SEBI revises Procedure for seeking waiver or reduction of interest in respect of recovery proceedings initiated for failure to pay penalty

SEBI has delegated the power to waive or reduce the interest levied only in respect of recovery proceedings initiated for failure to pay penalty, to the Competent Authority provided hereunder:

1. Panel of Executive Directors of SEBI, where the amount of interest sought to be waived or reduced is less than Rs. 2 crores;
2. Panel of Whole time Members, in other cases

Further, the Board has approved that the waiver or reduction of interest shall not be applicable in the following cases and the same shall be returned forthwith:

1. Where interest for failure to remit fees to the Board is levied on the intermediaries in accordance with respective intermediary regulations;
2. Where the interest on the amount directed to be disgorged or refunded is levied in accordance with the orders passed under section 11, 11B, 11(4) of the SEBI Act.