New Delhi: Securities and Exchange Board of India (SEBI) on Wednesday announced a reward of up to Rs 20 lakh for informers providing information about  properties of defaulters. 

As per SEBI, The reward will be given in two phases – interim and final. The interim reward will be two and a half percent of the value of the property or Rs 5 lakh (whichever is less) and the final reward will be up to 10 percent of the dues recovered or Rs 20 lakh (whichever is less).

The market regularity body has issued guidelines regarding awards for informers providing concrete information about properties of defaulters who are in recovery process. 

“The information or identity of the property given by the informer and the reward amount given to him will be kept confidential,” SEBI said

According to SEBI, an informer will be considered eligible for reward only if he or she gives worth information about the property of the defaulter. Along with the notification, SEBI released a list of 515 defaulters. 

As per SEBI, the amount of reward given to the informer will be paid from the Investor Protection and Education Fund. SEBI said the new guidelines have come into effect from March 8.

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