{"id":355882,"date":"2025-08-06T18:30:55","date_gmt":"2025-08-06T13:00:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=355882"},"modified":"2025-08-06T18:33:34","modified_gmt":"2025-08-06T13:03:34","slug":"revised-penalty-review-framework-for-miis-sebi-circular-2025","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/06\/revised-penalty-review-framework-for-miis-sebi-circular-2025\/","title":{"rendered":"SEBI revamps Penalty Review System to empower MIIs and ensure fair appeals"},"content":{"rendered":"
\n

On 5-8-2025, the Securities and Exchange Board of India (\u2018SEBI<\/span>\u2019) circulated a notification titled \u2018Review, Appeal or Waiver of penalty requests emanating out of actions taken by the Member Committee<\/span>\u2019. This notification introduces a revised framework directing Market Infrastructure Institutions (\u2018MIIs\u2019)<\/span> regarding how to handle requests related to penalties imposed through their regulatory processes. The circular aims to improve transparency, reduce conflicts of interest, and ensure fair treatment for market participants. The provisions of the circular will come into effect 45 days<\/span> from its issuance of circular, i.e., on 19-9-2025.<\/p>\n

Key Points:<\/h3>\n
    \n
  1. A Market Infrastructure Institution (MII)<\/span> refers to a key organization that supports and regulates the operations of financial markets, which includes:\n
      \n
    • stock exchanges<\/li>\n
    • clearing houses<\/li>\n
    • depositories<\/li>\n<\/ul>\n<\/li>\n
    • SEBI, while referring to the Terms of Reference (\u2018ToR\u2019) for statutory committees of MIIs as outlined in its Master Circulars dated 3-12- 2024, stated that previously, these ToRs required all requests for review, appeal, or waiver of penalties<\/span>, irrespective of the authority that imposed them, were to be submitted before the Member Committee (\u2018MC\u2019) of the respective MII.<\/li>\n
    • This structure raised concerns about potential conflicts of interest, as the same committee responsible for imposing penalties was also tasked with reviewing them, challenging the impartiality of reviewing system.<\/li>\n
    • After receiving input from MIIs and consulting with SEBI\u2019s Secondary Market Advisory Committee (\u2018SMAC\u2019), the regulator has now introduced a dual-track system to address these concerns.<\/li>\n
    • According to the revised framework, if a penalty is imposed by the Internal Committee (\u2018IC\u2019) of the MC or by the MII under a pre-approved policy on regulatory action, the request for review, appeal, or waiver will continue to be placed before the Member Committee.<\/li>\n
    • If the penalty is imposed directly by the Member Committee itself, the request will be handled by a separate mechanism established by the Governing Board of the MII.<\/li>\n
    • This new mechanism will include Public Interest Directors (\u2018PIDs\u2019) and\/or Independent External Professionals who are not part of the MC.<\/li>\n
    • The Governing Board is also required to issue a Standard Operating Procedure (\u2018SOP\u2019) to ensure consistency and procedural clarity in handling such cases.<\/li>\n
    • The circular clarifies that if a member or participant is dissatisfied with the outcome of the internal appeal process, they retain the right to approach appropriate legal authorities under applicable laws to ensure that the new framework does not restrict access to judicial remedies.<\/li>\n
    • SEBI has directed all MIIs to implement the necessary systems and procedures, amend relevant byelaws and regulations, and disseminate the circular and its implications to market participants through their websites.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      SEBI’s new framework for MIIs reshapes the penalty review, appeal, and waiver process by introducing independent oversight, a dual-track mechanism, and external professionals, while preserving legal recourse and mandating implementation by September 2025.<\/p>\n","protected":false},"author":67525,"featured_media":355893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[40943,38236,40311,82743,86774,86770,86773,86771,86772,86775,52115,2563,35980,86777,86776,31448,37767],"class_list":["post-355882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-capital-markets","tag-clearing-corporations","tag-depositories","tag-financial-regulation","tag-governing-board","tag-market-infrastructure-institutions","tag-member-committee","tag-miis","tag-penalty-review","tag-public-interest-directors","tag-regulatory-framework","tag-SEBI","tag-sebi-circular","tag-sebis-penalty-rules","tag-smac","tag-sop","tag-stock-exchanges"],"yoast_head":"\nSEBI Revises Penalty Review Framework for MIIs | SCC 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Key Points: The provisions of this circular will be Implemented in Phases: First\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":300231,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/28\/modification-in-cyber-security-and-cyber-resilience-framework-legal-news\/","url_meta":{"origin":355882,"position":3},"title":"SEBI modifies Cyber Security and Cyber Resilience Framework","author":"Kriti","date":"August 28, 2023","format":false,"excerpt":"On 24-8-2023, the Securities and Exchange Board of India (\u2018SEBI') made modifications in Cyber Security and Cyber Resilience frame for Stock Exchanges, Clearing Corporations and Depositories. 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The Market Infrastructure Institutions (\u2018MIIs') are now mandated to: Conduct comprehensive cyber audit at least 2 times\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":363124,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/09\/sebi-notifies-revised-block-deal-framework-compliance-update-scc-times\/","url_meta":{"origin":355882,"position":4},"title":"SEBI Notifies Revised Block Deal Framework: Key Changes Effective December 2025","author":"Shubhi","date":"October 9, 2025","format":false,"excerpt":"SEBI updates Block Deal Framework to enhance transparency and efficiency by raising trade thresholds, widening price bands, expanding settlement options, and mandating timely disclosures.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Revised Block Deal Framework","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":358803,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/03\/sebi-equity-derivatives-intraday-limits-2025\/","url_meta":{"origin":355882,"position":5},"title":"SEBI\u2019s new Framework set \u20b910,000 Crore Cap on Intraday Equity Index Derivatives","author":"Shubhi","date":"September 3, 2025","format":false,"excerpt":"SEBI introduces Intraday Position Limit Framework for Equity Index Derivatives to enhance market integrity, risk management, and surveillance, from October 1, 2025","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI Intraday Position Limits","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SEBI-Intraday-Position-Limits.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SEBI-Intraday-Position-Limits.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SEBI-Intraday-Position-Limits.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/SEBI-Intraday-Position-Limits.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/355882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67525"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=355882"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/355882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/355893"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=355882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=355882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=355882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}