SEBI outlines procedure to waive/reduce interest on penalties under securities laws.

The Securities and Exchange Board of India (SEBI) has issued a circular detailing the procedure for waiving or reducing interest on penalties under securities laws. A panel of Executive Directors or Whole-time Members is empowered to grant waivers or reductions up to Rs. 2 crore, except for interest on fees payable to SEBI or disgorgement amounts. Applications must be submitted to the Recovery Officer with documentation of genuine hardship, uncontrollable circumstances, and cooperation in inquiries. The Competent Authority is required to issue a decision within 12 months after providing an opportunity for a hearing. .....

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