SEBI Updates SOP on ‘MIIs’ Penalties | MD and CTO Exempted From Fines for Technical Glitches
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- By Chetan Kulasri
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- Last Updated on 23 September, 2024
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Circular: SEBI/HO/MRD/TPD-1/P/CIR/2024/124 dated 20-09-2024
Earlier, the SEBI issued a circular revising the Standard Operating Procedure (SOP) related to financial disincentives imposed on Market Infrastructure Institutions (MIIs) due to technical glitches. Extant norms allowed penalties to be levied on individuals, such as the Managing Director (MD) and Chief Technology Officer (CTO). Now, it has been decided to limit the penalty to the MIIs themselves. Further, MIIs must submit compliance reports and disclose disincentives on their websites and annual reports.
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