7D. (1) Upon collection or substantial recovery of the monetary sanctions amounting to at least twice the Reward, the Board may at its sole discretion, declare an Informant eligible for Reward and intimate the Informant or his or her legal representative to file an application in the format provided in Schedule-E for claiming such Reward:
Provided that the amount of Reward shall be ten percent of the monetary sanctions and shall not exceed Rupees One crore or such higher amount as the Board may specify from time to time:
If the total reward payable is less than or equal to Rupees One Crore, the Board may grant the said reward upon the issuance of the final order by the Board:
in case the total reward payable is more than Rupees One Crore, the Board may grant an interim reward not exceeding Rupees One Crore upon the issuance of the final order by the Board and the remaining reward amount shall be paid only upon collection or recovery of the monetary sanctions amounting to at least twice the balance reward amount payable.
(2) In case of more than one Informant jointly providing the Original Information, the Reward, as specified in the intimation under sub-regulation (1), shall be divided equally amongst the total number of Informants.
(3) The reward under these regulations shall be paid from the Investor Protection and Education Fund.
Illustrative table of the reward payable
(Amount in crore rupees)
| A. | Monetary Sanctions | ≥ 100.00 | 20.00 | 10.00 | 5.00 | 1.00 |
| B. | Total Reward Payable = 10% of Monetary Sanctions subject to maximum of Rupees 10.0 crores. | 10.00 | 2.00 | 1.00 | 0.50 | 0.10 |
| C. | Maximum Amount Payable as Interim Reward (on the issuance of final order by the Board against the person directed to disgorge) = Total Reward Payable (B) or Rupees 1.00 Crore, whichever is less | 1.00 | 1.00 | |||
| D. | Balance Amount of Reward Payable (B - C). | 9.00 | 1.00 | NIL because the entire reward was paid after passing of final order | ||
| E. | Minimum Amount to be collected / recovered by SEBI, for balance amount of reward (D) to become payable = Twice the Balance Amount of Reward Payable (2 x D). | 18.00 | 2.00 | Not Applicable as the amount of interim reward itself is equal to total eligible reward | Not Applicable as the amount of interim reward itself is equal to total eligible reward | Not Applicable as the amount of interim reward itself is equal to total eligible reward |
Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2021 dated 05.08.2021
The Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2019 dated 17.09.2019
PIT- Schedule E [Inserted vide the SEBI(PIT) (Third Amendment) Regulations, 2019 dated 17.09.2019 w.e.f., 26.12.2019]