The Securities & Exchange Board of India (Sebi) on Friday issued a circular reducing the total 235 existing penalties for them to 90 and said the second phase of Samuhik Prativedan Manch, a technology based common reporting mechanism will be implemented from October 15.

Penalties on 40 violations have been removed and 105 minor procedural lapses has been termed as ‘financial-disincentives’, Sebi said. Of the revised number of penalties, 36 have been rationalised, seven replaced with advisory/warning for first-time offences, six capped, and 12 new penalties introduced.

The revised penalty framework shall also be made applicable to ongoing enforcement proceedings providing major relief to stock broking community, the circular said and added that rationalised penalty framework shall fac

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