Regulation 37 - Exemption from strict enforcement - Securities and Exchange Board of India (Index Providers) Regulations, 2024

CHAPTER VIII MISCELLANEOUS Exemption from strict enforcement. 37 . (1) The Board may suo motu or on an application made by an Index Provider, for reasons recorded in writing, grant relaxation from the strict enforcement of any of the provisions of these regulations, subject to such conditions as the Board deems fit to impose in the interests of investors and the securities market and for the development of the securities market, if the Board is satisfied that: (a) the requirement is procedural in nature; or (b) the non-compliance is caused due to factors beyond the control of the entity; (2) The application referred to under sub-regulation (1) shall be accompanied by a non-refundable fee of rupees fifty thousand only payable by way of direct credit in the bank account through NEFT/ RTGS/ IMPS or online payment using SEBI payment gateway or any other mode as may be specified by the Board from time to time.