New Delhi: All market intermediaries will have to provide information about their PAN, registration number, mode of payment and banking details to the Securities and Exchange Board of India (Sebi) after making payments in the digital mode.
Sebi amended various regulations in March to enable the market participants to make payments to it through the digital mode. It had 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 the RBI”.
The move was aimed at enabling ease of paying penalties, disgorgement amounts, settlements amounts, legal charges, recovery amounts, filing fees for IPOs, takeover fees and payments from mutual funds. Following this, Sebi has been receiving direct credit of amounts from various intermediaries and other entities. “In order to identify and account such direct credit in the Sebi account, it has been decided that the various intermediaries/other entities shall provide the information... To Sebi once the payment is made,” the regulator said in a circular issued on Tuesday.
This information includes name of the intermediary, type of intermediary, its PAN and registration number, amount paid by it to the regulator, name of Sebi’s department to which payment was made, purpose of payment, and details of the bank name and account number from which payment is remitted. These details should be emailed to the respective department as well as to treasury and accounts division, the regulator said.