The Hindu Business Line : SEBI plans to drop `personal hearing' practice

MARKET intermediaries who would come under the Securities and Exchange Board of India (SEBI) investigation may no longer get the opportunity of a personal hearing by SEBI Chairman or the board members.

SEBI proposes to discontinue with the practice of granting an opportunity of personal hearing by the Chairman or members of the board after an investigation is completed.

However, Chairman\member of the board can grant personal hearing in case such as:

The Chairman\member proposes to increase the penalty recommended by the enquiry officer; and

Or the recommendation of enquiry offices has been reversed to the detriment of the intermediary and if there is a complex question of facts or law. The proposal has been placed before the SEBI's legal advisory committee, which is seeking views from various market intermediaries.

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SEBI plans to drop `personal hearing' practice