On Aug. 5, IND SEBI revised process for handling waiver request.
IND SEBI revised process for handling review, appeal, or waiver of penalty requests within market infrastructure institutions (MIIs), including stock exchanges, clearing corporations, and depositories.
Follows IND SEBI Dec. 2024 issued updated master circular for depositories, #235703.
Revised Framework
Any requests against actions by the internal committee or under pre-approved policies will still go to the member committee (MC).
Requests against actions by MC itself must be handled by new mechanism set up by MII’s governing board, involving public interest directors or independent external professionals.
The board must also issue a standard operating procedure (SOP) for such cases.
Further appeals can be made to the appropriate legal authority under existing laws.
MIIs must update systems, amend rules/byelaws if necessary, and inform market participants by publishing the circular on their websites.
Effectiveness
The new provisions will apply 45 days after the circular’s issuance, i.e. Sep. 19, 2025.
