An intermediary registered with SEBI wants to approach SEBI for some guidance under SEBI (Informal Guidance) Scheme, 2003. Explain the procedure which should be followed by an intermediary for such guidance. Also explain

In the interests of better regulation of and orderly development of the Securities market, SEBI has issued SEBI (Informal Guidance) Scheme 2003. An intermediary registered with SEBI may make a request for informal Guidance under the scheme. The request seeking informal guidance should state that it is being made under this scheme and also state whether it is a request for a no-action letter or an interpretive letter and should be accompanied with prescribed fees and addressed to the concerned Department of the SEBI. It should also describe the request, disclose and analyse all material facts and circumstances involved and mention all applicable legal provisions. The SEBI may dispose off the request as early as possible and in any case not later than 60 days after the receipt of the request. The Department may give a hearing or conduct an interview if it feels necessary to do so. The requestor shall be entitled only to the reply. The internal records or views of the SEBI shall be confidential. The informal guidance may be sought for and given in two forms - No-action letters: The SEBI indicates that the Department would or would not recommend any action under any Act, Rules, Regulations, Guidelines, Circulars or other legal provisions administered by SEBI to the Board if the proposed transaction described in a request made under the SEBI (Informal Guidance) Scheme, 2003, is consummated. Interpretive letters: The SEBI provides an interpretation of a specific provision of any Act, Rules, Regulations, Guidelines, Circulars or other legal provision being administered by the SEBI in the context of a proposed transaction in securities or a specific factual situation.