Government

January 12, 2017

Digital Option On All Payments: SEBI


SEBI

The board of Securities and Exchange Board of India (Sebi) had planned to join hands with the government’s initiative in cashless drive, by giving options to all market intermediaries and companies to make their regulatory payments in digital mode.

The move would help in speedy and easy transactions, while reducing failures due to payment gateway issues. Sebi would consider a proposal in this regard this week. Many of the intermediaries such as brokers, Foreign Portfolio Investors (FPIs), stock exchanges, custodians make payments to Sebi through online banking.

To avoid paying penalties, disgorgement amounts, settlements amounts, legal charges and recovery amounts, Sebi has already introduced an option for e-payment of such amount through RTGS.

However, certain receipts such as filing fees for IPOs, takeover fees, payment from mutual funds are still received through cheques and demand drafts. Further, option of online payment from market intermediaries is not available in the respective regulations.

Sebi plans to amend the provision in different regulation with respect to various payments made by intermediaries issuers so as to offer an option for receiving an amount payable to the regulator through digital mode.

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