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SEBI Plans To Create ‘Difficult To Recover’ Category For Defaulters
Headquarters of SEBI. (Photo by Kunal Patil/Hindustan Times via Getty Images)
Securities and Exchange Board of India (SEBI) is considering a proposal to create a ‘difficult to recover’ category for certain defaulters that will help prevent the regulator from devoting extra resources towards unproductive cases, as reported by Press Trust of India (PTI).
EBI is India’s apex regulator that was created “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.”
However, SEBI officials have noted that such classification will not impact the regulator's ability to undertake prosecution against the defaulters bracketed in the new category.
It should be noted that out of the 1,600 defaulters who did not pay the penalties imposed on them by SEBI, while some owed the regulator small sums like Rs 15,000, the fines of others’ ran up to a few lakhs of rupees.
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