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Posted on Dec 07, 09:51AM | IBNS
India Minister of State for Finance Namo Narain Meena Thursday said that the Securities and Exchange Board of India (SEBI) had proposed for amendment of the SEBI Act.
Meena in a written reply to a question in the Rajya Sabha said, "SEBI proposed that the Act be amended to provide for effective mechanisms for recovery of monetary penalties imposed by SEBI in such manner as may be specified by regulations or if found expedient as per provisions of the Income Tax Act through a reference to the income tax authority on the lines of the provisions of Section 39 of the Competition Act, 2002."
"As of Jun 30 there are 1290 defaulters and the total amount of penalty imposed on them is Rs. 112,25,98,000," he added.