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All payments to SEBI can now be made through digital means

 Securities and Exchange Board of India (SEBI) will now allow all market intermediaries and companies to make all regulatory payments to it through digital modes. The markets regulator had proposed an amendment to regulations in January which would allow intermediaries to pay via NEFT and RTGS.

It will now allow “credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by the Reserve Bank of India (RBI).” Note that it is unclear if SEBI will allow regulatory payments through the Unified Payments Interface (UPI).

SEBI defines market intermediaries, entities, investors, listed companies and companies which intend to get their shares listed.

SEBI has already introduced an RTGS  option for payment of penalties, disgorgement amounts, settlements amounts, legal charges and recovery amounts. However, certain receipts such as filing fees for IPOs, takeover fees, payment from mutual funds are still received through cheques and demand drafts. Options of online payment from market intermediaries are not available in the respective regulations.

Note that it had cleared the NEFT and RTGS  to the existing list of methods that companies use to pay dividend or other cash benefits to shareholders and investors back in 2013. Previously, companies used to electronic clearing system (ECS) to transfer dividend and other cash benefits to their shareholders and investors.

Download: SEBI notice

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