New Delhi, July 7 -- Kamlesh Varshney, whole-time member of the Securities and Exchange Board of India (Sebi) said on Monday that the regulator is looking to overhaul the penalties it imposes on market intermediaries. He suggested that many such actions are wrongly labelled as penalties unfairly stigmatising brokers, and that the regulator was close to completing the first phase of a penalty rationalisation framework.

"Some of the big initiatives that have been planned for future are, number one, rationalisation of penalties," Varshney said. "We had a meeting in February in Delhi with all the brokers, at which NSE was also present. There we outlined a few of our objectives. Number one was: how do we rationalise penalties, and can we have...