No application for virtual internship to be entertained by SEBI

Following the government’s relaxation of COVID-19 limitations, capital market regulator SEBI stated on Wednesday that it will not accept any applications for virtual internships in its legal department.

“Upon relaxation of the government advisory relating to complete/partial lockdown and lifting of travel restrictions on account of COVID-19, the internship programme shall be as per the eligibility criteria and other terms as provided in the advertisement dated March 4, 2020,” according to a notice from the Sebi.

“No application for virtual internship shall be entertained,” it added.

The Securities and Exchange Board of India (Sebi) announced an invitation for applications for an internship programme in its legal department on March 4, 2020.

According to SEBI, the heads of departments or course coordinators of the respective law schools or universities in charge of the internship programme must submit applications each quarter suggesting no more than three applicants from their law school.

No individual applications will be accepted, it had added.

The candidate must be a student of a law school or university recognised by the Bar Council of India and have completed at least three years of the five-year LLB course or two years of the three-year LLB programme, according to Sebi‘s eligibility criteria.

Students obtaining an LLM degree are also eligible.

The applicant must have received a minimum of 60% aggregate marks or comparable cumulative grade point average in the preceding semester’s results, among other criteria.

“Upon satisfactory and successful completion of the internship, a compensation of Rs.10,000 shall be paid,” the regulator had stated.