Overview

• Sebi reviewed 235 items and reduced broker penalty heads to 90 by removing 40 and reclassifying 105 minor lapses as “financial disincentives.”
• Overlapping violations will now be charged once by a designated lead exchange under a uniform framework issued by stock exchanges in consultation with Sebi.
• For retained items, first‑instance advisories replace fines in seven case types, certain violations carry capped amounts, and 36 penalties were streamlined.
• The revised framework applies to ongoing enforcement proceedings, offering relief to brokers that faced multiple levies across exchanges.
• Phase two of the Samuhik Prativedan Manch begins October 15, expanding single‑portal compliance filings from 40 to 70 reports, alongside a shift to joint annual inspections of MIIs.