Regulatory Alerts2025-08-05
SEBI Circular on Review, Appeal or Waiver of Penalty Requests Emanating from Member Committee Actions
The Securities and Exchange Board of India (SEBI) has modified the Terms of Reference for Market Infrastructure Institutions to streamline the handling of penalty review, appeal, or waiver requests. Requests against actions by the Internal Committee remain with the Member Committee, while appeals against Member Committee decisions must now be handled by a mechanism established by the Governing Board involving independent directors or professionals. Market Infrastructure Institutions are required to implement these changes within 45 days by updating their byelaws and notifying market participants.
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