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SECURITIES AND EXCHANGE BOARD OF INDIA (INFORMAL GUIDANCE) SCHEME, 2003

..... his Scheme is being issued under section 11(1) of SEBI Act, 1992 of the SEBI Act, in the interests of better regulation of and orderly development of the securities market. 2.2 The Scheme shall come into operation from 24.6.2003. 3.1 In this Scheme, unless the context otherwise requires:- (a) Act means the Securities and Exchange Board of India Act, 1992; (b) Board means the Securities and Exchange Board of India established under section 3 of the Act; (c) Department means a Department of SEBI and includes a Division of SEBI; (d) Scheme means the SEBI (Informal Guidance Process) Scheme, 2003; 3.2 Words and expressions not defined in this Scheme shall have the same meaning as have been assigned to them under the Act or the Securities Contrac .....

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..... uest seeking informal guidance shall comply with the following: i. It shall state that it is being made under this scheme and also state whether it is a request for a no-action letter or an interpretive letter; ii. It shall be accompanied with a fee of ₹ 25,000; iii. It shall be addressed to the concerned Department of SEBI; and, iv. It shall describe the request, disclose and analyse all material facts and circumstances involved and mention all applicable legal provisions. 7. SEBI may dispose off the request as early as possible as and in any case not later than 60 days after the receipt of the request. The Department may give a hearing or conduct an interview if it feels necessary to do so. The requestor shall be entitled only to th .....

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..... ial treatment for a specified period of time not exceeding 90 days from the date of the Department s response. The request shall include a statement of the basis for confidential treatment. b. If the Department determines to grant the request, the letter or written communication will not be available to the public until the expiration of the specified period. c. If it appears to the Department that the request for confidential treatment should be denied, the requestor will be so advised and such person may withdraw the letter or written communication within 30 days of receipt of the advise, in which case the fee, if any, paid by him would be refunded to him. d. In case where a request has been withdrawn under clause (c), no response will be .....

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..... tained by the requestor by fraud or misrepresentation of facts, notwithstanding any legal action that the Department may take, it may declare such letter to be non est and thereupon the case of the requestor will be dealt with as if such letter had never been issued. Where SEBI issues a letter under this scheme, it may post the letter, together with the incoming request, in the SEBI website, subject to the provisions of para 11. ******* Notes 1. Substituted vide Press note No, 12 [ 2004 Series], dated 22-1-2004 w.e.f. 21-1-2004. Prior to its substitution , it read as under: Any intermediary registered with SEBI under section 12 of the Act and any listed company will be eligible to make a request for informal guidance under this scheme. - St .....

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