9911796707
TMI BlogEmpanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... d of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. 1. The Board has made the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 ("Administrator Regulations"), which was notified in the Official Gazette on October 3, 2018. The aforesaid regulations provide, inter alia, for appointment of an Administrator and procedure for refund to the investors. 2. In terms of regulation 4 of the Administrator Regulations, the Board shall, after attachment of the properties of the defaulter, appoint an Administrator in the manner specified. In terms of sub-regulation (1) of regulation 5 of the said Regulations, the Admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Table 1 and 2 in Part-I of the Schedule; (b) fees for distribution as given in Table 2 in Part-I of the Schedule shall not apply in cases of recovery of fees, penalties and disgorgement; (c) in addition to the fees under sub-regulation (3) of regulation 4 of the Liquidation Process Regulations, the fees payable to the entities such as chartered accountant(Table 3 and 4), registered valuer(Table 5), registrar and share transfer agent or such other agency (Table 6), etc. in Part-II of the Schedule, appointed by the Administrator under regulation sub-regulation (2) of regulation 7 the Administrator Regulations and incidental expenses as given in Part-III of the Schedule to this Circular would be payable to the Administrator and the same w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tender Opening Committee in such matters. 9. This Circular is being issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 read with regulations 4, 5, 6 and 17 of the Administrator Regulations and shall come into force with immediate effect. 10. This Circular is available on the website of the Board (www.sebi.gov.in) under the category "Circulars" and "Empanelment of Insolvency Professionals (IPs) remuneration and other incidental and connected matters". Yours faithfully, Jai Sebastian Deputy General Manager Recovery Division-1 Recovery and Refund Department [email protected] SCHEDULE Part-I Table -1. FEES OF ADMINISTRATOR FOR REALISATION Amount of Realisation (Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion amount Percentage of fee on the amount valued 1 On the first ₹ 5,00,000 of the asset as valued 0.50% 2 On the next ₹ 10 lakh of the asset as valued 0.20% 3 On the next ₹ 40 lakh of the asset as valued 0.10% 4 On the balance of the asset as valued 0.05% Excluding GST Other actual expenses like travelling conveyance and out of pocket expenses, if any, are to be borne by SEBI subject to maximum of 20% of total fee charged by the registered valuer Table -6. FEES OF REGISTRAR AND SHARE TRANSFER AGENT OR SUCH OTHER AGENCY Sr. No. Range (Number of Successfully Submitted Applications ) Effective Rate 1. > 0 ≤ 10,00,000 Offered Rate 2. > 10,00,000 ≤ 25,00,000 Offered Rate less 5 % of the Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
