TMI BlogEmpanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. 1. The Board has made the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 ( Administrator Regulations ), which was notified in the Official Gazette on October 3, 2018. The aforesaid regulations provide, inter alia, for appointment of an Administrator and procedure for refund to the investors. 2. In terms of regulation 4 of the Administrator Regulations , the Board shall, after attachment of the properties of the defaulter, appoint an Administrator in the manner specified. In terms of sub-regulation (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions) (as amended from time to time) with suitable modifications as given in Table 1 and 2 in Part-I of the Schedule; (b) fees for distribution as given in Table 2 in Part-I of the Schedule shall not apply in cases of recovery of fees, penalties and disgorgement; (c) in addition to the fees under sub-regulation (3) of regulation 4 of the Liquidation Process Regulations , the fees payable to the entities such as chartered accountant(Table 3 and 4), registered valuer(Table 5), registrar and share transfer agent or such other agency (Table 6), etc. in Part-II of the Schedule, appointed by the Administrator under regulation sub-regulation (2) of regulation 7 the Administrator Regulations and incidental expenses as given in Part-III ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... website of the Board. An officer of SEBI nominated by the Recovery Officer shall be part of the Tender Opening Committee in such matters. 9. This Circular is being issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 read with regulations 4, 5 , 6 and 17 of the Administrator Regulations and shall come into force with immediate effect. 10. This Circular is available on the website of the Board (www.sebi.gov.in) under the category Circulars and Empanelment of Insolvency Professionals (IPs) remuneration and other incidental and connected matters . Yours faithfully, Jai Sebastian Deputy General Manager Recovery Division-1 Recovery and Ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the first 50 crore 0.25 On further sums realized 0.05 * the Administrator shall be entitled to receive half of the fee payable on realisation under Table- 1 only after such realised amount is distributed. Part-II FEES OF CHARTERED ACCOUNTANT Table -3. REGULAR AUDIT Sr. no. Amount realised Fees (Rs.) 1 Up to ₹ 25 lakh 50,000 2 Rs.25 lakh-50 lakh 55,000 3 ₹ 50 lakh-1 crore 60,000 4 Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Other actual expenses like travelling conveyance and out of pocket expenses, if any, are to be borne by SEBI subject to maximum of 20% of total fee charged by the registered valuer Table -6. FEES OF REGISTRAR AND SHARE TRANSFER AGENT OR SUCH OTHER AGENCY Sr. No. Range (Number of Successfully Submitted Applications ) Effective Rate 1. 0 10,00,000 Offered Rate 2. 10,00,000 25,00,000 Offered Rate less 5 % of the Offered Rate 3. 25,00,000 50,00,000 Offered Rate less 10 % o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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