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

Para - Guidelines - Informal Guidance) - SEBI (Informal Guidance) Scheme 2003 - Para - 1. This Scheme shall be called Securities and Exchange Board of India (Informal Guidance) Scheme 2003 . 2.1 This 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 .....

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hority; any mutual fund trustee company or asset management company; any acquirer or prospective acquirer under the Securities and Exchange Board of India ( Substantial Acquisition of Shares and Takeovers) Regulations, 1997.] 5. The informal guidance mentioned in para 4 may be sought for and given in two forms: i. No-action letters: in which a Department of SEBI indicates that the Department would or would not recommend any action under any Act, Rules, Regulations, Guidelines, Circulars or other .....

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y 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 the reply. The internal records or views of SEBI shall be confidential. 8. SEBI may not respond to the following types of requests: i. those which are general and those which do not completely and sufficiently describe the factual situation; ii. those which involve hypothetical situations; iii. those requ .....

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the reasons for declining to answer the request. 11. Confidentiality of request: a. Any person submitting a letter or written communication under this scheme may request that it receive confidential 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 .....

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rued as a conclusive decision or determination of any question of law or fact by SEBI. Such a letter cannot be construed as an order of the Board under section 15T of the Act and shall not be appealable. 14. Where a no action letter is issued by a Department affirmatively, it means that the Department will not recommend enforcement action to the Board, subject to other provisions of this scheme. 15. The guidance offered through the letters issued by Departments is conditional upon the requestor .....

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