Joining forces with the government on the post-demonetisation cashless drive, markets regulator Sebi plans to give an option to all market intermediaries and companies to make their regulatory payments in digital mode. The move would help in speedy and easy transactions, while reducing failures due to payment gateway issues. The board of Securities and Exchange Board of India (Sebi) would consider a proposal in this regard this week, sources said.
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The move comes following the demonetisation of high-value currency by RBI in November. Many of the intermediaries such as brokers, Foreign Portfolio Investors (FPIs), stock exchanges, 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 of such amount through RTGS.
However, certain receipts such as filing fees for IPOs, takeover fees, payment from mutual funds are still received through cheques and demand drafts. Further, option of online payment from market intermediaries is not available in the respective regulations.
Accordingly, in order to enable digital payments, Sebi plans to amend the provision in different regulation with respect to various payments made by intermediaries issuers so as to offer an option for receiving an amount payable to the regulator through digital mode.
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