No application for virtual internship to be entertained: SEBI

Capital market regulator SEBI on Wednesday said it will not entertain any application for virtual internship in its legal department after the government relaxed COVID-19 restrictions.

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

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

On March 4, 2020, the Securities and Exchange Board of India (SEBI) had invited applications for an internship programme in its legal department.

The heads of the department or the course coordinators of the respective law schools or universities in-charge of the internship program need to submit applications recommending not more than three applicants from their law school in a given quarter, SEBI had said.

No individual applications will be accepted, it had added. No individual applications will be accepted, it had added.

Laying down the eligibility criteria, SEBI had said, the applicant should be student of a law school or university which is recognised by the Bar Council of India and should have completed at least three years of the five-year LLB course or two years of the three-year LLB course.

Besides, students pursuing LLM are also eligible.

Among other criteria, the applicant should have secured minimum of 60 per cent aggregate marks or equivalent cumulative grade points average in the previous semester results.

"A stipend of Rs 10,000 shall be provided upon satisfactory and successful completion of the internship,” the regulator had said.