Sagus Speaks - August 2025 | Part 1

REGULATORY AND POLICY UPDATES

SEBI updates appeal and penalty review process for Market Infrastructure Institutions¹

The Securities and Exchange Board of India ("SEBI") issued a Circular No. SEBI/HO/MRD/PODIII/CIR/P/2025/112 dated 05.08.2025 ("MIIs Circular"), which has introduced a revised framework for handling requests for review, appeal or waiver of penalties imposed by the Member Committee of Market Infrastructure Institutions ("MIIs") which is effective from the 45th day of issuance of this MIIs Circular, i.e., from 19.09.2025.

1. Actions by Internal Committee or Pre-approved Policy Actions: Any request for review, appeal or waiver of penalty filed against actions taken by the Internal Committee of the Member Committee, or by MIIs as per the pre-approved policy on regulatory action shall continue to be placed before the Member Committee for consideration.