Under new guidelines, if action was taken Internal committee (IC) or MII’s pre-eminent policy, then the Member Committee (MC) will still handle reviews, appeal or exemption requests, SEBI said in his circular.
If the action was taken by the MC itself, such requests will now be controlled by a new mechanism formed by the Governing Board of MII.
This new body will include public interest directors and/or independent external professional, who are not part of MC.
It is also necessary to install governing boards standard operating procedure (SOP) to handle such cases. If members or participants are not satisfied with the result of this process, they are free to contact the appropriate legal authorities according to the applied laws.
Under the current guideline, any request for the review of fine, appeal or exemption needs to be submitted to the MII Member Committee (MC). These provisions will be effective for 45 days from this circular date.