Sebi considers process to seek waiver of interest on penalty payment

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Sebi considers process to seek waiver of interest on penalty payment - Business Standard

Quick Summary:

Under the proposal, the regulator suggested that the applicant's requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961.

Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty.

The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant's control and the applicant has cooperated in any related inquiry.