Securities and Exchange Board of India (Sebi) on Friday relaxed rules governing financial disincentives imposed by the regulator on Market Infrastructure Institutions (MIIs) and individuals for omissions and commissions leading to technical glitches.
In a circular issued on Friday, Sebi restricted the imposition of existing financial disincentives to MIIs only. From now on, it will also provide an opportunity to the concerned MII to make its submission in respect of glitch before imposing any financial disincentive as per the current framework.
The market watchdog has also removed Managing Director (MD) and Chief Technology Officer (CTO) out of the purview of financial disincentives.
More to come…
