode of communication for seeking clarifications from the applicant.
Public comments are sought on the following recommendations along with supporting rationale:
- Whether regulated entities such as Stock Exchanges, Clearing Corporations, Depositories and Trustees and Managers of a pooled investment vehicle registered with the Board may be included in the list of eligible applicants under the IG Scheme?(
- Whether the fee and the processing fee chargeable under the IG Scheme maybe revised from 25,000 and ₹5,000 to ₹75,000 and ₹15,000, respectively?
- Whether the obsolete provisions under the IG Scheme may be suitably revised?
- Whether a nodal co-ordination cell may be created with a dedicated e-mail address for receiving applications through online mode and monitor the processing of the disposal of application
- Whether the applicant may be provided up to 15 days to respond to the clarifications sought by SEBI, failing which the application may be rejected by the department?
- Whether any further changes are required in the draft Securities and Exchange Board of India (Informal Guidance) Scheme 2024?
Public comments are invited for the proposals at paragraph 25. The comments/ suggestions should be submitted latest by September 15, 2024, by clicking on this link.
