Latest News | Sebi Discontinues Payment Through Demand Draft Mode for Intermediaries
Get latest articles and stories on Latest News at LatestLY. Capital markets regulator Sebi on Tuesday discontinued the option of payment through demand draft for intermediaries and asked them to pay fees and penalties only through digital mode.
New Delhi, Mar 28 (PTI) Capital markets regulator Sebi on Tuesday discontinued the option of payment through demand draft for intermediaries and asked them to pay fees and penalties only through digital mode.
The new rule will come into force from April 1, the Securities and Exchange Board of India (Sebi) said in a circular.
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The regulator has decided to introduce the changes in the Securities Lending Scheme, whereby intermediaries will have to send the fee payable, by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the Sebi payment gateway.
Further, a receipt will be sent to the approved intermediaries after the realisation of the payment through any of these modes.
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This comes after the Sebi's board in its meeting in December 2022 approved rules to dispense with the option of payment through demand draft and ensure that the payment of fees, penalties and recoveries is to be made only through the digital mode of payment.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)