While the interim reward amount will not exceed two and a half per cent of the reserve price of the asset regarding which tips were provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less.
Coming out with guidelines on the grant of reward to an informant who provides credible information about the assets of the defaulter under recovery proceedings, SEBI said, "information and the identity provided by the informant or the reward paid to him shall be held in confidence."
As per SEBI, a person will be considered to be an informant eligible for a reward if he or she furnishes original information in relation to the asset of a defaulter concerning the dues which are certified as 'Difficult to Recover'.
The difficult-to-recover dues are the ones which could not be recovered even after exhausting all the modes of recovery.
Also, the regulator issued a list of 515 defaulters, where information can be provided by any informant.
In addition, for the purpose of recommending the eligibility of reward, SEBI will set up an informant reward committee comprising the chief general manager of the
The informant reward committee will give its recommendations to the competent authority on the matters pertaining to the eligibility of informants for reward and the determination of the amount of reward payable to informants.
SEBI said that the amount reward granted to the informant will be paid from the Investor Protection and Education Fund.
The new guidelines have become effective from March 8, the
According to SEBI's annual report for 2021-22, the markets regulator segregated dues to the tune of Rs 67,228 crore under "difficult to recover" (DTR) category at the end of March 2022.
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