SEBI Circular: Procedure for Waiving or Reducing Penalty Interest Outlined, Decisions Within 12 Months, Up to Rs. 2 Crore.

The circular provides the procedure for seeking waiver or reduction of interest levied on persons against whom recovery proceedings are initiated for failure to pay penalty under relevant securities laws. The key points are: SEBI has delegated power to waive/reduce interest to a panel of Executive Directors (for

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