Sebi amends rules governing mode of payment by market intermediaries
New Delhi: Sebi has notified rules asking all market intermediaries and companies to make regulatory payments to it by way of direct credit into the bank account through digital payment systems.
Under the rules, market intermediaries and companies are required to pay various fees to the Securities and Exchange Board of India (Sebi).
In a notification, Sebi said that the fee can be paid to the regulator by way of direct credit into the bank account through digital payment systems -- NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Mobile Payment Service) -- or online payment using the Sebi Payment Gateway.
To give these effects, the regulator has notified Sebi (Payment of Fees and Mode of Pay). The amendment has been brought into various regulations with respect to fees to be paid to Sebi.
Last month, the market regulator clarified that all payment mechanisms provided by banks and payment aggregators authorised by the Reserve Bank of India (RBI) will be used for settlement of trades executed on the Request for Quote or RFQ platform.
Prior to that, exchanges used the RTGS channel as the mode of settlement for trades executed on the RFQ platform, as regards listed corporate bonds, commercial papers, and securitised debt instruments.
