"We have engaged WBNUJS to carry out a study on Sebi's penalty regime," ANMI President S K Rustagi told PTI.
He said the report, 'SEBI's monetary Penalty Regime: Time for Overhaul', is expected in a month and the same would be submitted to the central government.
Citing an example, ANMI officials said not uploading a client's KYC in time attracted a penalty of as high as Rs 15 lakh.
Exchange transaction cost, service tax on brokerages, SEBI transaction fees and Security Transaction Tax are levied on stock transactions.