Markets regulator SEBI has notified new norms to give an option to market intermediaries and companies to make their regulatory payments in digital mode.
The Securities and Exchange Board of India (SEBI) has amended various regulations to enable the market participants to make payments to it through digital mode as well, the regulator said in a notification dated March 6.
The decision comes after SEBI's board approved a proposal in this regard in January.
Many of the intermediaries such as brokers, Foreign Portfolio Investors (FPIs), stock exchanges and custodians make payments to SEBI through online banking. Moreover, in order to enable ease of paying penalties, disgorgement amounts, settlements amounts, legal charges and recovery amounts, SEBI has already introduced an option for e-payment through RTGS. However, certain receipts such as filing fees for IPOs, takeover fees and payment from mutual funds are still received through cheques and demand drafts. Further, option of online payment from market intermediaries was not available in the respective regulations.
Now, SEBI has amended provisions in different regulations with respect to various payments made by intermediaries to offer an option for receiving the amount payable through digital mode.
It has allowed market intermediaries to make payments "by way of direct credit in the bank account through NEFT (national electronic funds transfer)/RTGS (real time gross settlement)/ IMPS (Immediate Payment Service) or any other mode allowed by RBI".
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