Amendment to Securities Lending Scheme, 1997
Summary
SEBI has amended the Securities Lending Scheme, 1997 to mandate digital payments for fees, penalties, and recoveries. The amendment removes the option of payment via Demand Draft and requires intermediaries to use NEFT, RTGS, IMPS, or online gateways. Stock Exchanges and Clearing Corporations are directed to implement these changes by April 01, 2023.
Text
payment of fees /penalties/recoveries to be made only through digital mode of payment
Approved intermediaries are requested to send the fee payable... by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI payment gateway or any other mode as may be specified by SEBI from time to time
A receipt shall be sent to the approved intermediaries after the realization of the payment through the any of the modes specified at Point 7
The provisions of this circular shall come into effect from April 01, 2023
take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations
bring the provisions of this circular to the notice of their members and also disseminate the same on their websites
confirm to SEBI, that the provisions of this circular have been implemented
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 Section 10 of the Securities Contracts (Regulation) Act, 1956
Source: SecMarx — Amendment to Securities Lending Scheme, 1997. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.